04/10/2025
Did you know?
A Cooperative SACCO is a type of financial institution that is owned, governed, and run by its members. The word SACCO stands for Savings and Credit Cooperative Organization.
Here’s a simple breakdown:
✅ Cooperative – It is formed by a group of people (often with a common interest, workplace, community, or region) who come together to pool resources and achieve shared economic or social goals.
✅ Savings – Members contribute regular savings into a common fund.
✅ Credit – Members can borrow money (loans) from this fund at fair and usually lower interest rates compared to commercial banks.
✅ Organization – It operates under cooperative principles: members own it, decisions are democratic (one member, one vote), and profits are shared back with members in the form of dividends or improved services.
Key Features:
Member-owned & controlled: Only members can save and borrow.
Affordable loans: Interest is typically lower than banks.
Community focus: Helps members achieve financial independence.
Profit-sharing: Any surplus is shared among members.
👉 In short: A Cooperative SACCO is like a community bank where members save together, borrow from the pooled money, and grow together.
Our FIRST OWIB - CO- OPERATIVE (SACCO) Meeting held at ROOIKOPPIE RESTAURANT OKAHANDJA , 04TH OCTOBER 25
