Special Savings Scheme

  1. Only financial members shall qualify for this scheme.
  2. Maximum amount to be saved by any member shall be limited to 100% of regular monthly contribution.
  3. Savings shall be at any time via cash/cheque payment or any other off-payroll payment instrument. Savings can also be via payroll deductions.
  4. Amount saved shall not be added to member’s cumulative contribution, but kept in member’s savings account.
  5. Amount saved shall attract an interest of 4% p.a. accruing to the member.
  6. Amount saved must be in the society for a minimum period of three (3) months before it can be withdrawn.
  7. Amount saved (full or part) with interest can only be withdrawn once in a quarter (maximum of 4 times per annum) by member.
  8. In the event of any withdrawal by member when the amount saved has not been retained in the Society’s account for up to 3 months, such amount shall not qualify for any interest payment.
  9. Interest, though earned monthly over the first 3 months, will only become due for payment at the end of the quarter i.e. 3rd month. Subsequent interest payments after the first 3 months shall accrue monthly.
  10. For effective management, a minimum of 14 days’ notice shall be given to the society prior to the withdrawal of savings by member. Notice of withdrawal of savings must be sent to the secretariat between the 1st and 10th of every month.
  11. Interested members may visit the ESMCS website to complete the Contribution Change Form in order to commence savings.

13th Month Savings Scheme

  1. Only financial members shall qualify for this scheme.
  2. Savings shall be for a year through monthly deductions from the payroll.
  3. Amount saved shall not be added to member’s cumulative contribution or other savings schemes e.g. MSS, but shall be accumulated in member’s 13th MSS account.
  4. Amounts saved each month shall attract interest at 5% p.a. which shall accrue to the member. For any member who joined the scheme later than January of each year, interest will only accrue on savings made for the number of months that they have been a part of the Society or the scheme.
  5. Amount saved must remain with the society until December of each year.
  6. Amount saved with interest earned shall be paid to members in December of each year (usually not later than the 15th day of the month).
  7. Withdrawals shall not be allowed except for members who are exiting the society. Interest shall however be paid on exiting members’ savings on a pro-rata basis.
  8. Interested members may visit the ESMCS website to complete the Contribution Change Form in order to commence savings.

Special Contribution Scheme (SCS)

  1. Only financial members shall qualify to participate in this scheme.
  2. Contributions can be made at any time via cash/cheque payment or any other off-payroll payment instrument.
  3. The amount(s) contributed shall be added to the member’s cumulative contribution.
  4. The amount(s) contributed cannot be withdrawn by any member except when they are exiting the society.
  5. The amount(s) contributed must be retained by the society for a minimum period of three (3) months before it can be added to the member’s cumulative contributions for the purpose of loan requests.
  6. Interested members should:
    • Make payment into any of the cooperative’s bank accounts.
    • Visit the ESMCS website to complete the SCS form