All members should have a savings account with the Financing Institution. We intend to encourage members to save and develop the habit thereof. There is a minimum amount of one US dollar per savings account and no maximum. The main purpose of saving with the organisation is to qualify for loans and other services and to try to begin the process of consolidating each member’s finances thereby putting us in a better position to provide financial advice and support if the need arises. The savings can be withdrawn at any time if a member does not have a loan or has more savings than needed for the loan.
The Organisation’s Finance will be the main programme and a Trust will be formed due to the presence of member savings accounts and their interest in obtaining loans and investors who will be providing such loans and obtaining a stake in the Company.
Our members can open savings accounts with us and they can borrow twice as much as they have saved. By 30 November 2009, we intend to have US$500,000 worth of assets available both in deposits and assets. Investor’s stake in the company will vary according to individual investments.
Members cannot make withdrawals if the amount they have outstanding on their loans is more than the amount they have saved in their Savings Account. If the outstanding balance is less than the amount they have saved they can only withdraw the difference of up the point where half of the outstanding balance will be left in his/her savings account.