How to become a member
- Should be a payroll employee part of an organization willing to join
- The employer should provide consent for their employees to join the SACCO*
- Provide a one-time membership fee of MWK 1,000 and fill out membership application form
Servicing Membership through Shares
Once part of the SACCO, members are expected to contribute a minimum of MWK 3,000 per month. Saving through shares makes members into part-owners of the SACCO and allows them to qualify for higher loans by increasing their savings power.
Withdrawing of Membership
- A member must not have outstanding loans
- Wait period for withdrawal is 1 month
- A withdrawal fee of MWK 2,000 will be charged
- All of the member’s savings will be paid out, minus a fee of MWK 6,500 (redeemable if you re-join the SACCO).
*The employer is not liable to repayment of any loan in case of defaults but relaying information in case of retirement/dismissal or resignation of the employee
** Saving through shares members become owners of the SACCO and also combined shares allow for members to contribute towards each other’s loans.