12 steps to start a sacco in Uganda. Are you looking for how to register a Sacco in Uganda, how to open up a Sacco in Uganda, requirements for opening a Sacco in Uganda, how to start a Sacco in Kenya and how to start a sacco in Uganda pdf?
Here are all the steps.
sacco meaning. A Sacco is a cooperative whose objective is to pool savings for the members
and provide them with credit facilities.
SACCOs are normally formed between people with common goals and values and here are the steps on how a SACCO is formed.
A Sacco in full is a savings and Credit Co-operative Society.
There is a list of SACCOs in Uganda and there is a even a pdf file.
You can get a list of saccos in uganda pdf file here.
Here are the 12 Steps to start a SACCO in Uganda
- People with a common goal come together. (Usually financial growth)
- These same people agree to start up a SACCO
- They nominate a committee to steer, propagate and sell the idea to other potential members of the community.
- After this, a general meeting is called upon which includes several stakeholders.
- During the meeting, an interim committee is elected from the people in attendance. The interim committee holds office until the first AGM is held. This meeting also deliberates upon the following.
- Name of the SACCO, Qualifications for membership, Share capital and membership fees and Location of the cooperative society offices etc.
- In collaboration with technical support providers, the Interim Committee, draft laws for the SACCO.
- After that, the Interim committee obtains the required stationery and starts collecting money from people interested in becoming members of the SACCO.
- The interim committee arranges for more training and public awareness of potential members to recruit more members.
- With at least 300 fully paid-up members the SACCO commences the formal operations ie recruits staff and acquires office premises. The savings account becomes operational.
- The Interim committee starts processing registration papers with The Registrar of Cooperatives.
- When registration has been done, the interim committee call the first Annual general meeting (AGM) to elect committee members.
Those are the steps on how to start a SACCO in Uganda.
Funding for saccos in Uganda
Most saccos in Uganda are funded by the government.
The government via its many ministries but mainly the Ministry of Trade Industries and cooperatives, funds many saccos here in Uganda.
The other source of funding is, from the sacco members. Through selling shares to the members of the saccos, the saccos here in Uganda get funds to run the saccos businesses.
Let me know what you have learnt in the comments section below.