As a member of the cooperative, you are required to consistently save a minimum of 500 ETB or 10% of your monthly income. Please note that regular savings can only be withdrawn upon termination of membership.
In addition to regular savings, members can choose to deposit any amount at any time. This flexible account allows you to withdraw your funds whenever you need them.
This is a high-yield savings option where funds are deposited for a specific duration based on a formal agreement with the cooperative. Compared to other products, this account offers significantly higher interest rates, payable upon the maturity of the agreement.
Tailored savings plans designed to help you qualify for specific financing, including:
Designed for the children or wards of our members to instill a culture of saving from an early age. This account features zero service fees. Once the child reaches 18, they can transition into full membership without paying any additional registration fees.
Based on a mutual agreement and the specific needs or religious preferences of the member, the cooperative offers accounts where no interest is calculated or paid on the deposits.
Essey Saving and Credit Cooperative provides competitive returns on member deposits to encourage a strong saving culture. We offer an annual interest rate of 7% for Regular Savings, while Voluntary (Flexible) Savings accounts earn 7.25%. To support the future of the next generation, our Children’s Savings accounts feature a higher rate of 7.5%. For those seeking maximum returns, our Fixed Time Deposits offer the highest yields, with interest rates ranging from 7.5% up to 12% based on the agreed-upon duration of the deposit.
Loans
Essey provides accessible business financing. To qualify, members are required to save 25% of their desired loan
amount consistently for three (3) consecutive months prior to their application.
2. Housing Loans: Whether you are looking to purchase, construct, renovate, or make a down payment on a home,
our housing loan is designed for you. Members can access this service by consistently saving 25% of the
requested loan amount for six (6) consecutive months without interruption.
3. Vehicle Loans: For members aiming to purchase a vehicle,
Essey offers specialized automobile financing. To be eligible for this service, members must save 30% of the total
loan amount consistently over a period of six (6) consecutive months.
4. Consumer Loans: Designed to meet various social and economic needs, our consumer loans help members cover
personal expenses. This service is available to members who have saved 25% of the loan amount for three (3)
consecutive months without interruption.
5. Special Loans: Essey provides “Special Loans” for urgent, time-sensitive matters that cannot be addressed through
the standard loan processing cycle.
These loans are specifically designed for critical needs such as commercial rent payments, annual income tax
obligations, emergency medical expenses, and tuition fees for international education opportunities.
Some Question and answer regarding Essey and About SACCO organisation
A SACCO is a member-owned, member-governed financial cooperative where people pool their savings together to provide each other with affordable credit.
-The Key Difference: Commercial banks exist primarily to make a profit for external shareholders. SACCOs, on the other hand, operate on a not-for-profit, but for service philosophy. Any surplus money a SACCO makes at the end of the financial year is returned directly to its members in the form of interest on deposits and dividends on shares
Share Capital: This represents your ownership stake in the SACCO. It gives you voting rights at the Annual General Meeting (AGM) and earns you dividends. Crucially, share capital is non-withdrawable even if you leave the SACCO, though it can usually be sold or transferred to another member
Member Deposits: This is the money you save monthly. It builds your borrowing power and earns interest on deposits. Unlike share capital, your deposits are fully refundable if you choose to resign from the SACCO (provided you have cleared all your loans).
Leaving the SACCO: You must submit a written resignation notice (usually 60 to 90 days in advance). The SACCO will refund your member deposits entirely, minus any outstanding loan balances or any amounts you used to guarantee members who are currently defaulting.
If a member passes away, the insurance typically pays off any outstanding loans so the family isn't burdened with debt, and the deceased member's total savings and share capital are paid out directly to their designated Next of Kin.
Joining Essey SACCO is straightforward, provided you meet the standard membership requirements. You officially become a member by paying the combined minimum required amount for registration, your initial shares, and your first month's savings.
The Requirements:
Identification: You need to provide a copy of a renewed ID card along with 2 recent passport-sized photographs.
Service Fee: Payment of a non-refundable registration/service fee to activate your account.
Minimum Shares: You must purchase the minimum required share capital, which establishes your co-ownership in the cooperative.
Monthly Savings: You must have the ability and commitment to deposit the minimum required monthly savings to build your borrowing power.
