Kondwani Kandiado-Citizen Journalist
The Malawi Police Service Savings and Credit Cooperative (SACCO ) is to launch a savings promotion dubbed Road to a Landlord promotion to help promote a savings culture.
The Sacco’s Business Development and Marketing Officer Linda Jelenje said the promotion, which will run from August 22 to December 22 this year, has monthly prizes and a grand prize of a plot worth K800, 000.00.
She said: ” Our aim for this promotion as Police Sacco is to continue helping in instilling a culture of saving for both new and existing members so that they improve their livelihood.”
Jelenje said they have set up a promotion criteria for the monthly prizes and the grand prize.
“For new members, they have to open a new account with a minimum of K3, 500, deposit a minimum of K25, 000 in an ordinary deposit account and maintain it for a month and they qualify for monthly prize of a branded T-shirt and a cap,” she said.
The Sacco marketing manager further said for new members to qualify for the grand prize which is a piece of land, they need to deposit a minimum of K50, 000 or more and maintain it in a fixed deposit account for 4 months.
For existing members, she said to qualify for the monthly prizes, they have to deposit a minimum of K50, 000.00 in an ordinary savings account and maintain it for a month.
“To qualify for the grand prize of a plot, existing members have to deposit a minimum of K50, 000 or more and maintain it for four months in a fixed deposit account,” said Jelenje.
She further said the monthly prizes of t-shirts and caps will be splashed to 10 lucky winners.
Mponela Police Sacco member Isaac Chang’ombe has applauded Sacco officials for the initiative saying it will help members realize dreams of owning a land.
Malawi Police Sacco Limited, which is open to all civil servants was registered in 2014 by the ministry of industry and Trade has a membership base of over 9000.
Since its inception, the cooperative has seen an improvement in the livelihood of its members with some constructing houses, buying cars, upgrading qualifications and experiencing a happy life.