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.
Your money will be stolen.
This was there in Tanzania around year 2000 but it failed. Learn from Tanzanians and you’ll see that it’s not a good way to raise money.
This like having a financial adviser when him or her self is a poor person.
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
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
Has there been anything Animo Farm ever been happy to except when it comes from a little Shetani.
This desparation is beyond me.
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!!!!!!
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.
Sounds too good to be true!!! wina azalila!!!!
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
Ichilimba awe kwena kuti waseka mwe!
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
This idea shud be piloted to all civil servants at PS n above level and channel this money to service the Chinese loans!!!