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 3,000 and fill out membership application form

Servicing Membership through Shares

Once part of the SACCO, members are expected to contribute a minimum of MWK 6,000 per month. Saving through shares makes members into part-owners of the SACCO. The higher the savings the higher the amount of loan a member can qualify for.

Youth Share Account

Youth Share Account is an account that a full working members opens for a child, ward, who is not above the age of 18 years old. With this account contributions are a minimum of MK1000 on a monthly basis. This account earns dividend and also 10% interest annually. A student who is above 15years can also open their own account and save. This account is not eligible to get a loan. These shares can only be withdrawn upon reaching 18 years.

Death of a Member

Once a member dies, all loans are paid off by insurance. 200% of shares are paid off to the member's beneficiaries. This also includes the non redeemable shares. For example is a member dies and the share total was MK1,000,000, the beneficiaries are paid MK2,000,000. This is possible because all member shares are insured against death. The process will be initiated by the deceased relation by providing death certificate to the SACCO. Beneficiaries are notified of the amount due and this amount is paid within 90 days.

Withdrawing of Membership

1. A member must not have outstanding loans
2. Wait period for withdrawal is 90 days
3. A withdrawal fee of MWK 5,000 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.

To download member form click https://www.chitukukosacco.com/downloads-chitukuko/11-membershipapp-form

Membership forms once filled can be sent to 0887000888 via whatsapp OR email to This email address is being protected from spambots. You need JavaScript enabled to view it.