Saving for Awach SACCOS simply means putting aside money for future use. Members in Awach, save for different reasons (economic, social or cultural) and their ability to save depends on their earnings (some members save more money as voluntary saving than as mandatory saving and some only save the mandatory saving only), socio-cultural obligations, personal and business ambitions, and needs. Mandatory saving is 350 birr per month and voluntary saving is as per the member’s need.
In order to help members get what they want and encourage them to live their dreams, Awach believes that mobilizing saving is a key tool. We strongly believe that no matter how poor a person may seem s/he be persuaded and encouraged to save. This is what had been done by the founder and manager of Awach SACCO, Ato Zerihun Sheleme during the establishment of Awach. From the 41 founding members of Awach, more than sixteen of them were low-income women. Moreover, the mobilization of savings encourages financial institutions like Awach to use their capacity to motivate borrowers to save through financial education and saving advocacies. It also allows financial institutions to generate small- low-cost deposits to raise sustainable funding for lending activities.
After establishing a strong organizational system and set up, Awach management, especially Ato Zerihun Sheleme, board members and other members strived to increase the number and savings of members. After a lot of effort Awach increased its asset in the form of deposit from 15,236 birrs in 2007 to more than 216,886,116.41 on July 7, 2018. The table below shows the members savings in each category.
Starting from September 10 2017 Awach SACCOS will start time deposit saving. The details are shown below.
|N.O||Saving Amount||Saving Period||Interest|
|4||50,000.00||500,000.00||From 18 months to 24 months||10|
|6||50,000.00||500,000.00||above 30 months||11|
|7||500,000.00||Above||Above 24 months||11|