SACCOS stands for Savings and Credit Co-Operative Society. SACCOS operate according to the co-operative identity, values and principles, including honesty, openness, social responsibility and caring for others. SACCOSs were formed to alleviate poverty by empowering the poor with training in how to utilize limited resources.

A SACCOS is a democratic, unique member driven, self-help co-operative. It is owned, governed and managed by its members who have the same common bond: working for the same employer, belonging to the same church, labour union, social fraternity or living/working in the same community.

SACCOS membership is open to all who belong to the group, regardless of race, religion, colour, creed, and gender or job status. These members agree to save their money together in the SACCOS and to make loans to each other at reasonable rates of interest.

Interest is charged on loans, to cover the interest cost on savings and the cost of administration. There is no payment or profit to outside interest or internal owners. The members are the owners and the members decide how their money will be used for the benefit of each other.

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