WHAT IS NEHAWU SACCO

NEHAWU SACCO is not for profit financial co-operative which is owned and controlled by its members. The members of NEHAWU SACCO are only members and employees of NEHAWU. Through the co-operative, members mobilize their own savings and turn them into loans for their social and economic benefit. Unlike most other financial institutions (e.g. private banks and micro-lenders), NEHAWU SACCO do not issue shares or pay dividends to outside shareholders or non members. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits (savings), and lower fees.

SAVINGS OPTIONS

Because you earn a highly competitive interest rate on monthly balances and pay the lowest fees, you really can afford to save with NEHAWU SACCO.

Regular Savings: A compulsory plan allowing you to manage your funds according to your future needs while earning the best interest.
• Minimum of R50 saving/month
• Easy deduction using NAEDO debit order system from your account
• Register your e-mail to get the latest information and statements X-mas/Education Savings Account Create your own savings plan for the most expensive months (December & January) for only R100 deposit/month o Earn the highest interest available on monthly balances o Personalise your plan with a unique name o Access your funds within 3 days of notification.

LENDING OPTIONS

Loan products like
• Emergency loans: for members that got an emergency (R15.00 per R100 and only one at a time for immediate needs). The emergency loans start from R200 to R1, 500 and are payable from 1 to 3 months
• Short term loans: to help members get access to finance (Interest rate determine on security and are from 28%). The short term loans are from R1, 500 to R10, 000 and be paid over 24-months.
• Debt Consolidation loan: to help members to consolidate their debts into one (Interest rate are from 28%). These loans are from R10 000- R30 000 and paid over 36 months. Members’ access to loans is dependent on their savings balances. Only those who have shown ability to repay will get this service. Loans are given for a variety of reasons like education, household needs and emergencies.

HOW DOES NEHAWU SACCO OPERATE NEHAWU SACCO

operates independently from NEHAWU. Policies and procedures are set and monitored by a volunteer board of directors who are elected at the annual general meeting of members. The day-to-day operations will be the responsibility of the senior staff. To open a NEHAWU SACCO account you must be a member or employee of NEHAWU As a member, you must own at least one membership share in the co-operative. The share price is R200 (a one time investment). It entitles you to yearly payments from any surplus NEHAWU SACCO makes Once you have applied for membership you can start saving.