BRAUDA SACCO is a Savings and Credit Cooperative Organization under BRAUDA Company Limited, It is owned, governed and managed by its members who have the same common bond of saving for the future investment. A Savings and Credit Cooperative’s membership is open to all the members regardless of race, religion, color, creed, and gender or job status. We are unique, democratic, member driven and self-help cooperative organization in which members agree to save their money together and offer loans to each other at reasonable rates of interest. Interest is charged on loans, to cover the interest cost on savings and the cost of administration.
Members are the owners and they decide how their money will be used for the benefit of each other. Our philosophy is democracy. Members elect a board that in turn employs staff to carry out the day-to-day activities of the SACCO. We are governed by the 1991 Cooperative Statute, the 1992 Cooperative Societies Regulations and the draft by laws of the SACCO
The number of board members is ten. Members elected a supervisory committee to perform the function of an internal audit. BRAUDA SACCO is a legal body registered under the Uganda Cooperative Statute of 1991 and Cooperative Societies Regulations of 1992. We are an economic institution doing business in order to grow, survive and become sustainable.
We are accepting a minimum number of 300 in order to accessing external support
To have easy access to Safe and Sound Financial Services in a Convenient and sustainable manner but also to generate funds for running rural developments particularly in agriculture, environment and natural resource management. Savings are mobilized locally and returned to members in the form of loans. The money stays and works within the members.
Unlike other places where interest rates may not be negotiable and already pre - determined, BRAUDA SACCO interest rates are set by the members themselves depending on the circumstances in the community they live.
We encourage members to save as a way of building a resource base for credit.
We educate their members in financial matters by teaching prudent handling of money, how to keep track of finances and how to budget.
We pay dividends on shares to our members once is profitable. Members therefore take pride in owning their own SACCO.
Money borrowed to members in a SACCO is money mobilized by themselves from different sources.
We perform a critical and unique function as financial intermediaries. We mobilize significant volumes of personal savings and channel them into small loans for productive and provident purposes at the community level.
Each member of a SACCO is an equal owner of that SACCO and is entitled to one vote at the annual meeting, regardless of how much money he or she has deposited in the SACCO
We promote a social bond and unity among members.
Shares: 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.
Savings: A member’s monthly contribution is usually split between various types of savings accounts. Savings unlike shares are withdrawn on demand. Minimum saving per month (Single share) is 200,000 UGX
Loans: Members are encouraged to save toward loans. Loans are ratio based on member’s 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 such as schools fees, funerals and weddings.
Quick/Emergency loans: Emergency loans are short-term quick loans available to members to meet unforeseen circumstances, not budgeted for.
BRAUDA is a legally registered company limited by guarantee, nationally recognised with a certificate of incorporation and registration number 168842. It was registered on 27th June 2013 by the registrar of companies in Uganda.
PO BOX 80,Wakiso-Uganda