MADFA SACCO offers its clients, the small holder farmers a variety of services including
Transfers
The high cost of building and/or operating brick-and-mortar branches is a major obstacle for extending financial services to an increasing number of small holder farmers. In addition, physical bank branches are expensive to maintain in far-flung communities, while traveling to urban areas is costly for many rural customers. Accordingly, MADFA SACCO introduced digital banking services to enable its clients transact with the society at low cost in terms of time and transport in addition to facilitating an increased number of small holders to access the services.
Insurance Services
We partner with reputable insuramce companies to facilitate members to access appropriate insirance services. Our clients are insured in case of death or disability caused by accident while servicing the loans. Farmers can now insure agriculture loans against excessive rainfall, drought, hail damage, windstorm, flooding, frost damage, fire, and uncontrollable pests and diseases.
Savings Services
Our savings accounts have no transactional charges and members enjoy the best interest on fixed deposits on the market. We also allow members to conveniently transact with the SACCO at low cost in terms of time and transport through digital banking and saving boxes. Saving boxes is a methodology we use to facilitate our members to save conveniently in their homes. Members save as low as UGX 200 per day in the boxes for a period of 2-4 weeks and later savings are transferred to their accounts with the society during group meetings or using digital banking facilities.
Credit Services
We provide our members "Credit services PLUS". In addition to friendly loan products, members are supported to access: high quality inputs, agronomical training and financial education, and linkages to remunerative markets. Our loan products have flexible repayment terms including grace periods, irregular payments based on household financial projections, and fixed interest rates (I.e. interest rates do not change with changes in inflation). Members can access the loans individually as well as a group.
Customer Service
As a cooperative we share the vision that our strength depend on the strength of our members. For this reason we assign 5% of our annual turnover to education of our members to make them strong in their businesses. Over the last years we have build capacity of our staff in financial literacy. The knowledge and skills in financial literacy is transferred to our members to enable them better manage their finances. We also support our members organized in farmer groups to form secondary level associations and transform them into marketing cooperatives. There are a number of support services that the members access once they are organized in secondary associations or marketing cooperatives including access to good quality inputs at low cost, extension services and remunerative markets.