We have a lot to be proud of as members of uXpress® SACCO Society. We are having a significant impact on our communities. Our management committee, makes sure that “ uXpress® SACCO Society exists so members and their businesses can enjoy sound financial health, and our communities are enriched.”
Our members borrow together and save together. uXpress® SACCO Society continues to evolve over time. We have implemented internet banking services to make accessing credit and depositing savings into uXpress® SACCO Society accounts even easier.
As a member-owner you make this all possible and we hope in addition to being pleased with the service you receive, you also feel a sense of pride to being part of a very special co-operative that is changing lives and building stronger communities.
What is uXpress®
- uXpress SACCO is an abbreviation for: uXpress Saving and Credit Cooperative Society.
- uXpress SACCO is a cooperative financial institution that offers both savings and credit services to its members.
Members’ savings form a good pool of money which secures, loans made to members. In the Society once overhead and other expenses are paid, reserve for cushion against any loss, and for expansion of services set aside, the remaining income from loans is returned back to members in the form of dividend on savings.
In general uXpress® SACCO Society is a financial institution designed to empower members to build assets by teaching a savings culture and providing access to credit in a sustainable way.
Objectives of uXpress® SACCO Society are:
- To encourage and promote a savings culture within its members as well as their communities by teaching wise use of their money and efficient management of their limited resources.
- To teach people how to create an asset that provides them a guarantee or collateral for future loan access.
- To make finance more accessible for members when they need it.
So, what do you do if you want to join?
uXpress® SACCO Agents register all new members. Through local agents prospective members to join must provide:
- Online uXpress SACCO member registration
- R150 annual joining fee
- R150 compulsory monthly savings
- NB: Members must purchase at least one uXpress SACCO Share for R150
Who may join uXpress® SACCO as a member?
- Anyone who is ready to accept the bylaws, policies and regulations of uXpress SACCO may join and share its ownership,
- Anyone who is able and willing to save the R150 minimum of saving adopted by the society may join and share its owner ship,
- Anyone who is able to use the services and willing to accept the responsibilities of membership stated by general Assembly may join and share its owner ship.
On registration members have the following benefits:
- Access to Financial Literacy courses and seminars
- uXpress SACCO product and member information
- Dedicated Credit Agents to assist you with all your loan requirements
- Expert financial advisory services
- uXpress Small Business Directory Listing
- Trade with other members
- Access to uCredit facilities
- Secure member savings
- Online facility to manage your SACCO member account: i) View statements, ii) Balance enquiry, iii) Member payments, iv) Bill payments, v) Messaging
- Saving is putting money aside to use in the future. When you store money away, for some purpose, then you are practicing savings.
Why is it Important for you to Save?
- First of all, saving allows you to meet your basic household needs- such as buying food and clothing for yourself and other members of the family
- Also when you save, you can use the money later to expand your business
- When you save, it allows you also to invest your savings by purchasing other valuable commodities
- It is also important to save because; uXpress SACCO will want to see that you have the capacity to save before trusting you with their money.
- Saving is also important because it allows you to deal with emergencies and unforeseeable events- such as loss of loved ones, or medical emergencies.
- Savings enable households to meet education for children and other relatives
- Savings allow you to keep your money safe
So then, how and where can you save?
Normally after you sell your products and services, you will receive your payment and it is very important to save this money in a safe place. To save your hard earned money, you can consider saving it in one of the following ways
- set goals: Determine the big achievements you want in life, such as educating your children or building a permanent house. Then try to understand smaller goals that you need to achieve- that will eventually deliver those big goals
- Budget: By budgeting- you look at all the money you receive and all your expenditures. It helps you to see how much you can save
- Be realistic: Set realistic savings goals. It is more important to develop the discipline than to punish yourself by saving more than you can afford.
- Stick to it: Keep it going. Once you develop the discipline of saving keep it going, and always remember that there are several other ways of saving such as investing.
- Invest: You will feel very good when you can convert your savings into investments. You can invest your savings by buying assets like land
Everyone knows that you need to have money before you can lend it to someone and uXpress SACCO is no different. At least 70% to 80% of the money that members pay for shares when they join uXpress SACCO goes back to the members as loans. The rest of the money is utilised for administrative purposes.
When the fund is still small, there is often a limit on the amount that one member may borrow. This amount changes as the pool of money in uXpress SACCO account grows.
All members in good standing have the right to apply for a loan from uXpress SACCO. But, members do not have the right to a loan. You need to qualify for a loan based on uXpress SACCO’s loan policy. This is determined by uXpress SACCO’s Management Committee and may change from time-to-time.
If you want to borrow money, you have to apply in writing through a Credit Agent to the Credit Committee of uXpress SACCO. You must say why you want the loan and sign your letter or application.
The Credit Committee looks at these things before it decides whether or not to give you a loan:
- your ability to repay the loan and how well you paid back previous loans if you have had any
- your savings history and current savings
- your character – whether you are an honest, reliable person or not
- what you want the loan for
- guarantees offered as security for the loan
- the terms of repayment.
- At least 2⁄3 of the Credit Committee must approve the credit and their decision is final. To access uXpress SACCO credit your must be a registered member for at least three months and meet the minimum requirements for your required credit type.
What are the steps to getting credit?
- Complete your member registration profile in full.
- Pay R150 annual member registration fee.
- Receive your uCredit account number
- Receive your uSave Account number
- Maintain your membership for 3 months saving at least R150 per month.
- Apply for a credit through your allocated Credit Agent
Credit interest is the money you pay to the SACCO when you borrow money. uXpress SACCO charges 10% per month interest which can be varied by the Management Committee from time to time. The interest rate is paid monthly to the SACCO by members who borrow money.
A member of uXpress SACCO has the following rights and duties:
- to the services of uXpress SACCO
- to attend and take part in uXpress SACCO meetings
- to save and buy shares
- A member of uXpress SACCO has the duty:
- to attend and participate in online general meetings
- to save regularly and repay credit as agreed
- to let uXpress SACCO know if they change telephone numbers or addresses
- to check their monthly statements and report any queries
- to tell their SACCO Agent if they have difficulties in repaying a loan and discuss repayment options
- to protect the good name of uXpress SACCO
- to help attract new members to uXpress SACCO
- How can my uXpress SACCO membership end?
- Your SACCO membership ends if you die or resign.
- If you sell too many shares and you don’t have the minimum amount required by uXpress SACCOs rules, your membership can be ended.
- If uXpress SACCO has not been able to contact you for a period of three years, the Management Committee may decide to close your savings and share accounts.