sacco objects


The object for which the society is established is to organize and promote the economic interest of its members in accordance with the following co-operative principles and values.

  • VALUES: co-operative are based on the values of self help, mutual responsibility; equality and equity. They practice honesty, openness and social responsibility in all their activities.
  • PRINCIPLES: Co-operative reflect these values by applying the following principles and general guideline in their

Voluntary and open membership the primary purpose of co-operative is to serve their members and, as applicable, non-members, in a prudent and effective manner. Within their capacity to admit members, co-operatives are open on a voluntary basis, without political, religious, gender or social discrimination, to all who can contribute to, and benefit from their activities.

Democratic member control: co-operatives are democratic and participatory organizations actively controlled by their members. In primary co-operatives, members enjoy equal voting rights, on a one member, one vote basis.

In co-operatives at other levels, administration is conducted and control is exercised in a suitable democratic manner. Men and women responsible for the administration of co- operatives, involve members, mangers and other employees, according to their roles, in making decisions and setting policies.

Economic participation by members: members contribute equitably to the capital of their co-operative and share in the result of its operation. Usually, at least apportion of a co-operative’s capital is owned collectively, intended to further a long term purposes for which the co-operative exist. Co-operatives may pay a competitive rate of interest on capital; that compensate employees fairly, according to the standards of the society in which they exist. Members allocate surpluses for any of all the following purposes:-

  1. Developing the business of the co-operative;
  2. Benefiting members in proportion to their involvement with the co-operative; and
  3. Encouraging further development of the co-operative

Education training and information: co-operatives foster reciprocal, on going education programmes for members, leaders and employees, so they can teach and learn from each other in understanding and carrying out their respective roles. Co-operative has a responsibility to inform the general public, particularly young people and opinion leaders, about the nature and benefit of the co-operative movement.

Co-operations among co-operatives: in order to best serve the interest of their members and their communities, co-operatives actively co-operates in every practical way in other co-operatives locally, nationally, and internationally.

Autonomy and independence: co-operatives are autonomous, mutual-help organizations controlled by their members.

If they enter into agreement with government and other organizations that do so freely, on mutually acceptable terms that ensure their autonomy.

Concern for community: co-operatives are concerned about the communities which they exist. While focusing in members needs, they strive for the sustainable development of those communities through policies that are respective of the environment and acceptable to the membership:

  1. To encourage, promote and further all measures designed to spread the spirit and practice of thrift among the members by affording them an opportunity for accumulating their savings and deposit to create their by source of funds from which loans can be made available to them for purposes of providence or for production of agricultural produce.
  2. To assist the society members to undertake income generating activities through provision of credit facilities.
  3. To provide an opportunity for each of its members to improve his/her respective economic and social conditions through promotion of mutual help and self-help among its members.
  4. To offer the members complementary savings and credit services and other financial services as may be required by members form time to time.
  5. To raise or negotiate loans from financial institution or other sources in furtherance of any or all objects contained herein.
  6. To ensure safety and soundness of the members funds through risk management programme or any other appropriate insurance scheme.
  7. To ensure progress of the society through provision of education, training and information of the                members elected officials and the employees.
  8. To perform all those functions and exercise powers designated for Sacco societies under the applicable role for the benefit of the members.
  9. To co-operate with other co-operatives in order to promote members interest and in furtherance of this object the society may affiliate national co-operative organization and the apex society.
  10. To perform within the relevant law ( the act, the rules) and these by-laws, all those acts, deeds and things necessary to further enhance, promote and encourage any or all of the foregoing purposes and objects provide that such acts, deeds and things are approved by the general meeting.