1. Who Can Join Comrade SACCO?
Comrade SACCO welcomes all Kenyans living and working in Uganda. Our common bond is forged from our shared national identity and experiences as Kenyans, providing a unified platform for collective financial empowerment among the Kenyan diaspora in Uganda.
2. How to Become a Member of Comrade SACCO
Becoming a member of Comrade SACCO is a straightforward process, designed to integrate you smoothly into our community of financially empowered Kenyans in Uganda.
To join, every applicant for membership shall:
Complete an application form for membership.
Pay a one-time membership fee of UGX 50,000.
Pay an annual subscription fee of UGX 20,000.
Open a savings account with a minimum balance of UGX 30,000.
Subscribe for at least one share, each valued at UGX 20,000, which symbolizes your ownership in our cooperative.
Once your application is approved and these initial requirements are met, you can begin making regular contributions and savings. After a set period, usually three to six months, you will qualify to access the various loans and other benefits offered by Comrade SACCO.
3. What Are the Responsibilities of a Comrade SACCO Member?
Membership in Comrade SACCO is an active commitment, vital to the collective success and financial well-being of all Kenyans within our cooperative in Uganda. As a valued member and owner, you are expected to:
Contribute Regularly: Make consistent savings contributions as agreed, fostering your personal financial growth and strengthening the SACCO’s capital base.
Participate in Governance: Attend general meetings, where key decisions regarding the SACCO’s direction and policies are made. Your presence and input are crucial.
Exercise Your Vote: Actively participate in voting on important matters and in the election of our leaders, ensuring strong, transparent, and accountable governance.
Fulfil Loan Obligations: Promptly repay any loans accessed from the SACCO according to the agreed terms, maintaining the financial health of the cooperative for the benefit of all.
Support Fellow Members: Act as a guarantor for fellow members when requested and appropriate, upholding the spirit of mutual support and shared responsibility that defines our SACCO.
By embracing these responsibilities, you directly contribute to the discipline, accountability, and mutual growth that empower Comrade SACCO to remain strong, transparent, and responsive to the needs of every Kenyan member.
4. What Are the Benefits of Membership?
The benefits of SACCO membership are numerous and far-reaching. Members can access affordable loans, earn dividends from SACCO profits, and receive financial training and mentorship. Unlike banks, SACCOs return value to their members through interest rebates, business development support, and welfare funds in times of need. Most importantly, every member has equal voting rights, making SACCOs democratic institutions driven by member priorities, not profit motives.
5. Staying Active and Involved
To maximise the value of SACCO membership, members should stay actively involved. This includes attending Annual General Meetings (AGMs), keeping up with savings and loan repayments, and engaging in SACCO programs like investment clubs or youth initiatives. An active membership helps the SACCO grow and positions the individual for future financial success, leadership opportunities, and community impact.
6. Why SACCO Membership Matters
SACCOs are more than just financial institutions; they are platforms for social and economic transformation. Through collective effort, members build resilience, support one another in times of need, and access capital to improve their lives. SACCO membership promotes a culture of saving, borrowing wisely, and planning for the future. It’s not just about money, it’s about empowerment, unity, and creating a legacy.