Samudayik Saving and Credit Cooperative Society is one of the best credit union in Nepal. Its has been operating since January 28th 1995. It is working to uplift the socio economic living standard of members. A member is a shareholder of a credit union who is entitled to voice and vote in the decision-making process, regardless of the amounts of their credit union deposits and shares. Under the principle of democratic ownership, every member can participate in making policy and regulation of the credit union.
It is a nonprofit financial cooperative organization offering a wide range of financial services to members. Other than financial services, Samudayik SACCOS is directly involving in community development activities as: cooperative education, financial counseling , entrepreneurship development, women empowerment, and cultural preservation.
Sustainable and Secure Saccos
"Provide financial services with counselling through modern technology within the values of cooperatives"
Voice of Chairman
Due to the effect of global epidemic COVID-19 the cooperative sectors could not remain untouched. The livelihood of the shareholder member is costly pastime. Industry, trade factories have almost come to standstill. Tourism and transportation have been hit even harder. We want all our share members to be patience, take care of your health and not to weaken your self-confidence.
It is our responsibility to run the organization in accordance with the policies and procedures even in such a difficult situation. So, we are going to held the 26th Annual General Meeting. This year’s annual general meeting is not as big as last year’s meeting. We are going to Tol, Basti as per the instructions of our regulatory body to present the work done in the organization and collect information and suggestions for the work to be done in the coming days. I request all the share members to fully participate in the program and give their constructive suggestions to the organization.
Considering the negative impact of COVID-19 on our indebted members, we would like to inform that the organization has been providing compensation waiver, interest waiver, business reinsurance loan, loan installment adjustment and new loan products. COVID -19 has given us opportunities and challenges together. COVID-19 does not seem to have had much of an impact on the Agro- Livestock business as many professions and businesses are in shambles, so we now request our shareholders to engage professionally in agriculture and animal husbandry. I would also like to inform that the organization has made a plan to provide financial and technical assistance at concessional interest rates. Now we have to engage in production and introduce self-reliant programs. Accordingly, the organization has arranged livestock loan for our share members. This may be the first product of this campaign. By participating in this, I would like to call on the share members to strengthen their and family’s financial position.
Savings and Loan Cooperative Campaign is always charged – we did nothing but buy and sell money from the cooperatives, we could not explain, we could not endure. The Cooperatives Act 2074 has paved the way for the formation of specialized associations. Therefore, I would like to urge the general savings and credit cooperatives to take the lead in the work of cooperative movement by forming specialized associations at the local, state and central levels and creating production, processing and distribution oriented non-profit schemes. We must now take the lead in community-centered action. In this state of corona devastation, I see the need to run agribusiness-related industries in every municipality in the district, at the state level and at the central level with the joint investment of the government and cooperatives. There is no doubt that the general Nepali people will not only be self-reliant but also financially strong.
As the Cooperatives Act 2074 has taken the policy of one person to one cooperative and has set a deadline to select the cooperatives, we are confident that the goods and services provided by Samudayik SACCOS to its shareholders are member oriented. Competitive interest rates (like commercial banks), maximum share dividends, member-oriented work, national and international recognition , share members’ suggestions, access to local, state and federal governments to make community choices in cooperative selection. I’m convinced. We hope that the shareholders will be able to choose the organization, if the goods and services we have provided are not enough. I promise to provide more services based on the suggestions of the people here through this general meeting and I look forward to your suggestions.
I would like to give special thanks to Panauti Municipality for making the integration promotion programs public through its policy to end double membership. I make a special request to all the campaign friends to join hands in the integration of the organization. I freely commend the Panauti Municipality for its good governance with a view to formulating its own act, policies and procedures on the issue of organization operation, promotion and regulation. It is hoped that in coming days , every activity carried out in partnership between the cooperatives and the municipality will succeed in giving its best introduction in the country.
I would like to inform that our service will be operational from Kathmandu in the near future. We are together in every happiness of our share members. During this global epidemic requesting to work in accordance with the health standards, to increase self-confidence, to reduce the cost of the festival and to celebrate it without crowding and would like to extend our heartfelt congratulations on the occasion of Dashain ,Tihar and Chhat.
Be strong in the area where we are. Don’t take too much responsibility, fulfill your responsibilities faithfully and develop positive thinking.
Commitment From CEO
I am proud to put on some of my words as an representative of the management team of an organization stepping ahead, with the commitment to the members, providing a qualitative product and service in a best value with the vision of being the best co-operative having members complete financial solutions .
I committee, to head up this organization with long run sustainability delivering the service and product to the members grabbing as well as utilizing and adding up new and the available modern technologies, as the part of management team of organization devoted to the members service. As the part, all the staff team are directing to their responsibilities and goals regarding the Three Years Strategic Plan computed by the organization with the motive of upliftment of members life standard .
CU operating Principles
Samudayik Saving and Credit cooperative Society is operated in guidance of its working principle approved on 24 August.1984 by WOCCU Membership Council. At the essence of these principles however is the concept of human development and the brotherhood of man expressed through people working together to achieve a better life for themselves and their community.
- Open and Volunteer membership: Membership in a credit union is voluntary and open to all within the accepted common bond of association that can make use of its services and are willing to accept the corresponding responsibilities.
- Democratic Control: Credit Union members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union, without regard to the amount of savings or deposits or the volume of business. Voting in credit union support or associations may be proportional or representational, in keeping with democratic principles. The credit union is autonomous, within the framework of law and regulation, recognizing the credit union as a cooperative enterprise serving and controlled by its members. Credit union elected officers are voluntary in nature and incumbents should not receive a salary. However, credit unions may reimburse legitimate expenses incurred by elected officials.
- Non Discrimination: Credit unions are non-discriminatory in relation to race, nationality, sex, religion and politics.
- Service to members:
- Service to members : Credit union services are directed to improve the economic and social well-being of all members
- Distribution to members: To encourage thrift through savings and thus to provide loans and other services, a fair rate of interest is paid on savings and deposits, within the capability of the credit union.
- The surplus arising out of the operations of the credit union after ensuring appropriate reserve levels, and after payment of limited dividends on permanent equity capital where it exists, belongs to and benefits all members with no member or group of members benefiting to the detriment of others. The surplus may be distributed among members in proportion to their transactions with the credit union either as interest or patronage refunds, or as directed to improved or additional services required by members.
- Building a financial stability: ?A prime concern of the credit union is to build the financial strength, including adequate reserves and internal controls that will ensure continued service to membership.
- Social Goals:
- On going education: Credit unions actively promote the education of their members, officers, and employees, along with the public in general, in the economic social democratic and mutual self-help principles of credit unions. The promotion of thrift and the wise use of credit as well as education on the rights and responsibilities of members are essential to the dual social and economic character of credit unions serving member needs.
- Cooperation among Cooperatives: In keeping with their philosophy and the pooling practices of cooperatives, credit unions within their capability actively cooperate with other credit unions, cooperatives and their associations at local, national, and international levels in order to best serve the interests of their members and their communities.
- Social Responsibility: Continuing the ideals and beliefs of cooperative pioneers, credit unions seek to bring about human and social development. Their vision of social justice extends both to the individual members and to the larger community in which they work and reside. The credit union ideal is to extend service to all who need and can use it. Every person is either a member or a potential member and appropriately part of the credit union sphere of interest and concern. Decisions should be taken with full regard for the interest of the broader community within which the credit union and its members reside.
From the beginning, it has been providing financial and non-financial services simultaneously to raise member”s socio-economic living standard. This SACCOS is committed to provide quality and competitive services.
The organization has gained experiences on various program and projects in coordination with different development stakeholder as follows.
Annual General Meeting
Annual General Meeting
Board of Directors —- Account and Supervisory Committee
Subcommittees —- Employee