1. Financial Services Co-operatives (FSC’s) • Minimum of 150 members.
• Registration with the registrar of cooperatives as an FSC.
• Copies of the constitution of the FSC.
• Savings book with at least R100 000 at the time of application.
• Proof of registration in terms of the National Credit Act, where applicable.
• Must be compliant with the deposit taking legislation and samaf policy;
• Must have been operating (mobilising shares and savings) for at least 12 months as shown in a certifi ed bank statement.
2. Micro-Finance Institutions (MFI’s)
• Must be a legally registered entity in terms of the laws of the Republic of South Africa, with the exception of a close corporation. However, the Micro-Finance Institution must have the same purpose and objectives as samaf.
• Management must have a minimum of 12 months experience or track record in the micro-fi nance and/or SMME industries.
• Proof of registration in terms of the National Credit Act, where applicable.
• R100 000 to R500 000 loan book at the time of application.
• Must have been operating for at least 12 months at the time of application.
• Must have a fully functioning board or committee within 12 months of inception.
• Must have a fully functioning board of directors.
3. Savings Mobilisation and Formalisation
• Groups and clubs that have been operating or doing savings rotation with a minimum of 30 members.
• Must have been operating for at least 12 months or mobilising shares, savings for 6 months and submit a bank stamped statement.
• Must have a savings book of R20 000 or more at the time of application.
• Must have a plan to grow to 150 members and more.
• Must have a fully functioning board or committee within 12 months of inception. |