Money channels and receipts

Every way money comes in, matched to the member

Cash over the counter, mobile money, salary deductions and the bank. Each one lands in the right member’s account and the books, with a receipt.

Sample SACCOReceipts

Receipt R-20481

Sent by SMS to 07•• ••• 142

Sample SACCO: received UGX 100,000 savings from member 0142 on 15 Oct by mobile money. Savings balance UGX 1,250,000. Ref R-20481.

Debit	Mobile money wallet
Credit	Savings, member 0142

Drawn sample with made-up figures. Akiba Ledger is in development.

Cash at the counter

Teller tills with an opening float, every receipt and payment, and a count at the end of the day with expected and counted side by side.

MTN MoMo and Airtel Money

Members pay in from their phone and the payment is matched to their account. Loan payouts and withdrawals to mobile money follow, through a licensed payments provider, with charges passed through at cost.

Live mobile money needs the SACCO’s own merchant account with the provider; until then, record mobile money received in your own wallet like any other receipt.

Payroll check-off

For staff SACCOs: the deduction list for the employer each month, the remittance imported and matched member by member, flags for over- and under-deductions, and a stop letter when a loan is paid off.

The bank

Import the bank statement, match each line to a member or an account, and reconcile the bank account in the books.

A receipt for every transaction

The 2024 rules ask for a receipt or an instant message for every transaction. Akiba Ledger sends one by SMS within your plan’s allowance; after that, the receipt is in the member’s app and one tap shares it on WhatsApp.