Dear member, please note the following:
(A) PLOUGH BACK OF DIVIDEND/INTEREST ON DEPOSITS
The SACCO wishes to request members who want to plough back (re-invest) part/whole of their dividend/interest on deposits for the year 2020 to inform the office in writing. The ploughed back amount qualifies immediately for loan consideration. Kindly indicate the percentage or amount you would wish to plough back to your deposits or payoff your loan(s).
(B) UPDATE OF BANK DETAILS
Members who might have changed their bank details for receiving dividend/interest on deposits are requested to furnish the office with their bank details (Account name, bank name, account number and branch). Kindly confirm your bank details from the Members Portal and only forward your preferred bank details if it is different from the one in the Members Portal.
(C) ANNUAL GENERAL MEETING (AGM)
The SACCO has sought authorization from the Commission for Cooperatives Development to hold a virtual meeting. You will be notified of the date for the AGM once the authorization is received.
Submission of documents
SUBJECT: SUBMISSION OF ELECTRONIC DOCUMENTS
Guarantorship through email
SUBJECT: GUARANTORSHIP THROUGH EMAIL NOTIFICATION
This is to acknowledge that the country is undergoing difficult condition due to covid-19 and that has made majority of people work from home. Members applying for loans are now finding it hard to have their loan application forms physically signed by their guarantors. The board is therefore recommending to members to guarantee each other through e-mails.
The loanees and the guarantors will be required to observe the following:
- The guarantor must specify the amount he/she is guaranteeing both in figures and in words.
- The guarantor must use the same e-mail address as held in the office when declaring his guarantorship to the loanee. The e-mail address must be the one the SACCO has been using to communicate to the member.
- The guarantor must give his membership number and specify the type of loan he/she is guaranteeing.
- The guarantor should send the guarantorship e-mail to the loanee BUT not directly to the SACCO.
- The loanee must fill the details of guarantors in the guarantorship table without the guarantor’s signatures.
- The loanee will forward the loan application form together with all the guarantorship e-mails as attachments.
- The office will be reaching out to guarantors to verify the authenticity of the guarantorship.
Note: This is a temporary measure that will be used together with the current practice until further notice. Observe social distancing to avoid the spread of COVID-19. #StayAtHome #StaySafe