ITAU SACCO Membership + 1 Share Required to Join

Description

The rationale / purpose of the ITAU SACCO was:

• 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. The vision is to be a great ‘DIGITAL SACCO’ (watch: https://www.youtube.com/watch?v=UBaYFqAun70 ) that leverages technology to offer savings and credit services to its members conveniently as opposed to the traditional local area SACCOs.
• To build a Saving Culture among members and encourage Teacher Entrepreneurship for financial empowerment though financial literacy trainings in partnership with stakeholders with mutual interests e.g banks, cooperative societies, etc.
• 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.
• To act as a ‘bag’, which can attract deposits from donors, partners and members themselves, and be able to support members welfare e.g during times of celebration or grief.
• Raise funds for starting up income generating activities for the association eg printing and selling T-Shirts, investing in profitable ventures in ICT and even in other sectors e.g Transport sector etc.

Registration:

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, MotorCycles 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 four alternative working options:
  1. Conveniently through the Flexi Pay USSD method: i) dialing *291# on Airtel or MTN. You may need to have some available Airtime in order to dial this USSD code by Stanbic Bank’s Flexipay USSD service. ii) Select option 2 – Pay Merchant. iii) Enter Merchant ID 237784 – It will bring ‘ict teachers association members SACCO ltd’. iv) Enter the amount you wish to deposit and complete the transaction.
  2. Conveniently through the Flexi Pay Android app , to Bank account number 9030019488658 in the names ‘ICT TEACHERS ASSOCIATION MEMBERS SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED’ as demonstrated in this tutorial.
  3. Manually making deposits through any Stanbic Bank Branch/Agent,  via any bank/agent point to:
     Account name: ICT TEACHERS ASSOCIATION MEMBERS SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED
     Account number: 9030019488658 UGX
     Bank Name: Stanbic Bank Uganda Limited
     Branch Name: Nakivubo Branch
     Swift Code: SBICUGKX
  4. Automatically paying online through the payment gateways integrated on the ITAU website as per the procedure below (this can even work for those depositing from abroad):

Procedure for paying online (option 4):

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.

UGX30,000Add to cart

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 Mr. Rogers Mukalele, the ITAU SACCO Secretary on 0776960740/0706060740 or Madam Happy Immaculate, the ITAU SACCO administrator through 0702451053 / 0772929385 in case of any assistance.