Who is eligible? The participation is open for every farmer as RONFACOS supports all people irrespective of gender, social status, religious or political affiliation.
Preliminary admission requirements for joining the SACCO are:
Fill in a membership application form
Present an Identity Card
Pay a membership fee of UGX 10,000 (paid once)
Raise share capital minimum of UGX 40,000 (2 shares)
Pay an annual subscription of UGX 10,000
What do you expect after joining?
Membership Certificate
SACCO Passbook
Low Loan interest rate (at 18% per annum)
And interest is computed on a flat rate.
Benefits of interest on saving
Benefits of dividends on shares
In case of death your next of kin claims your savings.
Attend training in crops agronomic practices and financial literacy
Saving Products
Ordinary Savings
To attract voluntary savings from members that can be withdrawn any time by member on demand without limitation.
Initial Deposit is 10,000/=
No minimal and maximum period
Interest rate is Nil.
Co-operators Investment Account
To attract savings from RONFACOS members that can be fixed for a specified period of time that can be withdrawn on maturity. It attracts interest on maturity.
Minimum 1,000,000 UGX Maximum infinity UGX.
Minimum period 3 months and Maximum period is infinity.
Interest rate ranges between 8% to 12% depending on amount and period.
Loan Products
Agricultural Loan
To provide financial facilities to enable members to access funds to facilitate agricultural activities ranging from production, value addition, sales and marketing etc.
Interest rate is 18% per annum on reducing balance.
Loan size is Minimum 200,000 UGX and Maximum 15,000,000 UGX.
Grace period is allowed where applicable depending on the activity.
Loan term is Minimum 6 Months and Maximum 2 years (24 Months)
Repayment frequency is Monthly/Quarterly
School Fee loan
Facilitates educational financing needs of parents/guardians/caretakers
Short loan period of 3 months for primary and secondary and 6 months for university and tertiary education.
Flexible collateral.
The loan can be accessed for a number of cycles as long as the client repays well.
Competitive interest rate
Loan size up to a Maximum 3,000,000 UGX
Flexible repayment terms and periods of 6 – 18 Months.
Bulking Loan
This targets farmers who need money for their daily needs that normally force them to sale their produce at a give-away price. In this case farmers will access funds for their daily demands depending on the produce one has and will be bulked as a wait for good prices in future and enjoy the price margin in future after sale.
Interest rate is 15% per annum on reducing balance. Loan size is Minimum 1,000,000 UGX and Maximum 20,000,000 UGX.
Grace period is allowed where applicable depending on the activity
Loan term is Minimum 3 Months and Maximum 6 Months
Reach Out Nkokonjeru Farmers Co-operative Society ltd. P.O. Box 8 Mukono-Uganda
