The United Civil Servants Savings and Credit Cooperative (SACCO) has urged civil servants in the country to start saving their money to assist them in times of need and after retirement.
This has been said by SACCO’s Chief Executive Officer (CEO) Francis Waliwa during a meeting on Tuesday.
The meeting was aimed mobilizing civil servants working in Mwanza.
In his remarks Waliwa said it is a must for civil servants to join SACCO citing that their income is likely to multiply.
“It is a must that civil servants should join this SACCO so that their income can be multiplied through dividends accrued on their savings,” he said.
Waliwa added that civil servants can join the organization at an initial premium of K3, 500 per share through monthly deductions from their salaries.
He continued that with SACCO, members have a privilege of funeral cover which can also be extended to family members.
“Not only that, but they are also allowed to borrow huge sums of money through loans at lower interest rates than elsewhere because one of the organization’s core values is to assist people in times of need,” said Waliwa.
According to Waliwa’s observation, workers tend to suffer after retirement because they did not save during their productive days.
As one way of extending the delivery services of the organization, he disclosed that the organization has opened satellite offices in all districts including Mwanza for easy accessibility of its services by prospective members.
“Currently, the organization has a membership base of about 26,000 nationwide since its establishment in 1992 but registered under MUSCO by Ministry of Trade and Industry in 1994,” he added.
Waliwa, therefore, expressed optimism that the current membership would be tripled across the country by the year 2020 considering the interest people have shown in joining it.
In 2018 the organization made K2.9 million profit of which K100 million dividend was shared among its members, according to Waliwa.
Speaking in an interview with Malawi News Agency (Mana) Mwanza District Labour Officer, Kennedy Chiwaya hailed SACCO for mobilizing civil servants to engage in savings, saying the sensitization was an eye opener to many civil servants in the district.
“I have personally been motivated and I am ready to join SACCO right away so that I can enjoy its services,” said Chiwaya.