Ubuntu Wealth Creation Savings and Credit Cooperative Limited is an autonomous association of people, who have voluntarily come together to achieve a common economic and social end through the formation of a democratically controlled cooperative, making voluntary contributions to the capital, savings and accepting a fair share of the risks and benefits of the undertaking in which the members actively participate. It is located at Plot No. 34621, ZEP-RE Business Park, Alick Nkhata Road, Mass Media, Lusaka.
Ubuntu Wealth Creation began as a village banking group. Village banking is a microcredit methodology whereby financial services are administered locally rather than centralized in a formal bank. Village banking has its roots in ancient cultures where self-help support group members, predominantly female heads-of-household, elect their own leaders, select their own members, create their own by-laws, do their own bookkeeping, manage all funds, disburse and deposit all funds, resolve loan delinquency problems, and levy their own fines on members who come late, miss meetings, or fall behind in their payments.
Ubuntu Wealth Creation is now a duly registered private limited liability Savings and Credit Cooperative under the Office of the Registrar of Cooperatives and the requirements of The Co-operative Societies Act No. 20 of 1998 of Zambia.
The main objective of the SACCO is to promote and upgrade the standards of living of its members through economic participation by saving and accessing loan products.
To encourage saving among members and promote the habit of saving through the Co-operative by so doing accumulating their savings.
To provide a source of funds from which members can borrow for productive and provident purposes only.
To act as agent between lending institutions and/ agencies with its members.
To encourage individual members to engage in business and productive ventures.
To afford members an opportunity to accumulate savings for their better tomorrow.
To provide broad range of credit facilities to members a fair and reasonable interest rates.
To ensure safety and soundness of the members’ funds through wise investment and adherence to good governance structure.
Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, and solidarity. In the tradition of their founders, co-operative members believe in the ethical values of honesty, openness, social responsibility and caring for others. The values for Ubuntu Wealth Creation SACCO are:
We at all times strive for excellence and serve our members and deal with our stakeholders with the highest level of professional standards.
We disclose all reasonable information pertaining to our decisions and allow reasonable access to our records for inspection through appropriate platforms and in line with our by-laws, rules and regulations.
Our actions, behaviors and conduct is always exemplary and consistent with general acceptable moral, legal and best practices of good governance and sound administration of Cooperatives.
We will treat all our individual members’ affairs with strict confidentiality.
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