Me-Time Financial Services Co-operative offers five different saving products in order to cater for the needs of all its members. Savings products will be reviewed and/or amended from time to time by the CFI Board of Directors. A regular savings account will be the primary account offered to all members of Me-Time Financial Services Co-operative. As much as possible stop order arrangements will be made with members to ensure that all members save a minimum of R300 per month.
The special savings are savings products that will run for a specified period and be distributed to members at the predetermined period. The members can choose their own desirable period to invest the funds, ranging from 6 months to 24 months.
The educational product will be used to save for education of members’ children or for themselves. The savings will be withdrawable in January of each year or whenever payments for education are required in terms of tertiary education.
The home savings will be used for the home improvement or acquiring a new home by the members. The savings will be distributed to the members at a predetermined date for the members to be able renovate or buy a new property.
The stokvel savings product that has been developed for groups that have formed themselves as stokvels to save money to distribute at the end of the year. A key source of loanable funds in CFIs is savings. Saving mobilization strategies is therefore key to the success of all CFIs. Savings is the major single source of loanable funds to the CFIs. MeTime must mobilize and build adequate savings for on-lending to members. This explains why MeTime CFI would take some period before it starts lending. It involves product development of saving products and not having too many loan products.