9.5 C
Alba Iulia
Wednesday, August 5, 2020

Government introduces “Ichilimba“ scheme

Economy Government introduces “Ichilimba“ scheme

Zambian High Commissioner to India Judith Kapijimpanga
Zambian High Commissioner to India Judith Kapijimpanga

Government has facilitated for the creation of a Public Service Savings and Credit Cooperative (PS -SACCO) to encourage a culture of saving among public service employees drawing from the inspiration of an informal scheme popularly known as “ Ichilimba.”

The scheme corporate governance structure which is headed by Secretary to the Cabinet Rowland Msiska in the interim, will see public sector workers buy shares from the SACCO.

Public Service Micro Finance Company Chief Executive Officer Mubanga Mwiko says his company has been mandated to run the scheme in the interim up to the time the first Annual Delegates Meeting will be held.

“The shares in the SACCO remain beneficial even after retirement from Government/ Public Service and or in case of a demise of a shareholder, children can take over, “ he said.

The Chief Executive Officer was speaking when he made a presentation to the diplomatic staff at the Zambian Mission in New Delhi, India.

Mr. Mwiko is confident that the SACCO in Zambia will succeed because of due diligence which has been carried out before the implementation.

He says a similar scheme has worked very well in Countries such as Kenya where the SACCO has grown to an extent of investing heavily in real estate.

And Zambia’s High Commissioner to India Judith Kapijimpanga noted that Government deserves praise for the several initiatives that encourage public service employees to develop a culture of saving and also prepare for retirement.

She also said the motto by PS-SACCO “Creating our Future Now” was well suited with the intention by government to facilitate the creation of the SACCO.

Mrs. Kapijimpanga has since urged the diplomatic staff to take advantage of the innovation.

Membership of the SACCO is voluntary adding that members should buy a minimum of one thousand five hundred shares valued at three Kwacha.

The scheme will give public service employees access to cheaper loans from the scheme without any collateral.

Members by virtue of owning shares in the SACCO will also be entitled to a thirteen cheque at the end of the year arising from dividends declared.

This is contained in a statement made available to ZANIS by First Secretary Press and Tourism Bangwe Naviley.

14 COMMENTS

  1. Rubb!sh. How much do you think the overtaxed Zambian has left to save? Introduce industrial schemes. Instead of importing Chinese labor let them bring sustainable technology with them

  2. kikiki kuti waseka. This has been going on for years at local level. Now, if the PF government are failing to manage this country’s debt, who really has confidence in anything money related that involves government? You see with money matters and credit, confidence and certainty plays a big role. Why do you with we have the finch credit rating, which is respected internationally? You have to be mentally retarded to trust PF government with facilitating anything money related. Use at your own risk

  3. Utter nonsense. I dont think there are any people worth their salt remaining to entrust this cash hungry government. They are out to syphone any little cash remaining in the thin and sick government worker or you call them civil servants. Its a disaster.
    Very Sickening indeed!!!!!!

  4. To my beloved Zambians in the Government and other Public Service: Learn from the past. How many Credit banks have been formed in Zambia which lend money. This is another Tax which Government wants to introduce and one day you will cry. The Bible says in HEBREWS 13:5 KEEP YOUR LIVES FREE FROM THE LOVE OF MONEY AND BE CONTENT(Satisfied) WITH WHAT YOU HAVE. FOR GOD HAS SAID ” I WILL NEVER LEAVE YOU OR FORSAKE YOU. Yes I know many people in Zambia are living below par, but as I feel this scheme? I can still save even with any bank today if I am serious with my future.

  5. when people run out of ideas of raising man, they turn against their own people as if to show that they care…. Sad to have such people in office…. every day new ideas and no results of previous ones…. shame on you…. MINISTER dont pay tax,,,,, and dont contribute to government coffers…… ALA this people…. ba dambwisa

  6. Someone comes up with an idea like this and at the end of the month he gets paid a government salary. Let them try it in the executive branch of government and see if it works

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

Ten PF MPs get K20 000 each to empower the vulnerable in their constituencies

Ten PF Members of Parliament have received Empowerment funds of 20 thousand Kwacha each to empower the vulnerable in...

Bill 10 Advocates in North Western Province say they are being threatened

Bill 10 Advocate member Prince Ndoyi has expressed disappointment with the opposition in the North-Western province for issuing threats to the team. Mr. Ndoyi has...

If the State is not ready for prosecution, dismiss the case, Dr Chilufya’s Lawyers tell the court

Health Minister Chitalu Chilufya has requested the Lusaka Magistrates Court to dismiss his matter if the state is not ready for prosecution. Dr Chilufya’s lawyers...

Police in Lusaka officially charge Howard Situmba for masquerading as a Lawyer

Police in Lusaka has officially charged and arrested Howard Situmba of Lusaka for masquerading as a lawyer in the case bordering on contentions over...

Integrity Committees are aimed at fostering a corrupt-free environment in the public service

The government has dispelled reports that Integrity Committees that have been formed in government departments and other line agencies are for witch-hunting. Ministry of Information...

More Articles In This Category