Private schools in the country have been encouraged to join newly established Private Schools Savings and Credit Cooperatives (SACCO) so as to boost their financial independence and help in improving the country’s education sector.
This is according to Ernest Kaonga who was speaking on Wednesday, January, 31, 2024 in Mponela, Dowa after being elected as Private Schools SACCO President.
Dr Kaonga who over the weekend also got elected as Private Schools Association of Malawi (PRISAM) president, will be deputized by Sticko Kumwenda, while Tom Bulirani was elected as treasure with Hamida Banda being elected Secretary and Rev. Masopera Muhowe was elected as a committee member.
In his acceptance speech, Kaonga expressed commitment towards improving the welfare of private schools in the country, teachers inclusive and said they are now putting in place strategies that will enable more private schools to join the SACCO.
The PRISAM president who is also Maranatha Academy Managing Director, noted that many private school teachers continue to suffer financially because they get loans from loan sharks as well as institutions that charge high interest rates and has since assured them of better times with the coming of Private Schools SACCO.
“As PRISAM, we will make sure that teachers from private schools join SACCO and we encourage them to do so. The good thing with this SACCO is that the interest rates will be affordable and they can easily repay loans.
“There were instances where a teacher could not receive his or her salary because of big debts. As PRISAM we would be happy if more teachers from private schools join this SACCO because their lives can easily improve,” said Kaonga.
He further said the newly introduced SACCO will help in mobilising the membership to be financially included and independent, a development which he said can positively contribute towards efforts to improving the education sector in the country.