Policies

As a licensed SACCO it is mandatory to prepare the following policy statements are the statements are in place

Savings and Credit Policy

Savings and Credit policy statement details the various savings and credit products offered by VYCCU to its members. The statement gives a short description of various products, offered, eligibility criteria and the transaction limits. The policy also states the steps for managing delinquency and the fine to be collected in case of non/late payments.

Financial Policy

Financial policy statement details about opening of bank account, authority for transaction, responsibility of the teller, cashier, savings collector, senior savings collector and the manager, vault management, key holdings and recording of balances. Procedures for audits, preparation and presentation of financial statements, risk management measures, financial facilities for staffs are also covered in this policy statement.

Administrative Policy

The administrative policy covers the human resource functions. It explains the eligibility criteria for staff (age, qualification, and experience) and the procedure to be followed for recruitment. It also deals with the office timings, leave policy, staff benefits, duties, responsibilities and punishments. Job description of each designation is specifically described in the policy.