Question 1

What is the Pharmacists SACCO?

Accepted Answer

We are a member-owned financial cooperative for pharmacists, intern pharmacists, and PSU staff. We provide timely access to savings, affordable loans, affordable land, and investment plans. We were established in 2018 and officially registered in 2021 with license number 11404/RCS.

Question 2

How many members are in the Pharmacists SACCO?

Accepted Answer

We currently have 390 members as of August 2026.

Question 3

Who is eligible to join?

Accepted Answer

Membership is open to registered pharmacists, intern pharmacists, and staff of the Pharmaceutical Society of Uganda (PSU).

Question 4

How much does it cost to join?

Accepted Answer

You pay a one-off membership fee of UGX 50,000 and purchase a minimum of 15 shares at UGX 10,000 each (UGX 150,000 in share capital). The minimum total to join is UGX 200,000.

Question 5

What is the minimum and maximum number of shares I can buy?

Accepted Answer

Minimum shares for entry is 15 shares at UGX 10,000 each, plus the UGX 50,000 membership fee. A single member may hold shares not exceeding 75% of the SACCO's total shares. More shares mean more dividends at the AGM.

Question 6

What do members get if they don't take loans?

Accepted Answer

As owners of the SACCO, members receive dividends. Profit made after each calendar year is declared at the AGM, and members decide how to share it. Expert and management advice is provided, but the final decision rests with members.

Question 7

How are profits distributed?

Accepted Answer

Profits are shared based on shares. Fixed savings products earn interest separately.

Question 8

How do I save with the SACCO? Do I need to visit Pharmacy House?

Accepted Answer

No physical visit is required. Use a Stanbic agent or bank to deposit into account 9030015505175, including your name on the receipt. Mobile money deposits are also allowed via *185# or *165#. Share proof of payment with the administrator on WhatsApp. The admin updates your account and you receive an SMS; the transaction also reflects in the Fincop savings tracking system.

Question 9

How do I track my savings?

Accepted Answer

Log in to Fincop to check transaction history, savings, shares, and personal information. Login details are provided upon admission into the SACCO. The admin and treasurer update records regularly.

Question 10

How much can I save?

Accepted Answer

You can save a minimum of UGX 100,000 per deposit, with no limit on the number of deposits per month. Saving is voluntary, though a good savings history helps you qualify for loans.

Question 11

Can I save multiple times a month or save different amounts?

Accepted Answer

Yes. This is highly encouraged and commonly done by SACCO members.

Question 12

Do my savings earn interest?

Accepted Answer

Fixed savings earn 6.5% p.a. (3, 6, or 12-month terms). Toto Savings earn 7% p.a. Regular savings interest is approved at the Annual General Meeting based on SACCO performance.

Question 13

How safe is my money?

Accepted Answer

Your money is issued only with approval from the administrator and executive committee under existing policies. We hold a unit trust with Britam as both investment and risk mitigation, and maintain sufficient funds in our Stanbic account for withdrawals and loans. We are legally established under license 11404/RCS, conduct mid-year internal and end-of-year audits, and maintain reserve funds.

Question 14

How long do I need to save before I can take a loan?

Accepted Answer

You need to save for at least 6 months before accessing a regular loan.

Question 15

What is the loan amount formula?

Accepted Answer

Maximum loan amount = (shares + savings) × 2. You can borrow up to twice the sum of your shares and savings.

Question 16

What is the interest rate on loans?

Accepted Answer

Regular loans are 15% per annum on a reducing balance (1.25% per month). For example, UGX 5,000,000 is charged UGX 62,500 per month; if you pay UGX 4,000,000 the next month, interest on the UGX 1,000,000 balance is UGX 12,500. A 1% loan processing fee also applies.

Question 17

How long are your loans?

Accepted Answer

Loans are valid for one year or less, with a two-month grace period to begin paying. Loans are accessible within 3 to 7 days. They are guarantor-secured, or collateral such as a land title may be used where guarantors are unavailable.

Question 18

How many guarantors do I need for a loan?

Accepted Answer

You need two guarantors who must be SACCO members.

Question 19

What happens if I default on a loan?

Accepted Answer

We remind you before engaging your guarantors. If you still default, we approach guarantors and issue demand notices. Legal support is available if needed, though members have generally been cooperative and eventually repay.

Question 20

What other businesses does the SACCO deal in?

Accepted Answer

Besides lending (our biggest product), land is our newest offering. We also invest in unit trusts such as Britam to generate additional profits for members.

Question 21

How long does it take to access a withdrawal?

Accepted Answer

Withdrawals are processed within 1 to 2 working days. You may withdraw up to 80% in one request; the remaining balance can be requested within the next 3 days.

Question 22

What is the minimum amount I can leave in my account?

Accepted Answer

Regular savings require a minimum account balance of UGX 50,000. Fixed savings require UGX 100,000 minimum balance.

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