Plan international Staff Savings and Credit Co-operative Society was initiated in 1993 and registered under The Co-operative Societies Statue as a limited organization on the 24th October 1996.The society is governed by the Uganda Co-operative Societies Act of 1991 and Regulations of 1992.
The membership of the organization has steadily been growing since then with the current membership standing at 566 in June 2022. The membership of this society comprises of current Plan International Uganda staff, their spouses, children and staff who separated with the organization commonly referred to as “Plan Plus”
For the society is members’ shares and savings that have been accumulated over the years. The monthly members’ contributions and loan repayments are deducted through the Plan International Uganda payroll but one is also encouraged to use his/her other additional sources of income. For non – Plan International Uganda members, they can make deposits by way of a standing order with their bankers or direct deposits on the SACCO Bank account.
Below are some of Our membership packages
To become a member, one is expected to complete a membership card, in which he/she confirms his/her monthly contributions to the society. The member must attach a passport size photograph, copy of National ID, email, telephone and physical residential address to the card. Upon joining the society, a member pays membership fee of 50,000/= payable once, and buys a minimum of one share or more depending on his/her income. The share value is 10,000/=. The member is also expected to save a minimum of 20,000/=. However, a member is encouraged to regularly buy as many shares and save as much as he/she wants.
A member is eligible to borrow only after completing three months of membership.
A member is also allowed to withdraw some of his/her savings during the course of the year but has to maintain a minimum balance of 50,000/=. If one has a loan, he can still withdraw his/her savings as long as the balance is able to secure the loan amount outstanding.
The current interest rate for the loans is 12% per annum and the interest rate payable on the monthly savings balance is 5% per annum. The society also pays dividends on the total shares held by a member at the end of the financial year at the rate of 10%.
For the generic loan products, the grace period for the loan repayment is one month and postponement of loan repayments is discouraged.
Once a member separates with Plan International Uganda , and still maintains his membership with the society, he/she is eligible to borrow as long as he/she fulfils the necessary requirements
If a member separates with Plan International and does not maintain his monthly contribution for a period of three consecutive months, his membership is revoked and his shares and savings are transferred to Sundry Creditor account where he would not be entitled to interest on savings or dividends on his shares.
The financial year of the society runs from 1st April to 31st March and an Annual General Meeting is always organized by the executive committee between April and June, consistent with the Cooperative Act 1991 and Regulations 1992. The Ministry of Cooperatives which is the governing body of all society organizations in the country normally appoints an auditor.
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