Frequently Asked Questions (FAQs)

Lubane SACCO team at the EITF 2019

Q1 – Who can join Lubane SACCO?

• Anyone with an interest of saving with the co-operative can join Lubane Savings and Credit Co-operative Society. He/she must be willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination. Membership is voluntary.

Q2 – Can I join Lubane Savings and Credit Co-operative Society if I am a member of another SACCO?

• Unfortunately, you cannot join Lubane SACCO if you are member of another co-operative. Rather terminate your membership first before joining another society.

Q3 – In terms of which Act is Lubane SACCO registered?

• The society was registered under the Swaziland Co-operative Act of 1964 which was revised in 2003 and is currently regulated by FSRA.

Q6 – Who audits Lubane SACCO?

• Lubane Savings and Credit Co-operative is currently audited by Kobla Quishe and Associates.

Q7 – Where can I attain application documents to join Lubane SACCO?

• Application forms can be obtained from our offices at Ezulwini or downloaded from our website: www.lubane.co.sz/apply

Q8 – Which documents do I need to submit besides the application forms when joining Lubane SACCO?

• Two passport size photos
• Letter of Employment/Contract
• Proof of Residence
• Certified Copy of ID

Q9 – How much is the joining fee and subscription of Lubane SACCO?

• Joining fee is E650.00 once off.
• Subscription fee E400 per year

The above fees are reviewed by members from time to time.

Q10 – How much am I required to save at Lubane SACCO on a monthly basis

The minimum savings a member can contribute per month is;

• Minimum Ordinary Savings E300.00 per month.
• Minimum Shares E100 per month
• Club 45 Savings E100 per month. Compulsory if you are over 40 years.

Q11 – Does my interest on Savings get taxed and what is the interest?

• Members interest on savings does get taxed as per Swaziland Revenue Authority withholding tax policies, which is refundable if member is within the taxable bracket. The current rate on tax is 10%.

Q12 – How many beneficiaries can I register on my account?

• A member can register as many beneficiaries as they want. The beneficiaries can be updated anytime if a member wishes to adjust.

Q13 – When can I withdraw my non-withdrawable savings?

• When you terminate your membership with the co-operative. The notice period is 3 months.
• When a member passes on, savings are then transferred to the beneficiaries.

Q14 – When are the interest on savings usually distributed?

• After the annual audit is completed

Q15 – Does the Co-operative accept Cash?

• Lubane SACCO does not accept cash payments. We request members who wish to deposit money into their savings to do so by depositing the money into any of our bank accounts or by paying using EFT. Members are expected to send a proof of payment once deposited.

Q16 – If I forgot my membership number can I retrieve it or would I have to apply for a new membership?

• You can retrieve your membership by calling our office for assistance. There is no need to re-applying. Remember, your membership number is confidential as it can be used to track your financial information including monthly statements.

Q17 – When do I qualify for a loan?

A member needs to save at least;

• E1 800.00 in Ordinary Shares
• E5 000.00 in Ordinary Savings

Members who are not on stop order deduction, qualify after 3 months.

Q18 – Is there a waiting period to qualify for a loan?

• For members whose savings are taken from source through a signed Memorandum of Understanding, the is no waiting period to get a loan. If deductions are done through stop order from the bank, a member would have to wait three months before qualifying for a loan.

Q19 – What are the loan requirements?

Loan entitlement is based on Ordinary Savings. Members need to fill in and submit the following documents to the SACCO;

• Loan Application Form
• Debt Acknowledgement Form
• Insurance Form
• Recent Payslip
• Member’s net pay should be within 33%

Q20 – Who approves the loan?

• Any loan request is approved by the credit committee based on members savings and capacity to repay loan.

Q21 – Does the Society have a funeral Scheme?

• Yes, a member can take a Funeral with Lubane for E15 000.00. It covers spouse and children of member. The member is expected to pay premium of E720.00 / annum (as per current rates)

Q22 – Can I open an account for my child?

• Members can secure their children’s financial future by opening a secondary membership account and saving a minimum of E50.00 per month. Account has no charges and member benefits from the competitive interest rate. Members may deposit any amount and its can be withdrawn any time.

Q23 – How can I access my monthly statement with the Co-operative?

• Lubane members can download their monthly statements on our website; www.lubane.co.sz/members or contact our office, statement will be emailed to them.