Chitukuko Sacco Malawi

How to become a member

  1. Should be a payroll employee part of an organization willing to join
  2. The employer should provide consent for their employees to join the SACCO*
  3. 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

  1. A member must not have outstanding loans
  2. Wait period for withdrawal is 1 month
  3. A withdrawal fee of MWK 2,000 will be charged
  4. 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.

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