Terms & Conditions

These Terms and Conditions govern your membership and use of services provided by UNIQUES SACCO (formerly Rumphi Teachers SACCO Services Ltd.). By becoming a member, you agree to comply with these terms and our bylaws.

1. Membership

1.1 Eligibility

To become a member, you must:

• Be at least 18 years of age
• Provide valid identification documents
• Complete the membership application form
• Pay the required registration fee and initial share capital
• Agree to abide by UNIQUES SACCO bylaws and regulations

1.2 Member Obligations

As a member, you agree to:

• Maintain accurate and current contact information
• Make regular contributions to your savings and share capital
• Attend Annual General Meetings when possible
• Comply with all SACCO policies and procedures
• Repay loans according to agreed terms
• Respect the cooperative principles and values

1.3 Membership Termination

Membership may be terminated by:

• Voluntary withdrawal with 30 days written notice
• Death of the member
• Expulsion for violation of bylaws or terms
• Failure to maintain minimum share capital requirements

2. Accounts and Services

2.1 Account Opening

Members may open various account types including savings accounts, share capital accounts, and fixed deposit accounts. Each account type has specific terms, minimum balances, and withdrawal conditions.

2.2 Deposits and Withdrawals

• Deposits can be made during business hours at any branch
• Withdrawals require proper identification and authorization
• Large withdrawals may require advance notice
• Share capital withdrawals are subject to bylaw provisions
• All transactions are recorded and receipted

2.3 Interest and Dividends

Interest rates on savings and dividends on share capital are determined annually by the Board of Directors based on SACCO performance. Rates are announced at the Annual General Meeting and are subject to change.

3. Loans

3.1 Loan Eligibility

To qualify for a loan, members must:

• Have been a member for a minimum period (varies by loan type)
• Maintain regular savings contributions
• Have adequate share capital
• Provide required collateral or guarantors
• Have no outstanding loan defaults

3.2 Loan Terms

• Loan amounts are based on savings, share capital, and repayment capacity
• Interest rates vary by loan product and are disclosed before approval
• Repayment periods range from 6 to 48 months depending on loan type
• Early repayment is allowed without penalty
• Late payments incur penalty charges as specified in loan agreements

3.3 Loan Default

In case of loan default:

• Penalty interest will be charged on overdue amounts
• Collateral may be liquidated to recover outstanding debt
• Guarantors will be contacted and held liable
• Legal action may be taken to recover debts
• Credit history will be affected

4. Mobile Banking Services

4.1 USSD Service (*384*1#)

By using our mobile banking service, you agree to:

• Keep your PIN confidential and secure
• Report lost or stolen phones immediately
• Accept responsibility for all transactions made with your PIN
• Use the service only from your registered mobile number

4.2 Service Availability

While we strive for 24/7 availability, mobile banking services may be temporarily unavailable due to maintenance, network issues, or technical problems. UNIQUES SACCO is not liable for losses resulting from service interruptions.

5. Fees and Charges

UNIQUES SACCO charges fees for various services including:

• Membership registration and annual fees
• Loan processing and insurance fees
• Account maintenance fees
• Transaction fees for certain services
• Penalty charges for late payments or bounced checks

Current fee schedules are available at all branches and may be updated with notice to members.

6. Confidentiality and Data Protection

UNIQUES SACCO is committed to protecting your personal and financial information. We:

• Maintain strict confidentiality of member information
• Use information only for legitimate SACCO purposes
• Comply with data protection laws and regulations
• Implement security measures to prevent unauthorized access
• Share information only as required by law or with your consent

See our Privacy Policy for detailed information.

7. Dispute Resolution

In case of disputes:

1. Contact our customer service team to resolve the issue informally
2. Submit a formal written complaint to management
3. Request mediation through MUSCCO if unresolved
4. Pursue arbitration or legal action as a last resort

We are committed to fair and timely resolution of all member concerns.

8. Liability and Indemnification

8.1 SACCO Liability

UNIQUES SACCO is not liable for:

• Losses due to member negligence or fraud
• Unauthorized transactions resulting from PIN disclosure
• Service interruptions beyond our control
• Investment losses in member-approved ventures
• Acts of God, war, or government actions

8.2 Member Indemnification

Members agree to indemnify UNIQUES SACCO against claims, losses, or damages arising from their violation of these terms or misuse of services.

9. Regulatory Compliance

UNIQUES SACCO operates under:

• Reserve Bank of Malawi (RBM) regulations
• Cooperative Societies Act of 1998
• MUSCCO guidelines and standards
• Anti-Money Laundering (AML) laws
• Know Your Customer (KYC) requirements

Members must cooperate with compliance requirements including providing updated documentation when requested.

10. Amendments

UNIQUES SACCO reserves the right to amend these Terms and Conditions at any time. Members will be notified of significant changes through:

• Email and SMS notifications
• Branch notices
• Website announcements
• Annual General Meeting presentations

Continued use of services after amendments constitutes acceptance of new terms.

11. Governing Law

These Terms and Conditions are governed by the laws of Malawi. Any legal proceedings shall be conducted in Malawian courts with jurisdiction over Rumphi District.

12. Contact Information

For questions about these Terms and Conditions:

• Address: P.O Box 26, Rumphi Boma, Malawi
• Phone: +265 0888 520 580 / +265 0999 520 580
• Office Hours: Monday-Friday, 08:00-15:30
• Location: Opposite District Education Managers Office, Rumphi

UNIQUES SACCO - Registered May 3, 1994 | Registration No: 409-630-0159-6 | Licensed by Reserve Bank of Malawi (November 19, 2015) | Member of MUSCCO