The Jinja Mafubira SACCO also known as JMT was started on 1st June 2020 as a saving & investment scheme by a group of hard working Teachers trained and empowered by KAWA.
Over time, the membership of the saving and investment scheme has grown to accommodate other community members who are actively involved in the activities and programs of education Quality.
A JMT Sacco member with a long-life income sources
To Support and mentor 60% of JMT Sacco member to maintain at least two sustainable sources of income by 2025
To increasingly teach the members the culture of savings constructively
Commitment, Humility, Integrity, Operational Efficiency, Customer Focus, Unity
We all have Dreams and Goals we desire to achieve. Some of the Dreams will need financial backing to come alive.
We understand the need to make savings towards achieving a certain Goal, Say; Building your dream Home, Buying your dream car, purchasing a plot of land, Getting married, starting a business, upgrading your smartphone and many more. The JMT Target Account is designed to meet this need.
This account works like a fixed deposit account. It helps members put aside money for a specific period; this can be short, medium and long term. Should someone withdraw money from his account before the stipulated period, then a member would forfeit all the interest that this account would have accumulated.
Categories of Target Account
Short Term Target: A member can open this Account for a minimum period of 3 months and a maximum period of 1 year. This account earns an interest of 11.5% PA. Upon withdrawal, a member can renew the Account for a specified period.
Medium-Term Target: A member can open this Account for a minimum period of 13 months and a maximum period of 5 years. This account earns an interest of 18% PA and the interest compounding itself annually until the expiry period. Upon withdrawal, a member can renew the Account for a specified period.
Long Term Target: A member can open this Account for a minimum period over 5 years to an indefinite maximum period depending on how long one would like to have money on this account. This account earns an interest of 21.5% PA and the interest compounding itself annually until the expiry period.
The Benefits Include:
The target account helps members save up towards short and long term goals.
The target account enables a member save up for emergencies using the target short account.
Members’ savings grow with an interest of 10.5% to 25% PA
There are Unrestricted free deposits
No minimum deposit amount.