Chitukuko Savings and Credit Cooperative (Sacco) has clocked 30 years. The Sacco, which is headquartered in Lilongwe and has a branch in Blantyre, opened its doors on February 6 1986 as an in-house Sacco for Ministry of Industry, Trade and Tourism staff in the capital city.
The day was commemorated on May 7 2016 at Kamuzu College of Nursing (KCN) in Lilongwe during its annual general meeting (AGM).
The Sacco president Peter Kondowe said the day was an important one.
He said: “Today, we are celebrating 30 years of existence and also electing new office bearers as well as the fact that we have overcome the hardships we faced when we were defrauded in 2009.”
Kondowe explained that some members in 2009 defrauded the Sacco of K45 million, representing almost half of the total shares.
He said many members withdrew their membership following the incident.
Businessperson and a member of the Sacco, Wesley Mkonda, encouraged members to capitalise on the Sacco’s loan facility to start businesses.
“It is hard to obtain a loan from a commercial bank because of the requirements. This is where Sacco comes in handy,” said Mkonda, who was the guest of honour at the event.
The Sacco has 3 500 members from 51 affiliates.
Chitukuko Sacco’s member organisation include Malawi Telecommunications Limited (MTL), Malawi Union of Savings and Credit Cooperatives (Muscco), Ministry of Trade, Industry and Tourism, Zodiak Broadcasting Station (ZBS), Malawi Energy Regulatory Autholity (Mera), Bambino Schools, Polypack, Combine Cargo, Knight Frank, Mwaiwathu Private Hospital, Farmers Union of Malawi (FUM), E-Government, Blantyre City Council and National Smallholder Farmers Association of Malawi (Nasfam).