Terms & Conditions

1. INTRODUCTION

These Terms and Conditions ("Agreement") govern the relationship between Gataama Savings Group ("the Group", "we", "our") and its members ("you", "member").

By opening an account or participating in the Group, you agree to be bound by these Terms.

2. LEGAL AND REGULATORY FRAMEWORK

Gataama operates in accordance with the laws of Uganda, including but not limited to:

• The Tier 4 Microfinance Institutions and Money Lenders Act, 2016
• The Data Protection and Privacy Act, 2019
• The Anti-Money Laundering Act, 2013

3. NATURE OF THE GROUP

Gataama Savings Group is a community-based financial platform designed to:

• Promote savings and investment culture
• Provide access to credit facilities
• Offer financial support through collective systems
• Empower members economically

The Group is open to the public, and individuals may open accounts subject to approval.

4. MEMBERSHIP REQUIREMENTS

To become a member, an individual must:

• Be at least 18 years old
• Provide valid identification
• Pay a non-refundable membership fee of UGX 20,000
• Agree to all Terms and Conditions

Membership approval is at the discretion of the Group.

5. SHARES AND SAVINGS STRUCTURE

• Each share costs UGX 10,000 (one-time purchase)
• Each share equals UGX 10,000 monthly savings obligation
• Members may hold multiple shares depending on financial capacity

6. CONTRIBUTIONS AND FEES

Members are required to contribute:

• Monthly Savings: Based on number of shares
• Social/Emergency Fund: UGX 10,000 per month
• Annual Subscription: UGX 10,000 every January (non-refundable)

Late payments attract penalties:

• UGX 5,000 within the month
• Additional UGX 5,000 if delay extends beyond the month

7. FIXED SAVINGS PERIOD

All savings and account balances excluding the Junior Savers Account, Social/Emergency (Insurance) Fund, and Loan Accounts shall be subject to a fixed period of one (1) year.

During this period:

• No withdrawals shall be permitted
• Funds remain committed to strengthening the Group

Withdrawals are allowed only after one year, provided:

• No outstanding loans exist
• Full compliance with Group policies

8. JUNIOR SAVERS ACCOUNT

• Operated under a parent/guardian (trustee)
• Funds are fixed until the child turns 18 years
• At 18, full ownership is transferred to the child

Between ages 11-18:

• Limited access is allowed under supervision

This promotes financial literacy and long-term saving habits.

9. SOCIAL / EMERGENCY (INSURANCE) FUND

• Mandatory contribution: UGX 10,000 monthly
• Operates as a collective support system

Covers:

• Bereavement (loss of immediate family)
• Illness and emergencies
• Approved hardship cases

Disbursement requires:

• Verification
• Leadership approval

10. LOANS AND CREDIT FACILITIES

Interest rate:

• 2.8% per month
• 33.6% annually

Loan conditions:

• Subject to approval
• Based on member savings and discipline
• Must be repaid within agreed terms

Default may result in:

• Penalties
• Recovery actions
• Restriction of services

11. ACCOUNT OPERATIONS

• Accounts may be managed digitally (including app/web platforms)
• Members are responsible for safeguarding login details
• Transactions are recorded for accountability

12. WITHDRAWALS AND REFUNDS

• Withdrawals follow the fixed savings policy
• Shares are refundable upon exit if no loan is outstanding
• Membership and subscription fees are non-refundable

13. TERMINATION OF MEMBERSHIP

Membership may be terminated:

• Voluntarily
• Due to misconduct
• Due to non-compliance

Conditions:

• All debts must be cleared
• Accounts will be closed accordingly

14. DATA PROTECTION AND PRIVACY

Gataama collects and processes personal data in accordance with the Data Protection and Privacy Act, 2019.

Member data is used for:

• Account management
• Financial services
• Compliance and security

15. GOVERNANCE AND DECISION-MAKING

• Managed by appointed leadership
• Decisions made through structured processes
• Transparency and accountability are mandatory

16. DISPUTE RESOLUTION

Disputes shall be resolved through:

1. Internal resolution
2. Mediation
3. Legal process under Ugandan law

17. AMENDMENTS

The Group reserves the right to amend these Terms.

Members will be notified of any updates.

18. LIMITATION OF LIABILITY

Gataama shall not be liable for:

• Losses due to member negligence
• External system failures
• Events beyond reasonable control

19. CONTACT INFORMATION

Gataama Savings Group

Nkrumah Road, Opposite Charm Towers

Light Arcade K03, Kampala, Uganda

Email: info@gataama.com

Website: https://savings.gataama.com/

20. ACCEPTANCE

By joining Gataama Savings Group, you confirm that:

• You have read and understood these Terms
• You agree to be bound by them