Tokuma Savings and Loan Co., Ltd

Introduction

In the history of cooperative work in the world, citizens of many countries of the world have risen from below the poverty line to a higher standard of living by saving their income. The biggest secret of this is that people who cannot solve their social and economic problems on their own will gather together in a savings and loan cooperative society and solve their problems by coordinating and organizing their money, knowledge and energy.

1. The purpose of the association

Our knowledge, money, time and energy are gathered together and organized to solve our social and economic problems.

2. The formation of the association

Tokuma Money Savings and Credit Limited Liability Cooperative Society is an association established in 2012 in Addis Ababa City Administration, Kirkos Sub-City, Ward 01 Administration by Proclamation No. 985/2009.

3. Vision

In the year 2022, our society will solve the social and economic problems of its members and build the capacity to move to investment.

4. Mission

It is to encourage members to save from their income and empower them to borrow money from their savings and solve their social and economic problems.

5. Legality of the association

The association was organized by the Association Organizing Proclamation and was given the certificate of organization of Kirkos sub city organizing Associations; It is the institution of the law supported by the monitoring of the organization of unions.

6. What the member gets from the association

• He earns 7 percent interest on his savings
• If the association earns, it will be a part of the dividend
• The association can borrow at low interest (10) percent
• The property produced by the association will be shared

7. To become a member (for new members):

• We believe that we can solve our social and economic problems by pooling and organizing our knowledge, money, time and energy.
• Paying the required fee, i.e. who is willing to pay the registration fee and savings fee
• Age eighteen years and over;
• Completing the required registration form;
• Submitting 2 (3*4) size photographs;
• ID/Driver's License/Passport/Copy;
• Respecting the rules and regulations of the association

9. Loan interest rate

10% (ten percent). Interest-free savers can withdraw the deposited money without paying interest.

10. Guarantee

• Member Savings Amount;
• Voluntary Savings Amount;
• Guarantee of savings of other members of the association;
• Fixed Assets;
• Guarantee of salary of the member
• Guarantee of wages of another person;
• Share Certificates of Banks;
• Governmental and Non-Governmental Institutions Guarantee

11. Duration of loan

• Short Term Loan
• Medium Term Loan
• Long Term Loan

12. Loan options

• For standard up to 500,000.00 (up to five hundred thousand birr)
• Up to 3,000,000.00 Birr (three million Birr) for house and car