Spectoba SACCO

The SPECTOBA SACCO is being formed and registered by interested OBs of St. Peters College Tororo. The purpose of the SACCO will be to mobilize and sensitize members to have easy access to Safe and Sound Financial Services in a Convenient and sustainable manner. The SACCO will serve to promote the savings culture, provide loans and create investment opportunities to either individual members or corporately.


A Savings and Credit Cooperative is a finance entity which is owned, governed and operated by members, who have the same common bond (e.g Old Boys of TC), for their financial benefit, growth and development. SACCO’s have become popular in Uganda, as they help members, not only grow savings but also overcome challenges of obtaining financial services, particularly credit, from commercial banks that levy high interest rates. Through SACCOs, individuals have been able to benefit from/be part of large investment projects which they would have never imagined, through pooling resources.

The initiative for the St. Peters College Old Boys (OBs) to form a SACCO started way back during the 2018 SPECTOBA annual August retreat where one of the OBs Dr. Atiya Tolit tabled the idea during the OBs and Staff lunch in the school staff room, which idea was immediately seconded and passed. However, the idea didn’t take off until July 2020 when practical steps were realized. An inception meeting complimented by a guest speaker Mr. Henry Katongole the chairperson of the NACOBA Sacco, who shared the experiences of OBs Saccos was held online (Zoom), on 30th June 2020, and an Interim-Committee was put in place to complete the formation and registration of the SPECTOBA SACCO. This Concept brief clarifies the purpose of a SACCO, its ownership and benefits derived from member savings and shares.

Ownership,Governance and Management

As it is with all, the SPECTOBA SACCO will be owned, governed and managed by the members. Each member is an equal owner of the SPECTOBA SACCO and is entitled to one vote during the AGM or such meetings where decisions are taken, regardless of how much he or she has deposited in the SACCO (in terms or shares or savings). During the early formative stage an Executive Committee will be in place to manage the SACCO based on the decision and rules defined by the Members but guided by the Co-operative Societies Act CAP 112.

Membership fees and Annual Subscription

The one-time membership fee and annual subscription are used to run/manage the affairs of the SACCO. A one-time membership of 50,000 shillings and 30,000 shillings as annual subscription fees are proposed the Interim-Committee. A minimum savings of 50,000 shillings mandatory savings is proposed by the Interim – Committee. As the SACCO will over time generate profits from investments and interest on loans, members may make a decision to scrap the requirement for annual subscription fees.


Ownership of the SACCO is through shares. Thus every potential member must purchase a minimum share as determined by the SACCO making each member an owner of the cooperative. Once the share has been fully paid up, all other contributions will go towards savings. Every willing member of the SPECTOBA shall purchase a minimum number of shares, which in this case is ONE SHARE, worth 20,000 Shillings. No member, at any given point in time shall hold more than a 5th of the total number of shares held. Members earn dividends from their shareholding, once the SACCO is fully operational and profitable. It is important to note that as the SACCO progresses, the minimum shares each holds will be revised if our SACCO is to register growth and attain its goal.


Each SACCO determines amongst its members what the minimum savings per member will be. Savings are deposited monthly by each member to build their saving portfolio but also as a way of mobilizing resources for the SACCO. The Interim Committee has proposed 50,000 shillings as the minimum and unlimited amount upper limit as the monthly savings based on rules which members shall agree. Savings unlike shares may be withdrawn on demand at any given time upon giving a two months’ notice to the secretariat. However, the SACCO members shall define rules pertaining to the making of deposits and the withdrawals. A member’s savings help him obtain a loan from the SACCO while retaining their savings. For example, one may have saved 10 million shillings. Rather than simply withdraw 5 million to attend to urgent needs, one may choose to take a low interest loan offered by the SACCO, and preserve his savings. Such a member will have continued to save for the future


Members are encouraged to save toward loans. The SPECTOBA SACCO will the offer loans to members at an interest rate agreed by members, and shall be lower than rates offered by financial institutions. Loans are ratio based on members’ savings and shares. Individuals who have established their credit worthiness through regular savings and are able to show ability to repay a loan can earn the privilege of borrowing these savings in the form of a loan. Some loans are made for productive, income generating activities, a business idea; other loans are made for provident purposes. It is the money obtained through sale of shares and savings deposits that is lent (money makes money). As stated above, members’ savings help them acquire loans. Loan management will be defined in such a way that members’ money is protected through control of amounts lent. For example, a member who has saved 10 million may be able to borrow 15 million provided that he has other member(s) with savings up to 5 million as sureties, so as to ensure the SACCO recovers total amount lent, and subsequently no loss to other members


Once SPECTOBA SACCO has been established and is profitable, each member will be paid, on an annual basis, dividends on shares and interest on savings basing on the prevailing market rate bench marked from other SACCOs. The more shares you have in the SACCO the higher the dividends. This is what makes a member to enjoy the benefits of belonging to the SACCO.

Accountability and Audits

The SACCO shall provide audited books of accounts at the annual AGM and periodically ie every quarter post a SACCO statement on the SPECTOBA website.

Becoming a member and SPECTOBA SACCO Registration

Every paid-up member of SPECTOBA is eligible to become a Member of the SACCO. As was agreed in the 30th June 2020 online meeting, this brief clarifies matters pertaining to the ownership and governance of the SACCO and how members benefit from share and savings so that intending members make an informed decision to join. By this concept brief, interested SPECTOBA Members are now invited to:

1.Pay the one-time membership fee of 50,000 shillings, 30,000 shillings subscription and 20,000 shillings for one-share to:
    Bank: DFCU Bank
    A/C No. 01183678566326
    Branch Ntinda Branch
Alternatively: You can send through Mobile Money to: 07XXXXXXXXX or 07YYYYYYYYY in the name SPECTOBA SACCO (Bank deposits are encouraged; for Mobile Money, include withdrawal charges)

2. In the interim register in the Members Book at the Pinnacle Enviro Consult office, at Plot 6, Kyambogo View Rd, Ministers Village Ntinda-Kampala leave a copy of payment slip and a signed copy of your National ID or passport. John Kameri Ochoko, will register all payments and record depositors into a Members’ registry. For those who cannot reach the physical office, send your soft copy ID or Passport by email to

Registration of the SACCO by the Interim-Committee should be complete by end of July 2020 cateris paribus.

After the SACCO has been registered, the Members shall them define the details of the rules governing the management of the SACCO and put in place a substantive Committee.

Download the concept note.