About Us

Nyanam Kandisi Savings and Credit Co-operative Society Limited

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About Us

Nyanam Kandisi Savings and Credit Co-operative Society Limited was registered in October 2018 with a membership of only 11 people. In the month of November 2018, the membership increased to 52 . The idea of registering the Sacco arose from the growing members ’appetite for informal loans that was being given out by Nyanam Kandisi Welfare Association. The Welfare Association had no clear means of securing the loans which had started to show signs of default by the loaners. As a result of the circumstances, the majority of the initial Sacco membership came from Nyanam Welfare Association.

Members contributions towards share capital and saving deposits started in November 2018. Share capital which is compulsory is currently set at Shs 3,000.00 per member. Membership registration fees which is non-refundable is set at Shs 1,000 per member. The members’ saving deposit has shown reasonable growth from Shs 896,125.25 in December 2020 to Shs 1,960,300.40 in December, 2022.

The Sacco gave out its first loan to a member in September 2019. By 31 December 2022 the loan portfolio had grown to Shs 2,156,394.61

The Sacco gives out three types of loans to its members namely, 1) Development loan repayable over 36 months, 2) School fees loans repayable over 12 months, and 3) Emergency loans repayable in 12 months or less. A member can have all the three types of loans provided that the total loan amount does not exceed three times his/her savings in the Sacco.

The Sacco is currently looking for ways to increase its membership and has recently opened up its membership to those who are not members of Nyanam Kandisi Welfare Association. The Sacco is constantly looking for ways to improve its products and services to its members