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Nehawu Sacco
Reg No. 2007/001376/24
Nehawu Sacco
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#EDUCATIONS
#BACK-TO-SCHOOL
#SAVINGS

OPEN EDUCATION SAVINGS Account@nehawusacco.co.za











CELEBRATING OUR 10TH YEAR ANNIVERSARY
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VISION
TO BE THE PRIMARY PROVIDER OF FINCIAL SERVICES SUITABLE TO THE MEMBERS OF THE TRADE UNION AND TO IMPROVE THEIR SOCIO ECONOMIC WELL BEING BY OFFERING OPPORTUNITIES TO SHARE IN THE SURPLUSES OF THE CO-OPERATIVES, TO OFFER FINACIAL SERVICES AT THE COMPETITIVE INTEREST RATES AND TO ENSURE EASE OF ACCESS THROUGH THE TRADE UNION NETWORK.

MISSION
WE ARE MEMBER-OWNED , MEMBER CONTROLLED AND NON PROFIT FINANCIAL COOPERATIVE THAT PROVIDES BANKING AND OTHER RELATED SERVICES TO ITS MEMBERS AT REASONABLE COSTS. MEETING MEMBERS FINANCIAL NEEDS IS THE SOLE REASON FOR OUR EXISTENCE.













ABOUT US
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NEHAWU SACCO is not for profit financial co-operative which is owned and controlled by its members. The members of NEHAWU SACCO are only the union members and employees of NEHAWU. Through the co-operative, members mobilize their own savings and turn them into loans for their social and economic benefit.

Unlike other financial institutions( e.g private banks/ micro-lenders), NEHAWU SACCO does not issue shares or pay dividends to outside shareholders or non-members. Instead, earnings are returned to members in the form of lower loans and high interest on their deposits(savings).
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NEHAWU SACCO
NEHAWU SACCO



BENEFITS
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*  Democratic Member Control
Members are owners of the coop and each member has an equal vote to another.
* High Interest on Savings
Nehawu SACCO pays high interest on Savings to encourage members to save.

* Low Interests on Loans
Nehawu SACCO charges low interest on loans, interest charges is used for the operation of coop.
* Low Admin Fees
Our administration fee starts from R25 to R300 for loans from R200- R30 000.

* Other Benefits
Once the co-op have made surplus, they money is returned to members in the form of dividends.

Nehawu SACCO also provide member education through regional forum and our newsletter.
NEHAWU SACCO
SACCO

MEMBERSHIP SHARES

  • In order to become a member of the co-op each member must own one obligatory membership share of R300.
  • This amount is of a minimum and is non withdrawable.
  • The member can only receive these funds on termination of membership.
  • Dividends are paid on membership share based on available earning, paid at the end of each accounting period.
  • The membership share deposit becomes a part of the co-op’s capital.
  • Shares are only paid at a notice period of 1 month/30days.
SACCO

GROUP SAVINGS

  • A group of members save together for their own specific purpose.
  • They create their own name for the account.
  • One member is responsible for collecting deposits from other members and deposit together in the co-op.
  • Members set their own maturity date.
  • Higher interest are paid into the account.
  • Monthly minimum deposit of R2000.00 is required in the account.
  • If early withdrawals are made, penalties are charged on the account.
SACCO

XMAS SAVINGS

  • Members are encouraged to save towards the end of the year as it usually coincides with leave/holidays when people tend to spend more for back to school expenses and Christmas
  • Money deposited into this account monthly is put aside and the full amount plus interest will be paid out from October until February.
  • This money is non-withdrawable during the year and cannot be transferred to other accounts.
  • This account cannot be used as a security on loans as it is payable at the end of the year.
  • No deposit , transaction or monthly fee charged on the account
SACCO

FIXED DEPOSIT

  • Long term investment that allows you to plan
  • for your desired goals.
  • Members can save a minimum of R200 on a monthly basis.
  • Alternatively members can arrange to save a lump sum of more than R1000.
  • Save for a period of 60 months
  • Earn 9% interest per annum.
  • After maturity date the funds can be accessed.
SACCO

REGULAR SAVINGS

  • This is a primary account offered to members and serves, along with membership shares as a requirement for membership
  • Members are encouraged to save regularly, take control of their future and become financially empowered.
  • The account is easily accessible to members and money can be withdrawn at least four times a year.
  • To encourage savings, interest will be paid on the account on a monthly balances.
  • A minimum deposit of R50 per month is required.
  • We require a minimum balance of R100 to earn interest
  • Any withdrawals will be made by electronically.
  • Free balance enquiries
  • Free quarterly statements to members.
  • No monthly and transaction fees charged.
  • Savings can be used as collateral for loans.
SACCo

EDUCATION SAVINGS

  • Members can invest towards their kids’ education.
  • Save for a period of 36 months
  • Members are allowed to withdraw their funds after the funds are matured.
  • Alternatively they can re- invest their funds for another period.
  • Earn interest of up to 9% per annum.




PRODUCTS

Loan Products
Members’ access to loans is dependent on their savings balances. Only those who have shown ability to repay will get this service. Loans are given for a variety of reasons like education, household needs and emergencies.
Emergency loans:
For members who are in need of money in a  case of an emergency
Loan are charged at (R17.00 per R100 and only once at a time for
immediate needs).
The emergency loans start from R500 to R5, 000
Payable from 1 to 6 months
*attach a copy of an emergency loan application form
Debt Consolidation loan:
To help members to consolidate their debts into one
These loans are from R20 000- R60 000 and
Paid over 36 months.
EMERGENCY LOAN
DEBT CONSOLIDATION LOAN
SACCO
SACCO
Short term loans:
To help members get access to finance
The short term loans are from R5 100 to R20, 000 and
Be paid over 36-months
Home Improvement loans
Are offered to members to assist them to renovate or improve their homes
Loans are offered from R20 000- R200 000
Loans can be repaid over a period of 60 months
Loans are secured by the provident fund
SHORT TERM LOAN
HOME IMPROVEMENT LOAN
SACCO
SACCO
* How do I apply for a loan?
A prescribed Loan Application form must be fully completed | A 3 months bank statement
ID copy | Latest payslip | Proof of residence (not older than 3 months)
All the above documents must be submitted to the SACCO office from Monday to Wednesday and once approved
transfer will be made on Thursday to the members bank account.
ACCOUNT INCREASE / DECREASE
SAVINGS WITHDRAWAL
SACCO
SACCO



BOARD



NEHAWU SACCO
NEHAWU SACCO
NEHAWU SACCO
CDE MIKE SHINGANGE
CHAIRPERSON
CDE SABELO MAMBA
DEPUTY CHAIRPERSON
CDE BEN MODISANE
SECRETARY
NEHAWU SACCO
NEHAWU SACCO
NEHAWU SACCO
CDE MONICA THUTLWA
DEPUTY SECRETARY
CDE ZWELI THOBA
TREASURER
CDE EDWARD TUBATSI
BOARD MEMBER
NEHAWU SACCO
NEHAWU SACCO
NEHAWU SACCO
CDE MARTHA ZUMANE
BOARD MEMBER
CDE BONGANI VILAKAZI
BOARD MEMBER
CDE NOMTHA SIYOBI
BOARD MEMBER
NEHAWU SACCO
CELIA MASHOLUGU
BOARD MEMBER
CREDIT COMMITEE
NEHAWU SACCO
NEHAWU SACCO
CDE ZWELI THOBA
CDE ANGIE CHAUKE



CONTACT
NEHAWU SACCO

12 New Street | Ghandi Square | Johannesburg | 2000
Tel: 010-035-2341,
Fax: 086-224-5701
Email: patiswa@nehawusacco.co.za
Website: www.nehawusacco.co.za
NEHAWU SACCO
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VACANCIES
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CLICK HERE TO VIEW AVAILABLE VACANCIES


OPPORTUNITIES
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The co-op is now creating a network of volunteer coordinators at the workplace level where our union is organised.
The goal is to ensure that the co-op reaches its targeted members by the end of year.
The role of the branch co-ordinator:
• Providing co-op membership information;
• Handing our applications;
• Handling requests for loans and savings applications;

MARKETING AGENTS NEEDED
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If you are interested to become a volunteer co-ordinator for your workplace and enjoy the benefits of training and incentives,
please contact patiswa@nehawu.org.za or olgar@nehawu.org.za


VACANCIES
_______________

CLICK HERE TO VIEW AVAILABLE VACANCIES


OPPORTUNITIES
________________________________________
The co-op is now creating a network of volunteer coordinators at the workplace level where our union is organised.
The goal is to ensure that the co-op reaches its targeted members by the end of year.
The role of the branch co-ordinator:
• Providing co-op membership information;
• Handing our applications;
• Handling requests for loans and savings applications;

MARKETING AGENTS NEEDED
__________________________________________
If you are interested to become a volunteer co-ordinator for your workplace and enjoy the benefits of training and incentives,





FREQUENTLY ASKED QUESTIONS
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A savings and credit co-operative owned and run by its members, offering convenient and interest bearing savings products and low cost loans. Savings and credit co-peratives (SACCOs) are authorised and regulated by the Co-operative Banks Development Agency (CBDA) and operate within a statutory framework.

SACCOs are one step for becoming fully-fledged co- operative banks which are regulated under the Co-operative Banks Act. Legally, the members of a savings and credit co-operative must have something that joins them together – the ‘common bond’ – ours is membership of NEHAWU Trade Union.

Only members, employees and institutions (e.g. NEHAWU Investment Holdings) of NEHAWU are eligible to join.

All members of NEHAWU including:

• Ordinary members

• Employees of the union

• Trade union related institutions and social clubs and groups formed by union members.

NEHAWU members. Ultimate responsibility for NEHAWU SACCO statutory, legal and moral obligations rests with a board of directors, who are all members of SACCO and are directly elected at the annual general meeting. Any member can stand for election and if they are successful, full training will be given. The board ensures the integrity and security of members’ assets.

A small team of staff take care of the day-to-day operational management, so we can be sure of offering a professional service with people available to help.

Every member is committing to save regularly, with a minimum payment of R50 per month. Every member buys a share of R300 in SACCO and every member has sole ownership of their shares.

Yes, NEHAWU SACCO will use electronic checks to verify your identity. We will ask you to provide appropriate paper documentation. These checks are performed because the Co-operative Banks Development Agency (CBDA) expect all SACCOs to have robust policies and procedures in order to comply with Money Laundering Regulations and other law, as well as ensuring that members meet the common bond criteria.

We also verify your details on the NEHAWU trade union membership database to check if you meet the membership or employment criteria.

Each member will be charged an initial joining fee of R50 which will be deducted from their first savings deposit. In subsequent years an annual membership fee of R75 will be charged to members to assist with administration costs.


These fees and charges will be reviewed by the Board of Directors on an annual basis.

Yes, NEHAWU SACCO has range of savings deposit accounts that allows you to deposit lump sums up without also having to save each month. However, according to the rules Co-operative Banks Development Agency) a member cannot have save more than 10% of the total SACCO savings. If for example, NEHAWU SACCO has R10m of combined member’s savings in a given month, an individual member can only save up to R1m.

Lump sums can be deposited by making a bank transfer to NEHAWU SACCO ’s account. More information and savings deposit forms are available from our website: nehawu.sacco pages or by emailing olga@nehawu.org.za

Member’s savings in SACCO are a form of investment by members. NEHAWU SACCO has set competitive interest rates on its savings products which are paid to members account on monthly, quarterly or annual basis.How much interest should be on a particular savings product or how much dividend on membership share is made by the Board of Directors on annual basis?

NEHAWU SACCO also pays dividend payment on shares invested by members (‘membership shares’). The actual dividend payment is recommended by the Board of Directors at the Annual General Meeting of Members.

After members have saved for 3 months, they will be eligible to apply for a loan. The board agreed to a detailed loans policy which is reviewed regularly.

NEHAWU SACCO now has four different types of loans for members to choose from. With our emergency loan products members can borrow up to R5,000 for a maximum period of 3 months.

Short-term and consolidated loans are also available and members can apply to borrow up to three times what they have saved, however initially a cap has been imposed. This will be reviewed regularly but a cap of R60, 000 is currently in place to allow SACCO to build up its reserves for the future safety and security of members’ money.

NEHAWU SACCO also has Home-Improvement Loan, which is now available for members of NEHAWU Provident Fund and Mpumalanga Provident Fund If a member wishes to apply for a larger loan amount, their request will be considered on an individual basis by the Credit Committee. You should state the amount you are requesting on the application form and any specific reason for the Committee’s consideration.

Loan application forms can be downloaded from the website: nehawusacco.co.za or requested from the NEHAWU SACCO Office.

Payments for your monthly savings will be collected by direct debit from your bank account on the 15st, 25th or 30th of each month as specified by you or through payroll deduction facility. You will be able to vary this amount, deposit a lump sum or make a withdrawal.

Any loan or withdrawal can be paid directly into your bank account sent and you would also make your loan repayments by direct debit.

It is anticipated that members will be able to manage their accounts online in the future.

NEHAWU SACCO uses it to provide low-cost rate loans to members who need to borrow or places it in secure investments of low risk. The income we generate from lending helps us to meet our operating expenses, build our reserves and pay savers an interest on their savings products (once the reserves have reached a sufficient level and running costs have been met).

Yes. We are authorised and regulated by the Co-operative Banks Development (CBDA). NEHAWU SACCO has a Audit and Risk Committee which undertakes internal auditing of procedures to ensure that SACCO is acting in the best interest of its members. An independent auditor will also audit the NEHAWU SACCO’s accounts each year.

If you have previously submitted an application to join NEHAWU SACCO you should have received a welcome call advising you of the membership fees and requesting any further information required. Once all of the necessary information has been received and the identity check has been completed, your direct debit will be set-up and a letter sent advising you of the date your direct debit is due to commence. If you have not received this please olga@nehawu.org.za

Yes, we have ‘follow the member policy’ which enables you to continue to receive services and benefits of NEHAWU SACCO. This applies to whether you are retired, retrenched

You would need to notify us at the time of your changed circumstances so that we can review the situation and update our records accordingly.

You will need to complete a cancellation form telling us how you would like any savings and shares returned to you and ensure that you do not have any outstanding loans.

For more information please email olgar@nehawu.org.za

Call: 010 035 2341




LOCATION
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