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Tumaini SACCOS requires every member to have savings and shares, these are the compulsory product that each member must have. Member savings can also be used as loan collateral.
Member Savings
This is a prerequisite condition for members who want to borrow from the SACCOS. It is also one of the loan collaterals. However, SACCOS pay interest on members’ Saving based on annual budget– hence expecting the same to motivate members to save more.
Saving can be directly deducted from the salary, or customer can decide to deposit direct to TUMAINI SACCOS bank account. The minimum saving amount per month is TZS 50,000/=
Deposit (Amana)
The SACCOS has designed appropriate deposit products in order to attract deposits from members. The product offers competitive interest rates as per market condition.
Customer can save and decide to withdraw amount he/she needs any time by sending a request to Tumaini SACCOS.
Shares
This is a membership condition. One must buy at least 10 shares worth TZS 100, 000/= each, i.e. TZS 1,000,000/=. The maximum limits for share amount is 1/5 ( 20%) of the total share value of the SACCOS as provided for in Section 45(1) of the Co-operative Societies Act, 2013.
