The initial need / purpose of the ITAU SACCO was:
- To act as a ‘bag’ for ITAU, which can attract deposits from donors, partners and members themselves.
- For sustainability of ITAU – A SACCO creates a sense of belonging amongst the members since they will own shares, savings and loans which will increase members’ interest in the association.
- Through the SACCO we can pursue projects like the Laptop per ICT Teacher project and others for which we can write proposals and get funding for various activities and programs.
- Raise funds for starting up income generating activities for the association especially printing and selling T-Shirts, organizing teachers’ workshops, etc.
Registration process was successfully completed by the committee, and the first General Meeting of the ITAU SACCO was held in Ntungamo in May 2021 as per the following report:
- The ITAU SACCO membership fee was set to a onetime non-refundable fee of only UGX 10,000 (Ten Thousand Uganda Shillings Only).
- Besides paying membership fees, an applicant has to buy at least one share in order to be admitted as a SACCO member, in line with Article 7 (c) of the SACCO bylaws.
- The value of each share was set to UGX 20,000 (Twenty Thousand Uganda Shillings Only).
- Subject to the Cooperatives Act enacted by parliament of Uganda and the registered bylaws, a SACCO member shall enjoy rights as follows:
- Access savings, deposits and related services which earning competitive rates of interest.
- Access to loan services as guided by the regulations, policies, standards, best practices and procedures of the SACCO.
- Any other necessary legally authorized and economically feasible financial services which will be available to the SACCO from time to time.
- All SACCO members shall receive periodic and on request, statements of accounts.
- Members shall be free to buy more shares, provided that no member shall hold more than one third of the total share capital.
- To fulfill these obligations, the SACCO may develop, promote and implement the following activities:
- Open up an official bank account and pool resources from various sources as listed in Article 6 of the SACCO by laws (including any funds that lack an express condition from Donors, Membership fees, Deposits/Shares by members, External Loans obtained in accordance with the Act and the Regulations, etc. Please read the additional LENDING & LOAN COLLECTION POLICIES, PROCEDURES AND GUIDELINES (LPGs) which were developed and to guide the SACCO loan operations.
- Credit programs and services based on borrower’s repayment capacity.
- Joint financial programs and services with other entities with similar objectives.
- Any other projects economically feasible projects e.g. ITAU T-shirts, Workshops, etc.. for the sustainability of the SACCO but also for the mutual benefit of the members in line with the general objectives of the Association.
How to pay initial fee for joining the SACCO (membership and 1 share)
- Before making a payment, you have to fill in and submit the registration form at sacco.ictteachersug.net
- We have two alternative working options:
- Manually making deposits through any Stanbic Bank Branch/Agent, or conveniently through the Flexi Pay app or USSD *291#, to Bank account number 9030019488658 in the names ‘ICT TEACHERS ASSOCIATION MEMBERS SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED’ as demonstrated in this tutorial.
- Automatically paying online through the payment gateways integrated on the ITAU website as per the procedure below:
Procedure for paying online (option 2):
Click on the Add to Cart button at the top of this page or below, then a colored section with a link to View cart will appear.
Click on View cart . On the cart, scroll down and click on the PROCEED TO CHECKOUT button. On the checkout page, you will fill in your billing/contact information, then choose a preferred payment gateway. Once you complete payment, you will get a confirmation message. You can contact Madam Happy Immaculate, the ITAU SACCO administrator through 0702451053 / 0772929385 in case of any assistance.