Business

National Assembly launches savings,credit cooperative

THE Association of the Indian Community in Zambia disinfecting Parliament buildings in Lusaka yesterday. PICTURE: ANGELA NTENTABUNGA

TRYNESS TEMBO, Lusaka

AS A way of promoting the culture of saving, the National Assembly of Zambia has launched the Savings and Credit Cooperative Society Limited (SACCO). The National Assembly of Zambia SACCO (NAZSACCO)will encourage savings, use pooled funds to give loans to staff at reasonable interest rates and will providing related financial services.National Assembly of Zambia clerk Cecilia Mbewe said the institution has for some time considered establishing SACCO to develop and encourage a savings culture among staff. “This is because SACCO provides relatively cheap credit to enable members to embark on investments that would help them improve their economic and social well-being as well as a means of sustaining themselves when they are no longer in employment,” Ms Mbewe said during a virtual meeting on Wednesday. “The initiative provides services similar to those by commercial banks and micro-financial institutions.” Ms Mbewe said despite many advantages associated with the establishment of SACCOs, many countries, including Zambia, have not fully CLICK TO READ MORE




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