Frequently Asked Questions
- Savings for the future, especially when you have not been diligent.
- Financial passive income through diverse investment opportunities.
- Discipline and a better understanding of how to make money grow, thanks to the information provided.
- Access to borrowing at a much more favourable interest rate and faster turnaround than commercial agencies such as banks.
- A great platform for expanding your valuable networks.
- You must be a Gayaza old girl.
- Fill in the registration form.
- Submit the form by email to gogsacco@gmail.com together with a copy of your National ID, or passport if the National ID is not available.
- Make remittance to the bank: Stanbic Bank, Garden City branch, Account number 9030020238967, Account title: Gayaza High School Old Girls SACCO Ltd, Sort code 040147.
- Include your name and allocation details as the remittance reason, e.g. "Adeline Mugisha, savings 200,000 UGX and 300,000 UGX shares".
- Take a picture of the deposit slip and share it, along with the allocation details, to gogsacco@gmail.com.
Total: 350,000 UGX, broken down as follows:
- 100,000 UGX registration (one-off, not paid again)
- 100,000 UGX savings (minimum amount required every month)
- 100,000 UGX shares (minimum 2 shares at 50,000 UGX each to start — you may put in more)
- 50,000 UGX subscription (annual subscription for every member)
The subscription fee covers administration and overhead costs for running the SACCO.
Through the bank account shown above. Members in the diaspora can send to the mobile money number 0755523526 – Ruth Kagabane (Chairperson). Please add the withdrawal charges.
You can buy as many shares as you wish per month to grow the SACCO, but you cannot own one third of the shares.
We are not giving out loans right now. Borrowing will commence soon after we have drawn up a loan policy and constituted the loan committee.
We do not have insurance right now. However, we are registered under the laws of Uganda and supervised by the government. A supervisory committee oversees the Board to make sure laws and regulations are followed.
- This is determined at the AGM based on the SACCO's performance that year.
- The profit earned through the year is calculated and shared according to each member's savings and shares.
The named beneficiaries on the membership form will receive that member's benefits.
A monthly penalty charge is levied on members who do not make their payments on time and who do not give prior communication (via the SACCO email) about their inability to save for that month. Penalty fees become income to the SACCO.
Send a prior email to gogsacco@gmail.com explaining the change in circumstances and when you are likely to resume. This email is accessed by three board members only.
Yes, you certainly are. Just remember to give details of amounts, allocations, and duration on the SACCO email for accountability.
Yes — by law, SACCOs must meet once a year, but we've chosen to hold monthly online meetings for the board and members. These cover information sharing and some training. "Special" or "Extraordinary" meetings may also happen if the need arises.
Yes, you may withdraw upon complying with the required notices.