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The abbreviation SACCOS stands for "Savings and Credit Cooperative Society". Savings and Credit Cooperatives are bodies created by a group of people with a common interest (churches, workers' unions, community groups e.t.c.), whose objective is to save collectively, then make loans available to the group's members. It is owned by the members, and exists primarily to serve their needs. As such, the SMEAZ SACCOS was set up by members of the SME Association of Zimbabwe to respond to the difficulties that SMEs face in obtaining funding. It is a vehicle through which we collect contributions and savings from members, and are able to issue loans, guarantees or other financial instruments that will enable our members to access capital. The SACCOS also allows participation by non-members on a limited basis in some of the personal products (savings, emergency loans, credit schemes etc).

Our SACCOS has its own website on this page.


Zimbabwe's banking sector is currently dominated by commercial banks, and a few recently-established Micro Finance Banks. Though most commercial banks have SME divisions, in practice we have found that they use an extension of the products and rules applied to large corporations, then also demand collateral security in the form of title deeds for immovable property, which most SMEs do not have. Thus there is very restricted lending to our rank and file members.

Despite several strides having been made in terms of setting up an SME credit guarantee scheme as well as a Collateral Registry, mainstream financial institutions have still not provided much lending to SMEs, preferring instead to focus on larger businesses. In addition, there are limited true savings options for individuals and SMEs, or opportunities to be able to save towards buying meaningful assets such as cars and houses. The SMEAZ SACCOS makes all this possible.

Benefits of SACCOS

The SACCOS responds to these problems by being able to offer transaction-based funding (invoice discounting and order finance loans), or a guarantee (term loans), where a member has successfully met the requirements for any financial institution's loan products, barring the need for collateral security. The SACCOS then comes in, together with other players, to provide a guarantee in lieu of collateral security. Recognising that small business owners have personal/family needs such as emergency loans, educational loans/savings products, and even wanting to save towards major assets like cars and houses, the SMEAZ SACCOS also offers a range of provident (personal) products to suit most requirements.

The SACCOS is also able to provide guarantees for other debt arrangements such as installment purchases/hire purchase, credit facilities e.t.c.

Guarantees are for up to six times the value of a member's savings. This figure will be revised upwards as the savings base grows.

Participating as a non-member (Individual)

If you would like to just access the non-business products (savings, emergency loans and credit schemes) you can register as a non-member. Non-member registration is done here. You can find out more about non-member benefits by getting in touch with us via Whatsapp or at our office.

Non-member products include the following:



Becoming a member (Business/SME)

To become a member of the SACCOS, you will need to complete the application form here. Note that only paid-up members of the Association are eligible to be members of the SACCOS. There is a joining fee of $50 and you will also need to subscribe for a minimum of 5 shares at $10 a share ($100 in total). Thereafter, you will need to make minimum monthly savings of at least $20 or such higher amount as you may wish. You can also deposit savings with the SACCOS to earn interest.

Member products include all the above non-member products, plus the following:



To borrow or benefit from the SACCOS, you must be a paid-up member of the SME Association of Zimbabwe. Details on this membership can be obtained by on this page


Both members and non-members are able to save and invest in the SACCOS. On becoming a member, one subscribes for a minimum of five shares, which earn dividends based on the surplus that the SACCOS makes at the end of a specified period. Over and above the dividend income, there will also be interest income on yours savings. This is earned from the lending activity. Interest rates on the savings account are competitive and market-based. They are published on a regular basis, but are currently between 12% and 24% per annum. There are no charges applied on savings and contributions accounts, therefore there is no danger of your savings being whittled away by bank charges.

Fixed investments as well as transaction-specific investments can also be arranged on a one-on-one basis.

How do I get a loan or loan guarantee?

To get a loan or guarantee from the SACCOS, you first need to be a contributing member to the SACCOS, and a member of the SME Association of Zimbabwe as indicated above. You need to have applied for a loan either from the SACCOS (invoice discounting or order finance), or through any one of the financial institutions that are our Affiliate Members, or with whom we have a referral arrangement, and that loan should have been approved, subject to collateral requirements.

Loan guarantees are applied for through your Member Consultant, who seeks approval from the Loans Committee and the Management Committee. Loan guarantees are given on the basis of funds available at any given time. Older members of the Association and SACCOS have priority access, and guarantees are approved on the basis of business viability. Subject to vetting and assessments, as well as the period for which one has been a member of the SACCOS, members can access loans of up to six times the amount which they have in savings.

Additional details

Additional details on the SACCOS can be obtained from the SMEAZ SACCOS website, your Member Consultant or at the Association's offices. You can also attend one of the SACCOS month-end meetings, at which all members and officers will be available to answer your questions.


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SME Association of Zimbabwe

Growing start-up, small and medium sized enterprises into large corporations

Our mandate is to help start-ups, small and medium-sized businesses to grow into large corporations. We also work with large corporations, development agencies & partners, and other organisations interested in working with SMEs (affiliates).