From Cognoscenti By Mark T. Williams December 5, 2013 Bitcoin is not a futuristic currency...
Regulations on Savings and Credit Cooperative Societies
(enacted in 2004)
The Regulations on Savings and Credit Cooperative Societies regulate activities of savings and credit cooperative societies (SACCOs) and other savings and credit schemes in Tanzania engaged in accepting savings and deposits from their members for an amount that is less than 800,000,000 shillings.
SACCOs are a network of cooperatives, ranging from community-based initiatives recruiting members who work in the informal economy to workplace-based groups.
These regulations discuss:
- Statement of Policy;
- Common Bond and Services;
- Funding, Membership, and Capital Requirements;
- Sight and Time Deposit Services;
- Financial Lending;
- Audit and Inspection;
- Cancellation of Registration; and
- Distribution of Surplus.