Siqalumnotho FSC was registered as financial services cooperative in June 2010. The institution had a membership of 266 in December 2010 with a savings value of R15 314, after starting the savings activity in August 2010 with a minimum savings of R50 per member. The institution has not started to issue loans, and loans will be issued after the institution has been trained on loans management, as well as after enough savings have been mobilised that will be used to pilot loans. The institution has eleven board members who were elected in an Annual General Meeting held on the 4th of May 2010. Board meetings are held monthly. An application of Siqalumnotho FSC for savings mobilisation of R200 000 was approved by SAMAF in December 2010 which will be used to develop policies to operate an FSC, train board and staff members, installation of accounting systems, produce financial statements, render internal and external auditing services, develop management systems to record loans and savings transactions, purchases of office equipment and furniture and subsidising operating costs.