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Savings and Credit Cooperative Model: Problems and Prospects

Savings and Credit Cooperatives (SACCOS). ' A credit union is a cooperative financial organization owned and operated by and for its members,. according to democratic principles, for the purpose of encouraging savings, using pooled funds to make loans to members and providing related financial ser

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Savings and Credit Cooperative Model: Problems and Prospects

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    1. Savings and Credit Cooperative Model: Problems and Prospects Min Raj Kadel Chair person Nepal Federation of Savings and Credit Cooperative Union Ltd. (NEFSCUN) Kathmandu, Nepal

    2. Savings and Credit Cooperatives (SACCOS) ' A credit union is a cooperative financial organization owned and operated by and for its members,. according to democratic principles, for the purpose of encouraging savings, using pooled funds to make loans to members and providing related financial services to enable members to improve their economic and social condition' (World Council of Credit Unions)

    3. Current status of SACCOS in Nepal No. of SACCOS: 3,392 Membership: 403,000 Male: 230,000 Female: 173,000 Share Capital : 450 million NRs. Savings : 8,962 million NRs. Source: DOC as of 31 Ashad 2064

    4. Structure of SACCOS

    5. NEFSCUN A national apex body of savings and credit co-operatives and their district unions Provides financial and non financial services to its members 539 SACCOS 225.000 individual members Guided by International Credit Union Principles and Values Established in 1988.

    6. Micro Finance in SACCOS Micro Finance services are provided throughout most SACCOS A special Micro Finance Program is carried out within SACCOS Exclusively focused on women, youth, disadvantage and excluded groups. Setting up of Business Development centre as a business service provider

    7. Our Vision on Micro Finance Member owned and controlled (cooperative) Savings oriented Inclusive Micro finance; directed to women, youth, disadvantage and excluded groups Business oriented approach

    8. Legislative framework Absence of Credit Union Act Contradiction among various Acts Tax burden Ambiguous government's vision and policies Complex socio-political situation Lack of adequate resources for training and education Problems

    9. Lack of coordination among cooperatives and MFI's Lack of professionalism Problems

    10. Recommendations Clear and conducive Policy environment from government Tax Exemption Formal Cooperative Education Effective monitoring and supervision Clarity on roles and responsibilities of all stakeholders Coordination among Micro finance service providers Enhanced Government Support Focus on rural areas

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