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BACK GROUND

Lindner Foundation Staff and community Sacco is a saving and credit cooperative. It was started by staff and volunteers of Lindner Foundation in August, 2015 and later extended to the community. The Sacco is legally registered by the Ministry of Trade, Industry and Cooperatives with Reg Number P.6816RCS and is thus under the supervision of the Government.

Lindner Foundation Staff and Community Sacco main office is found at the head offices of Lindner Foundation Uganda in Kitikifumba-Kira Municipality, Wakiso district.

The Sacco was formed to address the financial grievances that the members face; through introducing a saving culture and credit services at a fair interest rate.

 ELIGIBILITY FOR MEMBERSHIP

  • Fill membership form
  • Membership fee of 20,000/= payable once.
  • Annual subscription fee of 20,000/= payable once every financial year.
  • 1 share equivalent to 20,000/=
  • First compulsory monthly saving of 30,000/=

NB: Every LIFSCO Sacco member should have a minimum of 5 shares payable within the first 4 months after joining the Sacco.

SUMMARY OF THE SAVING POLICY

  • The Sacco operates on two accounts that is; the compulsory savings account and the voluntary savings account.

Compulsory savings account

  • Monthly compulsory savings account is mandatory for every LIFSCO Sacco member. Monthly compulsory saving is 30,000/=.
  • These savings earn an interest of 6% of minimum monthly balance held per annum.
  • Non-payment/ late payment results into a penalty fee of 3,000/=.
  • Savings can be withdrawn only after 12 months of consecutive saving.
  • Minimum balance required to keep this account is 30,000/=.

Voluntary savings account

  • Members save unspecified amounts at any time and can access it at any time.
  • No penalty on this savings account.
  • Attracts interest of 0.5% of the minimum balance held per month (6% per annum).

 SUMMARY OF THE LENDING POLICY

  • For a member to access a loan, he/she must have at least 5 shares
  • Should have been saving for atleast 4 months.
  • Must have at least one guarantor, also an active member of the Sacco.
  • -First loan shall not exceed 1,000,000/= payable in 3 monthly installments

-Second loan shall not exceed 2,000,000/= payable in 3 monthly installments

-Third loan shall not exceed 3,000,000/= payable in 6 monthly installments.

  • Must pay; -loan application fee of 5,000/=

                 –loan insurance fee of 1% of the loan to be disbursed.

-loan processing fee of 2% of the loan to be disbursed

  • Loans are given at an interest rate of 5% per month calculated on reducing balance basis.
  • Loan processing cycle takes a period of 5 days.
  • A penalty of 10% of the monthly installment due is charged on delayed or late loan repayment.

MODES OF PAYMENT

Through bank: Post bank acct number- 2100000000164, City branch Nkrumah road

Acct name: Lindner Foundation Staff and Community Sacco.

Mobile money: Airtel- 0753289556

MTN- 0780289556.

Or at Lindner offices.

NB: LIFSCO Sacco members meet the costs of bank charges and mobile money withdraw charges.