14 May 2004
The South African Communist Party (SACP) calls on all its members to attend the Founding Meeting of the Dora Tamana Savings and Credit Co-operative (DTSACCO), the Communist Stokvel.
Following the SACP Central Committee meeting to be held this weekend, the DTSACCO Founding Meeting will be held as follows:
Agenda
What is the Dora Tamana Savings and Credit Co-operative?
The DTSACCO is a primary Savings and Credit Co-operative (SACCO) providing comprehensive savings, credit and basic insurance products to its members at reasonable interest rates.
The DTSACCO is a democratic, unique member-driven, self-help co-operative. It is owned, governed and managed by its members whose common bond is their membership in good standing of the Communist Party. The DTSACCO is open to SACP members only. The common bond for DTSACCO members is their membership of the SACP.
SACP members agree to save their money together in the DTSACCO and to make loans to each other at reasonable rates of interest. There will be no payment or profit to outside interest or interest or internal owners. The members are the owners and the members decide how their money will be used for the benefit of each other.
The DTSACCO is not:
The DTSACCO will be a member of the Savings and Credit Co-operatives' League (SACCOL) which brings together more than 28 SACCOds under its umbrella including the SAMWU SACCO. In turn, SACCOL is a member of the National Co-operative Association of South Africa (NCASA), the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA) and the World Council of Credit Unions (WOCCU).
SACCOL is recognised by the Reserve Bank as the representative of SACCOs in South Africa. The Reserve Bank requires that all SACCOs must register with SACCOL.
Membership Benefits
Members will save together and build their financial muscle. Savings is important for asset accumulation and economic empowerment.
Members' savings will be returned to them through loans. The DTSACCO will target 80% of mobilised savings to be available for loans to members.
The money of members will work and stay within the members.
The DTSACCO will provide savings and loans at competitive rates because SACCOs have very low overheads as compared to private commercial institutions.
The DTSACCO will educate its members in financial matters by teaching prudent handling of money, how to keep track of finances, how to budget and why to keep away from hire purchases and loan sharks.
The DTSACCO will also pay dividends on shares to its members once the DTSACCO is established and profitable. Members can therefore take pride in equal ownership of their own SACCO.
Savings Products
The DTSACCO will provide the following savings products to its members:
Loan Products
The DTSACCO provides the following types of loan products to its members:
Funeral Insurance
There will be a basic funeral benefit providing a cash benefit to be paid in settlement of a death claim of a Member, his/her spouse/life-partner and children. There will be an optional memorial benefit for a tombstone. An additional accidental death benefit will also be available.
Future Services: Forward to a Workers' Co-operative Bank
SACCOL is working to ensure that all SACCOs, including DTSACCO, can provide the following services in the next three years:
Through these future services and the growth of other SACCOs, a basis will be laid for building a Workers' Co-operative Bank. The SACCOs can come together to form a Workers' or a People's Co-operative Bank.
How to contact the DTSACCO?
Telephone - 011 339 3621
Fax - 011 339 4244/6880
Email - dtsacco@sacp.org.za
3rd floor, COSATU House, 1 Leyds Street, Braamfontein, 2017