Financial Services
Savings
Savings let your members keep money with your SACCO or business. You define the savings products you offer, open accounts for members, and record deposits and withdrawals — each of which updates the member's passbook and posts to your ledger.
Savings products
A savings product is a template that describes a kind of savings account. You set up each product once, then open accounts against it for as many members as you like.
Common product types you can offer:
| Product type | What it's for |
|---|---|
| Compulsory | Regular savings members are required to make, common in SACCOs |
| Voluntary | Savings a member chooses to make, on top of any compulsory amount |
| Fixed deposit | Money locked away for a set term, usually earning more interest |
For each product you can configure:
- The interest rate the savings earn.
- A minimum balance the account must keep.
- Whether withdrawals are allowed (for example, a fixed deposit may not permit withdrawals until it matures).
Opening a savings account
To start a member saving, open a savings account for them against one of your products. The member must already be on your member registry. Once the account is open, they can begin making deposits.
Deposits and withdrawals
Money moves in and out of a savings account two ways:
By cash
Cash deposits and withdrawals are submitted for approval — a second owner or manager confirms them under Approvals before the balance changes. This four-eyes check protects against errors and fraud in cash handling. See Approvals.
By mobile money
Mobile money runs over MTN and Airtel:
- Deposit — the member gets a prompt on their phone to approve the payment. Because the member confirms it themselves, it does not need a separate approval — once they pay, the deposit is recorded.
- Withdrawal — money leaving always needs approval: once a checker approves it under Approvals, the payout is sent to the member's phone.
The passbook and balances
Every deposit and withdrawal updates the member's passbook — their running record of movements on the account — and posts the matching entries to your accounts.
Each account carries a running balance you can check at any time, and you can produce a statement showing the account's activity over a period. This gives both you and the member a clear, up-to-date view of their savings.
Last updated 2026-08-12