Lung'afa: Hello Fam
As we continue to update our monies, we should also share on what uses to put the money in as we keep mobilising. So that it does not warm the account for nothing.
Let us talk...
Paybill 400222
A/C no 218403#name
Bella: Put in money market fund. It will earn interest daily credited monthly
Craven Isadia: I support
Lung'afa: More people with Money Market Fund experience?
I am reading it online. Real experiences?
Craven Isadia: I have seen it with insurance companies. Its non risk and good for long term investment.
Jackson Kafuna: Let's maintain the SACCO.as it is. Members should be able to get loans to repay with interest as controlled by Government.
Lung'afa: So that members start borrowing?
In our case, what could be the suggestion? A member with a minimum of what much can borrow?
So that when we call for a Special General Meeting we have the suggestions already.
Govedi Muzami: Money market fund....yes
Abbie Ndanyi: I have invested there, if you are looking for low risk investment, it's the way to go. The interest earned is higher than what you get from a bank account.
I would recommend it for those who have savings accounts to put their money in the Money Market Fund instead
Lung'afa: To individuals you mean?
Patrick Analo Akivaga: Good morning,whats money market fund?Forgive my ignorance considering my background
Ubaga: A money market fund is a kind of mutual fund which invests only in highly liquid cash and cash equivalent securities that have high credit ratings. Also called a money market mutual fund, these funds invest primarily in debt-based securities which have a short-term maturity of less than 13 months, and offer high liquidity with very low level of risk. Working on the lines of a standard mutual fund, money market funds issue redeemable units (also called shares) to investors, and are mandated to follow the guidelines drafted by the local regulators. That's Finance definition.
Abbie Ndanyi: I think it works for both individuals and groups
Neccy Flossy: Government bonds!
Ngana Lubanga: It has very good returns. I invested in old mutual insurance money market. The returns are very good. That is the way to go. I joined the fund two years ago and have no regrets.
Erick Author: Following with deep interest 🤔🤔🤔
Abbie Ndanyi: 👍🏾👍🏾
I am with Britam
Victoria Ndanyi: 👍 sure, they are many...
Britam
Sanlam
Old mutual
Etc
It's better to invest in the money market fund and registered reputable Sacco's than have your money lie in a bank account where it doesn't earn u gd interest
Naviava John: Where are their offices in Nrbi CBD
Abbie Ndanyi: Those interested in the money market fund, the brochure above is from Britam
Baba Ndanyi: Money market is a good idea, but we want the Sacco to benefit members directly, how can we tie the two so that both the Sacco and the individual with small money can benefit?
Abbie Ndanyi: It also caters for chamas, they have different packages, I think most of this big Saccos make profits from money market fund, government treasury bills/bonds and the like
Victoria Ndanyi: Members can invest in both. It's OK to diversify. Both are good.
Victoria Ndanyi: 👍 you can also link them up directly with the person who signed u up at Britam so that they are well guided.
Victoria Ndanyi: I also have contact of a Sanlam person who signed me up. They explain to you the options then u make your choices.
Bensolo Ndanyi: You can as well invest on health😁😁
Abbie Ndanyi: It's actually my Aunt 😁😁
Lung'afa: Hehehe. The Saniaga or the other one? 😃😇. So that angekua hapa tumsikie.
But Family, as Baba Ndanyi asks above, we would also want Saniagas to borrow and return. And any other person.
But we are not there yet where we can have people borrowing. We need a stable float, members need to have achieved minimums and also a functional credit team to mobilise, grow, lend and collect. Therefore a high risk now.
Therefore, for this first year, as we build our capacity and mobilise, we may go for the low risk one - Money Market Fund. Unless we collectively disagree with this, up our efforts and members pump in money to benefit members directly. Cause this is the MAIN reason for the Sacco.
Let us keep discussing - as we update our accounts.
Abbie Ndanyi: The other side 😁😁
Neccy Flossy: 🤣🤣🤣The other side!.... he, he.. Umanye koveye na vasaniaga vasungu kurujitu kuno
Lung'afa: 😂😂😂. Ku rigama. Ku rusimbu? Vaveye kuno.
And Neccy, what do you think as an experienced person in micro enterprises? Do we call upon Saniagas to stabilise the Sacco by putting in money that can equally generate a profit to them as it revolves? Can Saniagas who can fund the course come on board and take up this?
- Air out.
Bella: Britam haslow returns compared to others. CIC is one of the best
Jackson Kafuna: Hi all. I still rule out the money market thing. We commit to beef up the contributions.
Lung'afa: It will encourage dormancy.
Cause if we did put in our 150K (too low!) we may get such a 'low risk' return that won't be as applaudable if we did build up and had members borrow minutely and return with a 'collectively higher profit'.
Neccy Flossy: Currently the whole world is not saving for in bank accts coz of low interest rates. Income generating activities is currently the way and does not mean growing Likabichi 4sale. It is Selling the money to generate the sale and is to sell the sale to growing the kabichi and to getting the kabichi to generate the sale to sell the sale. Revolving money in a revolving fund, daily, will convience lots Saniagas to put their money where their mouth is. If we start locking money into Money Market Funds (which really is ecomony) the minds of Saniagas will lock too. I bet soon someone will ask Lung'afa.. 'since we contributed 150K plus 7 moons ago what is the interest earned todatr and how is the contributions therein helping me after 6 months? Now that you have asked my opinion, I suggest 4now that can Saniaga SBO sacco partner with me @NISE as you wait the course? You could invest on sending the contribution as investors at NISE so that the wider saniagas (members or not) can access the funds to instantly benefit them via NISE programmes while the Sacco benefits daily through interest generation while Saniagas are assured where to turn to for assistance daily. With NISE partnership, eg right now Saniaga SBO should be having 10K already in money generation profits. Actually Lungafa.... what has the contributions generated in 6 months? Nothing so far. I request NISE comes to your assistance meanwhile as we put our house in order. Those share scheme let it be entered in on an individual basis. You go that way of shares and bonds, many saniagas (most doubters) will shy away. Try Put members funds in NISE savings pot to revolve, ask saniagas to immediately access the it with rules of course, then NISE does daily credits to SBO account. Remember.. I said 4 now until SBO is property in place. Any other individual with extra cash to invest wanting daily or immediate returns... talk to me/NISE. Crtitisms on what said on here is very highly welcomed with all questions answered i guarantee.
Lung'afa: Phew! Musonge gugwii ruya. Vandu kuhonze hi chiriri keveye. An hour long text!
It is appreciated when we talk and give ideas. For record purpose, we are doing it right - seeking views. And this group is our OFFICIAL meeting table and what is expressed is taken as advancement of our course. So that even if there be physical meetings, they are informed by Agendas gotten here.
The S-SACCO certificate is about. And we will be having a Special General Meeting on ways forward.
So far we have 3 options on the table.
1. Invest in Money Market Fund fronted by @Bella and supported by @Craven Isadia and @Abbie Ndanyi
2. Partner with an existing Micro- enterprise (NISE) fronted by @Neccy Flossy. Supports and questions are welcome. NISE is based in Mbale, founded by Neccy and has unit groups working with it, borrowing and paying.
3. Keep on building our kitty as suggested by @Jackson Kafuna.
- Let us keep talking
Baba Ndanyi: By the way what is NISE, and we have to talk to you nisely?? 😁😁😁
Just a joke, but explain for us to understand.
Neccy Flossy: 👆🏾Hasante muno mbotswa... Nyeee, that nisely talk i need it. NISE has been Mbale for a while. Lungafa as touch on basically what it does. Lungafa can you expound please coz your fingers texts like magic
Neccy Flossy: All these said revolve on us being healthy. We do what we do for health sake. Without our own health, no wealth, we are nowhere and nomore.
Lung'afa: Vayayi! Achi mushira riyoga ivwasi! 😆😆. @Bensolo Ndanyi is in a way justified. Only if he was pushing for Saniaga products!
Well, NISE is acronym for Necessity Initiatives for Solutions Enterprise. Do I remember well? @Neccy Flossy.
The micro-enterprise empowers people financially on a small scale basis. For security of money, they lend to groups. Group members guarantee each other. And before one is lent, they first achieve a minimum deposit with NISE. It starts with small loans before they can borrow big ones. Where there are no groups, formations are aided. Just that.
And what do group members use the money for? Small business are encouraged as opposed to borrowing for school fees. Therefore a person borrowing has to state a reason why.
For people who enjoy working with communities, it is a good thing to do. Not many financial institutions are around. Our areas are still in need of financial knowledge and risk.
The greatest risk is in defaults. But again with a good collecting team the cases are minimal. Attaching collaterals helps when one cannot avoid...😎😎
Well, it is empowerment that we want as Saniagas. And going to Community level is appreciative.
Hello Dad Kereda @Baba Kereda, what is your take? You good with community work.
Bensolo Ndanyi: Thank you
Erick Author: I was closely and keenly following all the valuable and highly informative contributions to the conversation about investing in bonds, then suddenly there was the sarcastic seeming remark about 'investing in our health' and I guess it got to me. But Mwoodi. Ngeraanji kuuza mu navodo.
Bella: Kindly explain, how will Saniaga sacco make money from NISE?
Bella: BTW money in money market funds is not locked. You can get it within 48hours when you ask for it. Its just that instead of money lying around in a bank doing nothing, it can earn some interest kwa money market fund
Lung'afa: She should be the one explaining. Hello, @Neccy Flossy
Diana Aduru: Following
Baba Kereda: coop help members to pool resources together. the management chooses the best option of saving or making use of the members contributions. so that at the end they declare dividends on there shares or interest on deposits.
Baba Ndanyi: We may opt for the NISE alternative, we need reasons why we should or should not head in that direction!
Neccy Flossy: On release of funds to NISE say 150K and on an agreement and terms eg 5%, NISE will credit SBO with the interest, while NISE avails facility to member. NISE has the responsibility for lending and collecting from loanees and yhe return of the full 150K at the end of it all. Had 150K been invested in NISE. SBO will have currently earned 7500 for last 6 months. I would appreciate that partnership.
Neccy Flossy: Also eazy access.
Benefits both SBO members and non-m on low budget.
A point of contact.
Partnership can be way of cementing dealings, confidence ndence, trust.
Capital invested can be return immediately should there be CRISIS or need as the amounts in the pot revolved daily.
Bella: Isnt 5% too low?
Lung'afa: Compared to an interest of what Money Fund at what period of time?
So that we suggest a what percentage?
- Taking notes
Neccy Flossy: Too low as long as it isnt in partnership and no agreement, unless yet. KUKIRIIMBIIKA.
Neccy Flossy: From experience, ealing with lower Cadre in society, using immediate facilities and the instant availability of funds daily usage (not interest mostly) is attractive than saving and not accessing their efforts
Bella: Compared to money market which is around 9% n bank saving which is around 6%
Bella: And how is this cadre when it comes to paying loans? N do they know to borrow money they will pay interest on it?
Neccy Flossy: The loans are for business specifically and to boost and you must do a business irrespective of how meagre. The cadre can be trained, advised to do and be assisted. Of course they are informed of there being interest 2 pay. The need to micro trade 2 sustain self is greater than having no where to turn to. A cadre loaned 1K per week comply for continuity of facility and eventually with dextility.. save in shares and bond but they nust find avenues for making the money in the first place.
Lung'afa: 9% not bad. Low risk.
@Neccy Flossy, would you not also be interested that what we would rather get at 5% we get at 9%? You are a beneficiary too.
That if perchance, you needed a Saniaga boost it shall come as a borrowing? So that it goes by our terms and not 'NISE' or any other entity's conditions...
- Thoughts?
Patrick Analo Akivaga: @Lung'afa my contribution is that let's build portfolio first day up to about 1-2milion by then we shall have exhaustively discussed and decided which option to take in terms of investment.
Neccy Flossy: Interesting discussion here. It makes one discover a mindset and why the action. Simply... NISE: 'Necessity Initiatives Solutions Enterprises' empowers individuals in the community to own the 10bob everyday for 30days to acquire 300bob. It crawls with the 10bob. 'Acquire - is the mind'. Then Only and only if he chooses, maybe deposits the 300bob to SBO. One Cannot contribute b4 owning and that is where Saniaga we are stuck as we talk of 300bob final product. The 300bob to take to government funded shares/bonds and MMF considering our non saving culture........ Saniagas will ask many questions like now where many are coxed but no response so it means they have nothing to contribute. We should be having 2.0Million for SBO
Lung'afa: Bro, yes we need to build our portfolio first. And these momentary discussions are to keep us active and focussed to that.
So that if we can have the little we have now somewhere safe and productive, we are good to go. Our target is 3M for this year.
Paybill 400222
A/C No. 218403#name
NB
Once you pay please forward over to me your text. The treasure receives automatic texts of pay at the bank but to be sure, forward over as you preserve your text.
Modalities of receipting all cash paid shall be developed upon with the launch of our SACCO certificate.
- Let us update our books
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