Farmers in Nkhata Bay district have high hopes that their lives will change for the better after the establishment of Timbiri Community Sacco in Traditional Authority Timbiri in the district.
The Sacco has been established through a K22.5 million funding from a local Non-Governmental Organisation called Empower Malawi.
Empower Malawi Executive Director, Jones Ntaukira, said sacco members will be required to pay a monthly contribution of K1000 minimum towards shares. He said members will also be allowed to have ordinary savings accounts with K500 minimum balance.
“We are encouraging village banks to come and save their money with the sacco bank. It is risky to keep money in the house. There will also be member special savings which will be offered within the period agreed by the client and the manager. A variety of accounts will be catered for in this special account like school fees, farming, solar energy and the account will have a minimum balance of K1000,” said Ntaukira.
Nkhata Bay District Council has welcomed the coming of the sacco in the district. The council’s Deputy Chairperson, Esnath Banda, said the farmers’ lives as well as local businesses will be boosted through loans and savings.
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