CRITERIA
It is a regular and consistent contribution made by a contributor (member) on a daily, weekly, bi-weekly or monthly basis. Members are encouraged to regularly save for the future - for productive purposes and to access loans.
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• Minimum monthly contribution is GHC20.00
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• Interest on savings (M’anidaso) is currently 9% p.a. for the year 2023. Interest on savings shall be determined by the Board of Directors.
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• This account is held for six (6) months to mature before any withdrawals can be made.
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• Savings may be withdrawn only within the working hours of the Fund.
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• Monthly source deduction is obligatory (church workers).
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• Direct Cheques and Cash payments into the account are also acceptable.
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• A member shall not be entitled to the full interest if savings/contributions are in more than 12 months arrears.
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• The savings balance of any one member shall not exceed 20% of the total assets of the Fund or as determined by the Board of Directors.
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• Savings cannot be withdrawn if the member has a running loan (church workers)
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• Savings cannot be withdrawn if they are frozen to guarantee a loan (church members)
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• The account must maintain a minimum of GHS50.00 till the account is closed. (church members)