LUBANE SAVINGS AND CREDIT CO-OPERATIVE NOW WORTH OVER E75M

 MANZINI – Lubane Savings and Credit Co-operative Society declared that it was now valued at over E75 million for the financial year ended June 2018. 

The SACCO presented its annual financial statements to its members during their annual general meeting (AGM), which was held at St Theresa’s High School, audited in accordance with Financial Services Regulatory Act (FSRA) Act, 2010 and Co-op Act of 2003.
 As it did over the previous years, the co-operative generated positive results.

Lubane SACCO’s Chairman, Doctor Hlongwane said these were unqualified accounts.
He commended the Lubane SACCO staff and the management committee for ensuring that the books of accounts were kept in order and emphasised the importance of the AGM as one that gives shareholders the opportunity to take stock of the activities of the SACCO, and also make serious decisions for development of the SACCO and their investment.

One of the co-operative’s major successes in the 2017/2018 financial year, was its partnership with Junior Achievement Swaziland’s ‘in school youth co-operative programme’, which trained high school pupils on how to save money and cultivating a culture of savings in individuals, which was a step towards creating a stable financial country.

Groundbreaking

Also, of groundbreaking importance was the co-operative’s ‘Open Bond’, which now welcomed companys’ employees from different sectors of the industry on source deduction, university students and members’ children to save with Lubane SACCO in return for competitive interest rates.

The co-operative was established by Eswatini Electricity Company (EEC) in 1977 and kept a closed bond which was finally opened in 2010.
The 2017/2018 financial statement shows an increase in asset value from the previous year, this represents an overall growth of 20.3 per cent for the year 2017/2018.

Lubane SACCO’s total membership stood at 5 065 (2017/2018 financial year from 945 (2016/2017 financial year) representing a growth of 436 per cent.
This includes secondary savers, 41 schools under Junior Achievement who joined the co-operative.
Six companies joined the society and four signed MOU’s with source deductions in the fiscal year.
He said that they were still in a process of engaging the other employers for MOU signing.

Increased

Loans increased by 14 per cent from 7.4 per cent in 2017, while savings increased by 16.32 per cent from 13 per cent in 2017, due to aggressive product marketing. Shares increased by 14 per cent due to new members who paid up the required minimum share amount when joining.

Lubane SACCO’s Manager Gugu Vilakati, commended her staff for the endless effort they put in ensuring that the SACCO yields positive results. She mentioned that all the SACCO’s success was attributed by the team work portrayed by its staff as well as the management committee’s support.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: