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Following a resolution of member's in general meeting, authorization from the Commissioner, the society shall operate front office services; The front office services shall be carried out as provided in sub-rule (3) of Rule 52.
- The object of operating front office services shall be to avail additional credit facilities to members, and specifically short term advances. o The objects for which the SACCO Society is established are to organize and promote the quality of life of the members by providing quality financial products and services. o In particular, the SACCO Society shall undertake:
- To promote thrift among its members by affording them an opportunity for accumulating their savings and deposits and providing them with credit exclusively for provident and productive purposes, at fair and reasonable rate of interest; thereby enabling them to use and control their money for their mutual benefit.
- To ensure personal growth through the introduction of new products and services that will promote the economic base of the members.
- To ensure progress of members and SACCO Society through continuous education programs on savings and proper use of credit, reduction of poverty, human dignity and co-operation.
- To apply the co-operative principle of co-operation among co-operatives in order to promote members’ interests. In furtherance to its objects, the society may affiliate to the relevant National Co-operative Union and the Apex society. o For the attainment of the above objects, the SACCO Society may do acts and things that are permissible under the Act and Regulations, Co-operative Societies Act and Rules and these By-laws and all such other things as are incidental or consequential to the economic enhancement of its members interests provided such act is approved by the members in a general meeting.
