1. Is there a minimum and maximum amount on the savings contributions?

Yes, there is minimum of N$ 200 per month, with no maximum other than what the affordability of the client allows.

2. How much interest does one earn on your savings?
There is no interest on savings, as a member of NAMSACCO you are entitled to dividends at the end of a profitable financial year.

3. What is the qualifying criteria to be a member of Namsacco?
You should be a public servant from government Offices, Ministries, Agencies and Regional Councils.

4. Do you foresee any future activities for the growth of the institution?
 Yes, NAMSACCO members through its board will continuously be on the lookout for new products and services.

5. How then do I benefit from savings if I may only withdraw upon retirement, savings that does not accumulate interest?
You receive yearly dividends in addition to your savings when you retire and it enables you to have access to loan facilities from NAMSACCO

6. Who and when can loan facilities be accessed?
You must have been a member of the NAMSACCO for at least a period of six (6) months with regular monthly contributions of N$ 200.00 minimum, also having paid your membership fee in full.

7. If this is then a loan facility just like any other, how will this help me get out of debts as a public servant?
Namsacco is not a loan facility like others, is a savings and credit cooperative that offers affordable loan facilities with no negotiation fees and other charges. There variety of loans products, including consolidation loans amongst others, to help members repay loans owed to other financial institutions with a view to manage the net salary.

8. Do you already have members and if so how many and since when have they been members?
Yes, there are 53 founding members since March 2018

9. How will the institution recover their funds should I lose my job?
The normal financial recovery process will be followed as the member will liable to settle his/her loan irrespective of who they work for.

10. What will happen to my savings in case of death?
It will be given to the next of kin as indicated on the membership application form.

11. Will dividends be paid into member’s personal bank accounts or will it be topped up onto savings balance in NAMSACCO?
This optional, it’s a choice for the member.

12. Are dividends paid according to the amount you have saved or according to your share capital?
Dividends are paid according to your share capital.

13. How can I save N$ 50 000 but earn the same dividends with a member that has only saved N$ 5000?
Dividends is paid on share capital of N$ 2000. All members have a share in the NAMSACCO and benefits from it accordingly.

14. What is the maximum amount on consolidation and other loans products?
Consolidation loans shall not be granted for an amount exceeding N$ 100 000.Refer to the NAMSACCO website and brochures for more information on loans products.

15. How will I pay for my share capital and savings? Will it run concurrently, meaning two different deductions on the pay slip?
Through payroll deduction, and yes it will run concurrently

16. Should I resign from the SACCO, am I entitled to the whole amount in my savings or are there costs to be deducted?
You are entitled to the whole amount of your savings and your membership fee.

17. Is the qualifying criteria limited to the savings amount or are there also affordability checks?
All other loans are can be granted up to three (3) times of a member’s savings with maximums depending on loan products and limited by affordability checks.

18 Can a member buy more shares or is it limited to N$ 2000 worth of shares?
N$ 2000 is a fixed amount but the number of shares may be increased by special resolution of the general meeting without the prior approval of the Registrar, but the registrar shall be informed of such amendment of the by-laws.

19. Will members have access to their statements?
Yes, they will have access to their statements.


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