Chitukuko SACCO was established in 1986 to provide access to financial services for individuals working in a variety of workplaces in Malawi.
The SACCO is owned and operated by its members. It is a democratic financial cooperative where members save together and contribute to one another's loans from their combine savings power. Savings mobilization is at the heart of the SACCO.
Objectives of Chitukuko SACCO
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To provide access to financial services for our members
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To instill and encourage the habit of saving for the future
We believe that education of all members in financial management will help develop a sense of self-reliance and empowerment in Malawi.
Why Chitukuko SACCO?
SACCOs exist first and foremost to serve their members, not to make big profits. Members own the SACCO and influence its management. SACCOs also offer lower interest rates on loans and higher interest rates on savings, making services much more accessible than banks.
The SACCO is a family, join ours!
We offer:
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Low interest rates
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Established and secure reputation. The SACCO has been in existence since 1986
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Quick and reliable service to members
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Insured loans
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Readily available funds
Membership Requirements
An institution must have at least 10 individual members willing to join the SACCO, who must undergo the following:
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Fill in membership application forms
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Pay a one-time membership fee of K2,000.
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Commit to make a monthly minimum contribution of K6,000 or more to shares
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Commit to make a monthly contribution of K2,000 or more to deposits
Our Financial Protection Plan
Chitukuko SACCO offers this protection plan to all members to cover savings and loans.
When a member dies, all his or her shares are doubles and distributed to the beneficiaries. In addition, all outstanding loans are covered by insurance. Death by suicide is not covered.