SHARES
To gain membership in Polymed SACCO, individuals are required to make a monthly contribution of at least MK2000 towards shares. This financial commitment serves not only as a testament to the member's dedication but also as a building block for the cooperative's collective strength. These contributions play a crucial role in fostering financial stability and sustainability within the SACCO.
At the culmination of each fiscal year, members are entitled to receive dividends as a reward for their active participation and financial contributions. These dividends represent a tangible benefit of belonging to the SACCO, providing members with a tangible return on their investment. This system not only encourages continued participation but also creates a sense of shared success and prosperity among the members.
Moreover, the SACCO employs a prudent approach to lending by utilizing both shares and ordinary savings as collateral when a member seeks a loan. This dual collateral system not only safeguards the financial interests of the cooperative but also ensures responsible and sustainable lending practices. By leveraging both shares and savings, the SACCO strikes a balance between meeting the financial needs of its members and maintaining the overall financial health of the cooperative.
Members can view their shares as a form of long-term investment, as these shares can only be withdrawn upon the member's decision to leave the cooperative. This policy reinforces the commitment to stability and longevity, discouraging short-term thinking and encouraging a collective, enduring approach to financial well-being.