Frequently Asked Questions
Find answers to common questions about membership, savings, credit, and operations. We are here to help you understand how your cooperative works.
Membership
What is Family SACCO?
Family SACCO is a member-owned, cooperative financial institution in Ethiopia. We offer secure savings products, competitive credit options, and financial advisory services. Unlike traditional banks, our members are the owners, meaning profits are returned to members in the form of dividends, competitive interest rates, and community initiatives.
Who is eligible to join Family SACCO?
Membership is open to all individuals, families, and businesses who subscribe to our cooperative values. We have a special founding commitment to supporting individuals transitioning out of alternative care and orphanages, but we are open to the wider public who want to grow their savings in a community-driven institution.
How do I become a member?
You can initiate the process by clicking 'Join Us' on our website and filling out the application form. You will need to provide identification, complete a registration form, pay a one-time registration fee, and purchase the minimum required cooperative shares.
Savings & Deposits
What savings products do you offer?
We offer several savings accounts tailored to different needs: Regular Savings (essential for membership and borrowing), Voluntary High-Yield Savings, Youth & Education Savings, and Business Savings. Each account offers competitive interest rates to help your assets grow.
Are my savings safe with Family SACCO?
Yes. Family SACCO operates under strict regulatory oversight, robust internal governance, and regular independent audits. We maintain prudential capital reserves and follow conservative lending guidelines to ensure maximum safety for all member deposits.
Loans & Credit
How do I qualify for a loan?
To qualify for a loan, you must be an active member of Family SACCO for a minimum specified period (typically 3 to 6 months) and have a consistent savings record. Your maximum borrowing capacity is normally determined as a multiple of your accumulated savings, backed by co-guarantors or collateral.
What are the interest rates on loans?
As a cooperative, our primary focus is member welfare, not profit maximization. Consequently, our loan interest rates are highly competitive and typically lower than commercial bank rates, with transparent terms and absolutely no hidden fees.
Governance & Operations
How is Family SACCO governed?
We operate on democratic cooperative principles: 'One Member, One Vote.' Members elect a Board of Directors and specialized supervisory committees at the Annual General Meeting (AGM). Every member has an equal voice in major decisions, regardless of their savings balance.
What makes Family SACCO different from a bank?
Traditional banks focus on maximizing shareholder profit. Family SACCO is a cooperative where members are the sole shareholders. All surplus earnings are either reinvested to improve services, kept as reserves, or distributed back to members as dividends.
Still have questions?
Can't find the answer you're looking for? Reach out to our dedicated support team, and we'll get back to you as soon as possible.