Product Features

• Account is denominated in Uganda Shillings (UGX).
• No cash deposit required to open the account.
• Minimum balance of 10,000.
• Tiered interest on account balances.
• Standing order at 3,000.
• Loan interest at 13% p.a.
• Permits cash withdrawals through withdrawal vouchers & CenteSwift. Withdrawal charges vary based on the amount withdrawn:

- For withdrawals < UShs. 50M, a charge of UShs. 6,000 applies,

- For withdrawals between UShs. 50M and UShs. 200M, the charge is UShs. 10,000,

- For withdrawals above UShs. 200M, the charge is UShs. 20,000.

 

• Accessible at any branch.
• 1 free statement of account issued quarterly, and on request.
• Accepts deposits via cash, wire, cheques, and other acceptable means, i.e. Mobile Money.

 

SACCOs can access:

• Unsecured overdrafts (ODs) up to UShs. 200 million for one year at 13% per annum.
• Secured loans up to UShs. 500 million at 13% per annum for 2 years for onward lending and up to 5 years for CAPEX.
• Loans above 500M require exceptional approval.
• Credit insurance policy to cover members’ loans at 1% by CIC.

 

Insurance Cover:

• Protective Insurance policy to cover principal members, spouses and children. Such insurance packages range between UShs. 36,000 and UShs. 108,000 as funeral cash, to cover death, accidents, critical sickness, i.e. member receives UShs.10M, member’s spouse receives UShs. 5 million, and member’s four (4) children receive UShs.1.2M each.

Benefits

• Account maintenance fee is
• Tiered interest on account balances, i.e.
• 2% p.a. (100M-300M)
• 3% p.a. (300M-500M)
• 4% p.a. (500M-800M)
• 5% p.a. (above 800M)
• Free quarterly account
• Free opportunity for financial literacy, mentorship, and entrepreneurship training.
• Convenient 24/7 banking with CenteLinkApp.
• Offers protective insurance policies covering principal members, spouses, and children at lower premium rates.
• Cash-in-Transit (C.I.T) is offered at the SACCO’s expense.