1.What is UMA SACCO?
UMA SACCO is a Savings and Credit Cooperative Society established by the Uganda Medical Association (UMA) to provide affordable, reliable, and member-focused financial services. The SACCO enables members to save, invest, and access credit to support their personal and professional financial goals.
2. Who is eligible for membership?
Membership is open to medical doctors in Uganda and their beneficiaries.
3. How do I join UMA SACCO?
Eligible individuals can join UMA SACCO by completing a Membership Application Form, submitting a copy of their National ID or Passport, a valid UMDPC practising licence, passport-size photographs, and paying a UGX 50,000 registration fee, UGX 20,000 initial savings contribution, and UGX 100,000 share capital contribution.
4. What benefits do I enjoy as a member?
Members enjoy access to competitive savings products, affordable loan facilities, Member Investment Units (MIUs), dividends or surplus sharing, financial advisory services, and the opportunity to participate in the governance of the SACCO.
5. What are Member Investment Units (MIUs)?Member Investment Units (MIUs) are long-term, non-withdrawable investment units designed to help members grow their capital while strengthening the SACCO’s financial base. MIUs replace traditional shares and offer higher investment returns than ordinary shares, which are regulated.
6. Who is eligible for a loan?
Every UMA SACCO member who has actively saved with the SACCO for at least three (3) months and meets the minimum savings, share capital, and product-specific requirements is eligible to apply for a loan.
7. What loan products does UMA SACCO offer?
UMA SACCO offers a range of loan products, including Long-Term Loans, Emergency Loans, School Fees Loans, Instant Loans, Asset Financing, and Loan Buyout Facilities to meet members’ diverse financial needs.
8. How much can I borrow?
Members may qualify for up to UGX 200 million for Long-Term Loans, up to UGX 10 million for short- to medium-term loans, and up to UGX 1 million for Instant Loans, subject to meeting the lending requirements and repayment capacity.
9. What security is required when applying for a loan?Depending on the loan product, members may provide either guarantors or acceptable collateral. UMA SACCO accepts eligible savings, titled property, and motor vehicles valued by the SACCO’s prequalified valuers as security.
10. How long does it take to process a loan?
Once all pre-disbursement requirements have been met, Instant Loans are processed in less than 2 hours, Emergency Loans in less than 48 hours, and Long-Term Loan applications receive feedback within 5 working days.
11. Can I top up my loan, have more than one loan, or transfer a loan from another financial institution?
Yes. Members who have repaid their loans satisfactorily for at least six (6) months may qualify for a loan top-up. Members may also hold more than one loan, subject to repayment capacity. UMA SACCO also offers loan buyout facilities for eligible members wishing to transfer loans from other financial institutions.
12. What is Finhazi and what services can I access?
Finhazi is UMA SACCO’s digital banking platform that allows members to view their savings, loan balances, account statements, and transaction history, and conveniently access selected SACCO services anytime and anywhere.
13. How do I activate or reset my Finhazi account?
Members can activate their Finhazi accounts by contacting UMA SACCO. If you forget your password or experience difficulties accessing your account, our Member Services team will assist you with password reset and account recovery.
14. How do I withdraw my savings or obtain my account statement?
Eligible savings may be withdrawn by submitting a request to the Accounts Office in accordance with UMA SACCO policies. Members can obtain their savings or loan statements through Finhazi or by requesting them from the SACCO office via email.
15. How can I contact UMA SACCO?
Visit us at 2nd Floor, Chrisams Building, Plot 93, Kafeero Zone Road, Old Mulago, Kampala, call +256 783 487 200, or email info@umasacco.com for assistance.
