Mzinda Savings and Credit Cooperative (Sacco) Society Limited has introduced a school fees loan scheme to ease pressure on parents and guardians.
Mzinda Sacco is a licensed institution established in 1996 and has 19 member organizations aimed at uplifting individual members’ socio-economic status.
In an interview, Mzinda Sacco manager Maxwell Nyale said they have introduced the school fees loan scheme after noting that parents and guardians were struggling to raise fees for their children and wards.
“Parents and guardians struggle to raise school fees especially after Christmas and New Year festivities where expenditures become extravagant.
“We hope the school fees loan scheme will help our members to send their children to school without any hassles,” Nyale said.
He further said members have welcomed the new product in that they were queuing for it as it has no collateral.
“This loan is easy and affordable as one can process it and get the money on the same day depending on the shares the member has with Mzinda Sacco,” Nyale said.
He added that the loan is soft as it has the lowest interest rate of eight percent per month.
A member of Mzinda Sacco Sylvester Kumwenda hailed the school fees loan scheme.
“It’s good news. It will provide us an easy source of school fees for our dependants and children,” Kumwenda said.