1. WHO CAN JOIN LUBANE SACCO?
- Anyone interested in saving with the cooperative can join Lubane Savings and Credit Co-operative Society. Membership is voluntary, without discrimination based on gender, social status, race, politics, or religion.
2. WHERE CAN I OBTAIN APPLICATION DOCUMENTS TO JOIN LUBANE SACCO?
- Application forms are available at our offices in Ezulwini or can be downloaded from our website: Lubane SACCO Forms
3. WHICH DOCUMENTS DO I NEED TO SUBMIT BESIDES THE APPLICATION FORMS WHEN JOINING LUBANE SACCO?
- Primary Membership
- Letter of Employment/Contract
- Proof of Residence
- Certified Copy of National Identity
- Secondary Membership
- Proof of Residence
- Certified Copy of National Identity
4. WHAT ARE THE JOINING FEE AND SUBSCRIPTION FOR LUBANE SACCO?
- Joining fee: E500.00 (once off)
- Subscription fee: E400 per year (E200 July & E200.00 August)
- Fees are subject to member review periodically.
5. HOW MUCH AM I REQUIRED TO SAVE AT LUBANE SACCO MONTHLY?
- Primary Membership – Minimum compulsory savings is E500.00 per month which consists of:
- Minimum Ordinary Savings: E300.00 per month.
- Minimum Shares: E100 per month
- Club 45 Savings: E100 per month (compulsory for members over 40 years).
- Secondary Membership - Minimum compulsory savings is E200.00 per month
6. DOES INTEREST ON SAVINGS GET TAXED, AND WHAT IS THE RATE?
- Member interests are taxed at a rate of 10% as per Eswatini Revenue Authority policies, refundable if within the taxable bracket.
7. HOW MANY BENEFICIARIES CAN I REGISTER ON MY ACCOUNT?
- Members can register multiple beneficiaries, with the flexibility to update them at any time.
8. WHEN CAN I WITHDRAW NON-WITHDRAWABLE SAVINGS?
- Upon membership termination (with a 3-month notice period) or in the event of the member's passing, funds are transferred to beneficiaries.
9. WHEN ARE INTEREST ON SAVINGS USUALLY DISTRIBUTED?
- Interest distribution occurs after the completion of the annual audit.
10. DOES THE CO-OPERATIVE ACCEPT CASH?
- Lubane SACCO does not accept cash payments. Members are encouraged to deposit funds via bank transfers or EFT and provide proof of payment.
11. CAN I RETRIEVE MY MEMBERSHIP NUMBER IF FORGOTTEN?
- Members can call the office for assistance in retrieving their membership number; re-application is unnecessary.
- Contact: (+268) 2417 1802 / 7865 1899 or email admin@lubane.co.sz
12. WHEN DO I QUALIFY FOR A LOAN?
- Members need to meet specific savings thresholds and may apply for a loan after a stipulated time period.
13. IS THERE A WAITING PERIOD TO QUALIFY FOR A LOAN?
- The waiting period varies based on the method of savings deduction; either immediate approval or a three-month wait if on stop order.
14. WHAT ARE THE LOAN REQUIREMENTS?
- Loan entitlement is based on Ordinary Savings, with specific documentation needed for loan application such as;
- Recent payslip
- 3 months Bank Statement
- Confirmation Letter of Employment/Contract
15. DOES THE SOCIETY HAVE A FUNERAL SCHEME?
- Yes, members can enrol in the funeral scheme, providing coverage for themselves, their spouse, and children.
16. CAN I OPEN AN ACCOUNT FOR MY CHILD?
- Members can secure their children's financial future by opening a secondary membership account with no charges and competitive interest rates.
17. HOW CAN I ACCESS MY MONTHLY STATEMENT WITH THE CO-OPERATIVE?
- Members can utilize our self-service channels to stay updated with their accounts with LUBANE SACCO Ltd. Members can register for Mobile App, USSD *150# or Member Portal.
18. HOW CAN I IMPROVE FUNDS ON MY SECONDARY SAVINGS ACCOUNT OR WITHDRAWALABLE SAVINGS
19. HOW DO I ADJUST MY MONTHLY SAVINGS CONTRIBUTION?
20. HOW TO I ASSESS OR REGISTER FOR SELF SERVICE CHANNELS
- Members can forward their membership number, national identity Number, personal email address and MTN number to marketing@lubane.co.sz to activate their Mobile App, USSD *150# or Mobile App
For further inquiries, please feel free to contact Lubane SACCO for assistance.