Introduction to SACCOL
The Savings and Credit Co-operative League of SA (SACCOL) Ltd. was established by Savings and Credit Co-operatives (SACCOs) and Credit Unions around South Africa as their National Association.
SACCOL has three primary functions:
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Representative of the SACCO movement both locally and internationally.
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To provide development services to SACCOs. SACCOL services its member organizations by providing training, advice and other technical services as well as accepting deposits from and making loans to its members.
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To regulate SACCOs.
SACCOL is owned and controlled by its member SACCOs. Members exercise proportional voting rights according to the size of its membership. SACCOs elect members onto the SACCOL board and various committees. The fees and dues structure of SACCOL is determined by our members themselves that contribute towards SACCOL’s operating cost.
Through a Government Gazette (Vol. 354, No 16167, December 1994) the South African Reserve Bank recognises SACCOL as the representative of Savings and Credit Co-operatives and Credit Unions in South Africa. SACCOs, on the condition they abide by the SACCOL constitution and SACCO statutes as adopted and amended by members at SACCOLs AGM, thus receive an exemption from the Banks Act of 1990. Read Legislation for a more comprehensive overview of legislative requirements for registering as a SACCO with SACCOL and the registrar of Co-operatives.
SACCOL is a member of the WOCCU, the World Council of Credit Unions. In total there are over 60,000 SACCOs worldwide, with a total membership of over 100 million individuals.
