Lindner Foundation Staff and Community Cooperative Society (LIFSCO SACCO)
The Foundation and its staff members, parents, volunteers, alumni and other community members formed a Savings and Credit Cooperative Organization (SACCO). The SACCO is owned, governed and managed by Lindner Foundation Uganda staff members and its stakeholders. Its membership has grown from 31 at the beginning of 2017 to 63 by the end of 2018.
It has been able to encourage savings and allowed for credit to its members from their savings. Parents and alumni of the Foundation are also encouraged to join the SACCO.
LIFSCO SACCO was setup to encourage a saving culture within the respective communities where Lindner Foundation Uganda operates.
The strategic focus is to leverage on the SACCO funding opportunities to empower all member. The members include the Foundation staff, Alumni, parents, and out growers among others. It is through the SACCO’s opportunities that members can access affordable funding to invest in their enterprises SACCO members with agribusiness enterprises similar to the ones at the farm shall be encouraged to supply the agri- business arm of the Foundation as out growers.
This will strengthen and develop stakeholder’s capacities in different enterprises linked to this strategy. AALFU will make effort to encourage its members to join the SACCO as an easy way of accessing startup capital.
Carrying forward the Lindner Foundation mission, vision and values, staff and greater Lindner Foundation Uganda community, are building up capacity to support the Foundation’s pursuit of restoring hope in the most vulnerable.
One of the key concerns that the life skills trainings has been promoting, is the need to inspire members to grow a culture of saving as a way of improving their financial status.
To strengthen this idea, staff and community members have come together to form a Savings and Credit Cooperative going by the acronym LIFSCO. This cooperative was formerly established on the 17th July, 2015.
LIFSCO is legally registered with the Ministry of Trade, Industry and Cooperatives and therefore the activities of the Sacco are legally recognized by the government of Uganda.
Currently, the Sacco comprises of 45 active members and is still recruiting more members who should be above the age of 18.
The Sacco is governed by an Executive committee. There is also a Supervisory committee, and a Loans committee.
The Sacco’s management policy portfolio includes; the Cooperatives Bylaw, membership forms, Saving and Lending Policies, and Loan agreements. These policies are recognized and adhered to when carrying out any financial transactions.
The Sacco operates two kinds of savings accounts; First, is the compulsory savings account. It is mandatory for every member to make a monthly contribution. Second, is the savings account, to which members can contribute voluntarily.
The Sacco intends to open up a fixed savings account in the near future, as the third type of account. Besides the savings account’s services, the Sacco offers and ensures loan recovery. These loans are disbursed to the Sacco members at an interest rate of 5%.
The Sacco activities include; one, training of Sacco staff and members; two, organizing committee meetings and thirdly conducting Annual General Meetings (AGM).
The Sacco has also secured other sources of income that generate funds for running other Sacco activities.
The Sacco has an active bank account on which members make their deposits in addition to the mobile money accounts.
In a nutshell, the LIFSCO Sacco is a solution to financial constraints of many Lindner staff and community members. For example, it has helped in boosting businesses by providing loans to members and meeting related financial needs.
Above all, the Sacco encourages a savings culture for the future prosperity of every LIFSCO Sacco member.