Savings

Overview

Savings are a standard feature for most economies and people, but for a long time now, Zimbabweans have not been able to access fit-for-purpose savings products. Most savings accounts offer very low interest, if any, and worse still they erode your capital through monthly service charges which in most cases will exceed any interest you earn. Thus the savings culture has died over the years, or has been replaced by the infamous "National Mattress Bank". Unfortunately, mattress banking offers no returns on capital, and comes with many risks. On the other side has been the infamous pyramid, or get-rich-quick schemes which offer extremely high returns but often collapse within months, leaving a trail of tears and anguish.

Our Solution

The SMEAZ Savings and Credit Cooperative Society limited was set up in 2014 to address the issue of SMEs failing to access affordable loans or credit. It offers a way by which members pool together their savings, and then provide loans to each other. The SMEAZ SACCOS from inception was set up to be a vehicle for creating generational wealth through offering good returns on savings while safeguarding members' funds by instituting robust systems and controls over the lending function to minimise losses and defaults. Our values therefore first speak to safeguarding of savers' funds, before we look to providing reasonable access to loans.

We designed our savings products with a core set of principles in mind which included:

No charges whatsoever to be levied on savings
Interest earned should beat inflation comfortably
Interest should be credited to members' accounts on a monthly basis
Products to be needs-based and fit for purpose

Our Products

We have a wide range of savings products to suit the needs of individuals and MSME businesses. We recognize the fact that in an MSME, the individual and the business are often inseparable, and that needs on the home front can indeed impact progress on the business front. We therefore tailor our products to enable businesspeople to meet both home and business needs successfully.

Seeing that there was a need for savings products not just among SMEs but also in the broader economy, we opened up our savings products for participation by non-members. Everyone can therefore benefit from our savings products. Non-members are treated as priority savers and have the first call on savings in the event that the SACCOS is dissolved. Their interests are therefore safeguarded even more than those of members.

Our interest on savings ranges from 0.5% per month to 2% per month, depending on the duration of investment. Details are available on our Terms and Conditions page.

What are the options?

Depending on your needs, you can join as a non-member and access savings products that enable you to achieve your savings goals, or if you are running a business and would require an expanded set of savings products as well as business loans, then you can join as a member. Our various products are detailed below.

	Non-Member (Personal)	Member (Business)
Monthly Savings
Mukando (Group products)
Medical Fund
Funeral Fund
Motor Vehicle Savings A/c
Housing Savings A/c
Targeted Savings A/c
Staff Medical & Funeral Fund
Asset Replacement Fund
	Join as non-member	Join as member

Frequenty Asked Questions

Can I withdraw my money any time? Yes you can withdraw your money at any time, subject to the relevant notice periods specified for the particular product. The maximum notice period for savings products is 90 days on the monthly savings account. For all other accounts you can withdraw according to the notice periods indicated for the particular account type.

How safe is my money? The SMEAZ SACCOS is run by a competent set of Committees, and has appropriate safeguards in place to ensure the security of its funds. It is subject to regulations, and also has a mandatory annual audit. While there is risk in lending, we have robust measures in place to manage that risk and also secure appropriate security on loans. Members are also involved in the running of the SACCOS, and the Management Committee report on a monthly basis to members. We therefore confidently believe that your money is safe with us.

Is this a scam/ponzi/pyramid scheme? No, we most certainly are not! The SMEAZ SACCOS was established in 2014 by the SME Association of Zimbabwe (which in turn was registered in 2012). The fact that we are still here up to now attests to our fidelity and our aim is to pass on the SACCOS to our grandchildren. We are duly registered with the Ministry of Women Affairs, Community and SME Development under registration 6019.

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