Current Status
Although traces of credit unions in South Africa date back to the 1940’s, apartheid closed these original organizations. Savings and Credit Co-operatives (SACCOs) as they are known today did not fully re-emerge until the early 1990’s. There are currently 40 SACCOs serving + - 13.000 members with savings, loan, transmission and insurance products at rates generally better than banks.
SACCO Annual Statistics
* Membership figures have been restated to reflect paying members to SACCOL
SACCOs in South Africa carry out the tradition of ensuring financial literacy amongst their members by teaching prudent handling of money, the importance of savings, how to keep track of finances, how to budget and the importance of avoiding hire purchases and loan sharks.
