KARONGA, (MaraviPost iReport): Malawi civil servants across the country, are expected to save their money and access loans at lower interest rates following the establishment of the new mega SACCO known as United Civil Servants SACCO (UCSS).
The UCSS SACCO takeover the Tikwere SACCO which was the only SACCO in Karonga and Chitipa districts in the northern region after it advised by the Reserve Bank of Malawi to merged with a SACCO that is fully licensed due to its underperformance.
Speaking during the launching day UCSS President Fetcher Mhango said the joining of Tikwere has made the increase of its members up to 10, 000 and total assets of over one billion kwacha.
“First of all let me thank the Tikwere members for joining UCSS, they would have chosen to ally with others all or closed it,” said Mhango.
“This has made us to have 9 branches from 6 namely Mzimba, Mzuzu, Nkhataby, Ekwendeni, Kasungu, Nkhotakota, Karonga, Chitipa and Chilumba. And our aim is to expand to other district,” he added.
According to Mhango, the loan portfolio which is now at over K550 million is projected to grow very fast since members in the 3 new branches (Chilumba, Karonga and Chitipa) are thirsty for loans which they have missed for long times.
He said UCSS will be a vibrant SACCO which its prime aspiration is not to make profit but serve members.
In his remarks, Chief Executive Officer for MUSCCO Sylvester Kadzala asked members who are yet to join the SACCO to do it now saying “their colleagues are enjoying with it as they are even allowed to take a loan of K5 million which is difficult to the banks.”
According to him, UCSS is owned by the civil servants themselves hence it is easy for the members to get loans instantly without struggles.
It was also disclosed that the UCSS is now on mobile phone which will make its members to view balance or transfer money while at home especially to the Airtel subscribers.
Kadzala said that it is the UCSS vision to open its own bank in the future.
Last year, UCSS’s performance of trade was good as it managed to make a surplus of K92 million and declared a dividend of K40 million.
The members were therefore asked to love their SACCO, save regularly as well as borrow wisely in order to improve their social and economic status.