A Savings and Credit co-operative s membership is open to all who belong to the group, regardless of race, religion, colour, creed, gender, or job status. Interest is charged on loans, to cover the interest cost on savings and the cost of administration. There is no payment or profit to outside interest or internal owners. The members are the owners and the members decide how their money will be used for the benefit of each other. Savings and Credit Co-operatives are democratic organisations and decisions are made in a structured democratic way.
Members elect a board to make overall management decisions.
The number of board members are between nine and fifteen. Members also elect a supervisory committee to perform the function of an internal audit. The money stays and works within the members. S ACCOs encourage members to save, essential for economic empowerment. S ACCOs educate their members in financial matters by teaching prudent handling of money, how to keep track of finances, how to budget and why to keep away from hire purchases and loan sharks.