- Sacco registration status
This consideration is of utmost importance before committing yourself to an investment Sacco. To check the registration status of a Sacco visit the Ministry of Co-operatives and Sacco Society Regulatory Authority. After visiting the website, check if the Sacco is duly registered and is found in the ministry’s database.
- Access To Credit Facility.
One good thing about Saccos is that their credit facilities are easily accessible. Therefore, before joining a Sacco, make sure you check their loan products and the easiness of getting them. In addition, be informed of the interest rates of the loan.
- Sacco Reputation.
This is very important. Do a thorough research on the popularity of the Sacco. Checking its reputation will ensure that you don’t join a Sacco that is on the verge of collapse.
Saccos on the verge of collapse have low rates of deposit. Low deposits mean limitation to access to credit facilities which in the long run may inhibit your investment plans.
- The Minimum amount of share capital and monthly contribution.
It is only you who understands your financial capability and plans.
Therefore, before joining a Sacco make sure that the monthly contribution requested from you by the Sacco is within your financial ability because delayed payments or lack of normally attracts some penalties.
Secondly, ensure that you research the minimum number of shares each member is required to contribute. Make sure that your shared contribution does not drain your pockets financially.
- Technology.
Technology in this context means that the Sacco provides accessibility to withdrawals, deposition of funds, and access to customer’s statements remotely and in the comfort of your home.
by: Eaglenews