Our Services

Blessings SACCO aspires to serve its members by providing dynamic savings and credit services at competitive rates so as to improve socio economic needs of its members in line with cooperatives principles

Services

To be the biggest SACCO in Lesotho that provides quality financial services to its members

Apply for membership
Becoming a member
  • Interested candidates should be members of the Seventh Day Adventist Church.
  • Candidates should have their registration forms signed by members of the Bless-ings that recommend the candidate to join the cooperative.
  • Forms will be reviewed and approved by the Blessings Personnel.
  • To enrol, a candidate is expected to pay joining fees, these include:
    Shares – M 2 000
    Registration – M 500
    Stationery – M 70
    Institutional Capital – M 1000
  • Shares can be payable in 6months, as convenient to the payer’s earnings and is refunda-ble when one ceases to be a member of the cooperative.
  • Institutional Capital is payable within the 2 years of enrolling into the cooperative.
    Other payments are in relation to:

Administration costs M10 (per Month)
Funeral cover M120 (per annum)
*Funeral cover is contributed as compensation that is granted to family towards death of a member of The Blessings sacco.
*Institutional Capital is money used on improvement or operational errands/projects of the cooperative that may arise in the furtherance of operations.

Savings
  • Compulsory Savings – they are said to be compulsory because they are a minimum amount to be contributed by each member EVERY month. They amount to M100. However a prepayment is allowed.
  • Voluntary savings – they are flexible in every way. There is no mini-mum or maximum amount, there is no time frame attached to it (it can be paid weekly, monthly, quarterly, yearly etc)
  • Dorcas Savings – these sort of savings named after Dorcas are the type of savings that can be made by any member for their further-ance of God’s work or any other plans relating to church events/mission. No loans can be secured against it but should a member wish to use it to attain a loan, the savings can be transferred to voluntary savings.

ALL savings attract a 3% interest on saving per annum. Therefore the more you save, the more the reward.

ALL savings are payable on demand. But if there be a loan secured against them, only an excess of the amount held as security can be with-drawn.

On withdrawal, a savings withdrawal form MUST be filled and send to the office for processing of payments which will be done only via Electronic Funds Transfer or Cheque (as per the preferences of the payee)

ALL savings will be refunded to a member on termination after savings have been offset to the loan balance as at termination date.

Loan

When a member requires a loan, a loan application form must be filled and send to the office for approval by the credit committee or management committee member as per the cooperatives’ poli-cy.

  • An applicant must have 40% of savings as security/collateral for the required loan.
    A monthly interest of 1.5% is to be paid on that loan along with the loan repayment/ settlement amount & the usual monthly pay-ments (compulsory savings + admin fees)
  • New membership-first time borrowers : Individuals who have been members for less than 12months will only be granted a loan limited to the value of their savings so as to assess their track rec-ord and credit worthiness. And then after sixth months, such as an individual can be treated like a old-membership borrower.
  • Old membership-first time borrowing : for the individuals who have been members for more than 12months, saving cultural will be assessed in consideration of whether a member may attain a proper loan.
  • Loans are payable at different instalments depending on the amount of loan granted and loan repayment period.
  • All monthly payments due to the cooperative are to be made with-in the first 2weeks of every month, failing which, a penalty of 5% will be charged on the amount due.