Civil servants urged to embrace a saving culture
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.
SACCO’s Chief Executive Officer (CEO), Francis Waliwa made the call during a meeting on Tuesday aimed at mobilizing civil servants working in Mwanza.
“It is a must that civil servants should join this SACCO so that their income can be multiplied through dividends accrued on their savings,” said Waliwa, adding that civil servants can join the organization at an initial premium of K3, 500 per share through monthly deductions from their salaries.
Waliwa said registered SACCO members have a privilege of funeral cover which can 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.
Waliwa observed that experience had shown that workers tend to suffer after retirement because they did not save during their productive days; hence, the need to join SACCO.
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, 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.
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How can you save when what you earn is not enough to cover your daily expenses.
People save from the surplus they have. If salary can not even last you up to 8th day of the month, where can u get money to save? Do not cheat people here. Saving culture is embraced where you have high income earnings, apo biii a cashgate will manage to save, not individuals earning less than K200,000 net per month in a country where cost of living is very high