Sascco

Sascco The Swaziland Association of Savings and Credit Cooperatives (SASCCO) Ltd is a mother body of Savings and Credit Co-operatives (SACCOs) in the country.

It was officially registered in 1988 under the Cooperatives Act of 1964 as amended.

12/07/2013

BACKGROUND

The Swaziland Association of Savings and Credit Cooperatives (SASCCO) Ltd is a mother body of Savings and Credit Co-operatives (SACCOs) in the country. It was officially registered in 1988 under the Cooperatives Act of 1964 as amended.

MISSION STATEMENT

The Swaziland Association of Savings and Credit Cooperatives (SASCCO) Ltd is a member owned and controlled financial co-operative apex organisation that establishes financially strong and sound savings and credit cooperative societies by providing them with quality wide ranging services in order to improve the socio-economic needs of their members at grass root level, whilst ensuring financial strength, public respect as well as maintaining the highest ethical standards.

VISION

SASCCO’s vision is to empower the Swazi Nation economically through the co-operative approach. We believe in cooperation at its best, a passion to deliver.

REASONS FOR FORMATION

The formation of the association was necessitated by the Savings and Credit Cooperatives Societies needs for:
Representation nationally and internationally in areas of: Policy related issues with government Interacting with international community in soliciting knowledge and funds to strengthen and equip the societies to better meet the needs of the members at grass root level.
Provision of quality education and training services.
Provision of technical advice on operating environment and economic issues.
Provision of sustaining services such as
Risk management programme
Central Finance Facility

GOVERNANCE

The Association’s governance is based on its By-Laws, which are aligned to the Co-operative Act of 1964 as amended. The custodians of these By-Laws are the Board of Directors, elected at an Annual General Meeting. The Board of Directors, is given a mandate by the By-Laws to employ a Chief Executive Officer, who, subsequently oversees the Associations operations.

MEMBERSHIP

Currently SASCCO has thirty four (40) member affiliates servicing about twenty five thousand (34 263) individual members. There are also plus or minus 30 unregistered or proposed Savings and Credit Societies servicing about ten thousand (10 000) individual members.

CORE VALUES

In conduct of its activities, SASCCO is guided by the following core values:
Quality service delivery
Transparency
Good cooperative governance
Excellence in customer service
Timely information

12/07/2013

Our Affiliates are the following:
*Asidle sonkhe
*Asihlumisane
*Asikhutulisane
*Dlanubeka
*Green Pasture
*Hlalawati
*Imbeleko
*Imphilo Lenhle
*Lukhotse
*Lubane
*Kuhle Kuhlangana
*Imphumelelo
*Inhlalakahle
*Inkazimulo
*Nyonikayiphumuli
*Phaphamani
*Sambulelo
*Saphumula
*Sibonelo
*Sicamelo
*Simunye
*Siyakhula
*Siyembili
*Siyezama
*SNAT
*Temnotfo
*Yetfu Sonkhe
*Zamimphilo
*Step Forward
*Umcenge
*Dlanubeka

11/07/2013

INSURANCE AND RISK MANAGEMENT PROGRAMME:

SASCCO facilitates a risk management programme for the Savings and Credit Cooperative Societies in Swaziland known as the “SASCCO Risk Management Programme”

There is product which is underwritten by Swaziland Royal Insurance Cooperation currently provided under this programme, which is:

Loan Protection

Under these products upon a member’s death the programme pays up the member’s loan balance outstanding. Current maximum loan coverage limit is E200 000

Life Policies

Under this, we sell life endowment, children educational and investment policies and lastly pension schemes.

Funeral/Burial Schemes

We sell individual and group funeral schemes at very affordable monthly premiums, sum assured ranges from E3000 to E30 000.

Private/Personal Property Insurances

We do provide insurance cover for personal assets like private dwelling homes, household goods, furniture, electronic gadgets etc,

Motor Vehicle Comprehensive Cover

This provides cover against accidents, fire, theft and a Third Party liability arising out of loss or damage to other person’s properties and or injuries of third parties or death thereof. All types of vehicles are insurable, including the popular Imports (Dubais)

Business Property Insurances

It provides insurance cover for business assets and loss of profits or use of the following upon damage caused by fire, lightning, explosion, earthquake, storm, wind etc.

Employee Insurance

A compulsory insurance for all employers of labor, covering accidents, disabilities and death arising from occupational accidents.

*CENTRAL FINANCE FACULTY (CFF)

This is an extension of the cooperative principle i.e “Pooling of funds” for mutual benefit. Savings and Credit Cooperatives save their surplus funds with the association just as individual members do at the primary society level. The purpose of the fund is:
To provide an alleviation for short term liquidity problems for society
Enable better investment opportunities for cooperatives societies’ funds through lump sum investment
To create source of income for the Association, this is focused at reducing the subscription/dues rate and eventually eliminating the payment of the same in the immediate and long-term future

Savings and Credit Cooperative Societies are encouraged to deposit an amount equal to 3%of their shares and savings with the CFF as per their respective last audited statements. This includes statutory reserve funds.

*EDUCATION AND TRAINING

Education and training is one basic activity provided by SASCCO and is used as a tool for capacity building for the cooperative societies’ human resource. Outreach by education and training through tailor made programmes is targeted at:

Staff members
Elected officers and
Membership

Due to the progressively changing operating environment and growth of cooperative societies, there is a compelling need for education and training to equip for adaptability to change and to keep ahead at all times, in meeting the needs of members.

*SOURCES OF FUNDS

The Association is financially sustained through:
Annual subscription and dues by savings and credit cooperatives (main source)
Administration fees for risk management programme.
Profit from printing and selling standardised bookkeeping stationery for cooperative societies
Other income.

11/07/2013

SERVICES PROVIDED:

SASCCO provides its affiliating Savings and Credit Cooperatives with the following services:

-Risk management Programme
-Central finance Facility (CFF)
-Education and Training
-Representation of the savings and Credit Cooperative movement locally and internationally
-Provision of technical Assistance and Advisory services
-Provision of marketing and public relations services

28/05/2013

The Swaziland Association of Savings and Credit Cooperatives (SASCCO) Ltd is a member owned and controlled financial co-operative apex organisation that establishes financially strong and sound savings and credit cooperative societies by providing them with quality wide ranging services in order to improve the socio-economic needs of their members at grass root level, whilst ensuring financial strength, public respect as well as maintaining the highest ethical standards.

Visit our website:www.sascco.org.sz

Address

Gwamile Street
Mbabane
SASSCO

Telephone

24040278

Website

Alerts

Be the first to know and let us send you an email when Sascco posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category