Terms and Conditions

Membership is primarily open to teachers and education sector employees within the Moshi Rural district, or individuals who meet the criteria stipulated in our cooperative by-laws.

Every member is required to contribute a minimum monthly Compulsory Saving. The minimum threshold is determined and reviewed periodically by the Annual General Meeting (AGM).

Loan eligibility is determined by the member's accumulated savings. Loan security is primarily backed by the member's own savings and verified guarantors (fellow active members).

Interest rates on loans and deposits are structured by the Board of Directors based on prevailing market conditions and AGM resolutions. All loan repayments must be executed within the agreed contractual timeframe.

Every member has the right to vote in the Annual General Meeting, earn dividends on shares, and access financial statements. Responsibilities include timely loan repayment and regular savings.

A member may withdraw from the SACCOS by giving a formal notice period as per the by-laws. Any outstanding loans must be cleared before the release of final savings.

These Terms and Conditions may be amended from time to time by the Board or through resolutions passed at the AGM. Members will be notified of significant changes via official channels.

These terms are governed by the Cooperative Societies Act of Tanzania and the regulations of the Tanzania Cooperative Development Commission (TCDC).

Surplus generated by the SACCOS is distributed as dividends to members based on their shareholdings and interest rebates, as approved by the AGM.

The AGM is the supreme authority of the SACCOS. Every active member has the right to attend, participate, and vote on key policy decisions.

The Board is responsible for the strategic direction and policy oversight of the SACCOS, ensuring compliance with laws and member interests.

An independent Supervisory Committee monitors the operations of the SACCOS and reports directly to the AGM to ensure transparency.

Any disputes arising between members or between a member and the SACCOS shall be resolved through internal mediation or the Registrar of Cooperatives.

MRT SACCOS maintains strict confidentiality regarding member information. Data is only shared as required by law or regulatory authorities.

Members using our online portal or mobile services must maintain the security of their credentials. The SACCOS is not liable for losses due to negligence.

Members agree to indemnify the SACCOS against any losses resulting from their breach of these terms or fraudulent activities.

Membership may be terminated due to resignation, expulsion for misconduct, or loss of eligibility as defined in the by-laws.

Official notices will be sent via the registered email, SMS, or posted at the head office. Members are responsible for keeping contact details updated.