Savings and Credit Cooperative Societies Regulations 2004

This document provides the regulations for savings and credit cooperative societies of Tanzania under the Cooperative Societies act, 2003.

The document states that the regulations shall apply to savings, credit cooperative societies and credit schemes engaged in accepting savings and deposits from their members for an amount lesser than Tsh. 800million.

The document defines a savings and credit cooperative society as:

• A credit society solely dedicated to the promotion of thrift among its members and the creation of a source of credit for them at competitive rates of interest through financial intermediation.

The provisions of the regulation state that:

• Credit societies shall be able to receive funds from their members, in the form of shares, savings and deposits. A credit society may also receive donations and loans;
• A credit society shall, at all times, maintain a minimum capital of Tsh. 5million and at least twenty members with fully paid shares, in order to qualify for registration;
• A credit society shall maintain deposits in a bank or financial institution supervised by the Bank of Tanzania, or in securities issued by the Government or by the Bank of Tanzania, for an amount of not less than 20% of its total savings and deposits.