1. Ordinary Shares
To be a member, one has to buy at least 6 shares paid for in full within 6 months of joining. Each share costs UGX 20,000/=. Share capital is not refundable or assigned as collateral for a loan, but can be transferred to other members or next of kin as stipulated in the society by-laws.
2. Mandatory Savings
The mandatory savings is the backbone of the society because the amount saved under this product determines the amount of loan one may apply for. The savings act as collateral to secure a loan and qualify a member to a loan of up to five (5) times the amount contributed to the account after 6 months of active contribution.
Mandatory savings cannot be withdrawn except on termination of membership and earn 1.5% interest per month on increasing balance method. Each member contributes a minimum of UGX 20,000 every month and no maximum.
3. Voluntary savings
This is a product in which members are allowed to deposit or withdraw cash at any time. Voluntary savings do not earn interest but may be used to pay mandatory savings or other levies and charges. Monthly contributions can be split between the various products as determined by the member at the time of depositing.
4. Education Savings
The Education Savings Account allows members with small incomes, or low salaries to contribute to an account devoted solely to funding their children’s education. Members can save any amount at any time, fix it for a desired period and withdraw it when the time is right.
Education savings earn an interest of 2% per month.