The initial need / purpose of the ITAU SACCO includes:
- 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 for which we can write proposals and get funding.
- Raise funds for starting up income generating activities for the association especially printing and selling T-Shirts, organizing teachers’ workshops, etc.
During the 8th March 2019 meeting of the ITAU executive, the members debated extensively about the SACCO and many shared their experiences from other SACCOs. In the end, it was resolved as follows:
- The ITAU SACCO membership fee be set at a onetime non-refundable fee of only UGX 10,000 (Ten Thousand Uganda Shillings Only).
- That besides paying membership fees, an applicant shall buy at least one share in order to be admitted as a SACCO member, in line with Article 7 (c) of the SACCO bylaws.
- That the value of each share be set at UGX 20,000 (Twenty Thousand Uganda Shillings Only).
- The ITAU Chairperson Western region guided that after the registration process is done, policies & guidelines will be developed and adopted during the AGM to guide the SACCO’s day-to-day operations going forward.
- 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 fulfil 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.
- 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 like 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.
SACCO Action Plan
- We need to start collecting the ITAU SACCO membership fee plus 1 share (i.e a total of UGX 30,000), for the initial pioneer 30 members required before the SACCO can be registered. After collecting the 30×30,000 (ie a sum of UGX900,000), that’s when it will be possible to finalize the registration of the SACCO, open up its joint bank account and then bank all the money.
How to pay
- Currently we have two alternative working options:
- Manually sending money through the National Treasurer (Ms. Nambone Jackline at 0755395320 or the National Coordinator – Mr. Mukalele Rogers at 0776960740).
- Automatically paying online through the payment gateways integrated on the ictteachersug.net website.
Procedure for paying online (option 2):
Click on the Add to Cart button at the top of this page or below, then a green section with a button for 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 payment gateway to use. Mobile Money is chosen by default. To use mobile money, simply type in your mobile money account number without the leading zero (MTN Mobile Money, Airtel Money, Africell Money and Msente are supported) and click PLACE ORDER. A prompt will be sent to your phone from PEGASUS (Mobile Money Agent). Once you enter your password, it will take a few minutes for your payment to be detected before you are redirected to the download page. Contact us in case of any assistance.