Malawi Teachers Sacco  in the offing: ‘MateSacco’

Government employed teachers in primary, secondary school and colleges will soon have their own  Teachers Savings and Credit Cooperative (Sacco) called Malawi Teachers SACCO (MATE SACCO).

This will be a conspicuous departure from the usual SACCOs to which many teachers have been members. The teachers feel time has come for them to manage and grow their own finances.

The idea which came about some time back is now taking significant shape and establishment of MATE SACCO is in its advanced stages.

A national meeting held at Umbwi Secondary School in Dedza on Tuesday 22nd December, 2020, laid down strong plans which will help realise this dream.

The interim national executive committee chaired by Madalitso Chikaonda called for a national meeting and all districts in the country were represented. Business Development Manager from the Malawi Union of Savings and Credit Cooperatives (MUSCCO), Ezekiel Thindwa, was the Guest of Honour.

Besides presenting the necessary procedures needed when opening a SACCO, Thindwa commended the teachers for their enterprising idea and encouraged them to work hard in order to realise their dream. He emphasised on the need for transparency and accountability when running such entities.

Interim national chairperson, Madalitso Chikaonda, told Nyasa Times that MATE SACCO will be a solid entity from which teachers will become stable financially and do a number of things even long before retirement.

“It is time to start moving forward. Teachers should support this crucial idea and join this SACCO. No teacher should be left behind. What we need is a spirit of unity and we will enjoy the fruits of this entity when we shall be financially stable.

“This is the time to show the world that teachers are sources of development for any country. Bankers, doctors, lawyers, presidents and ministers are all produced by teachers. We therefore need maximum financial support from all teachers across the nation so that we can start off,” remarked Chikaonda.

A teacher at Chibavi Community Day Secondary School in Mzuzu, Noel Mhone, said teachers do not benefit from the currently existing SACCOs in the country and it is a brilliant idea to have MATE SACCO.

“I welcomed the idea right from its budding stage. I am part of this whole initiative and I believe many teachers in the country will understand this important phenomenon.

“You see I have been a member of current SACCOs but there is nothing really that I can point as emanating from my savings there. Motives for establishing MATE SACCO are very clear. To make a teacher financially independent,” explained Mhone.

Saccos are the easiest way of accessing loans.

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