Savings are a cornerstone of financial stability and future planning. Our institution provides two key savings products designed to meet both short-term and long-term financial needs of our members: Mandatory Savings and Voluntary Savings. Each product is structured to ensure security, growth, and opportunities for members to achieve their financial goals.

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1. Mandatory Savings

Target Group

• All registered members.

Basic Conditions

• Contribution is 4% of the fixed salary.
• The amount should not be less than TSh 50,000 per month.

Interest Rate

• 5% per year.

Minimum Amount

• 4% of the fixed salary (minimum TSh 50,000 per month).

Benefits

1. Ensures consistent membership participation by saving every month.
2. Increases a member’s income opportunity through regular deposits.
3. Members qualify to borrow up to two to three times their savings/deposit.

Mandatory savings provide financial discipline, security, and access to credit facilities that empower members to manage unexpected expenses and pursue opportunities.

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2. Voluntary Savings

Target Group

• All members with long-term financial and investment goals.

Basic Conditions

1. Members must fill in a special form to start saving.
2. Withdrawals are restricted for a period of one to five years, ensuring savings are aligned with investment objectives.

Interest Rate

• 7% per year.

Minimum Amount

• Any amount exceeding the mandatory 4% of salary contribution, but not less than TSh 50,000 per month.

Benefits

1. Enhances income opportunities by consistent monthly deposits.
2. Provides eligibility to borrow up to two to three times savings/deposit.
3. Supports members with long-term investment goals, including retirement planning.
4. Enables members to develop their children’s future and fulfill educational or personal dreams.

Voluntary savings are particularly suited for members aiming at financial growth, retirement security, or supporting family aspirations such as education and business ventures.

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Conclusion

Both Mandatory and Voluntary Savings products are designed to provide security, growth, and opportunities for our members. Mandatory savings ensure consistent participation and access to credit, while voluntary savings offer higher returns and support long-term financial goals. By embracing these products, members build not only a secure present but also a prosperous future for themselves and their families.