Mwanakatwe forms financial cooperative for civil servants

Commerce minister Margaret Mwanakatwe during the Zambia public and private dialogue in Lusaka-picture by Tenson Mkhala

Commerce, Trade and Industry Minister Margaret Mwanakatwe has formed a Civil Service and Allied Workers of Zambia Saving and Credit Cooperative Society Limited (CSAWZ-SACCOS) whose core mandate will be to improve members’ standard of living through financial cooperation.

Speaking when she launched the CSAWZ-SACCOS, Mwanakatwe said the move to form the cooperation endorsed governments’ cherished belief that the social and economic development for Zambia would only be facilitated by Zambians themselves.

“It is important to enhance professionalism in this SACCOS by adhering to cooperative ethical standards such as honesty, openness, social responsibility and caring for others. This will entail putting in place leadership and management capacities within your society that will be able to deliver to the members’ satisfaction,” Mwanakatwe said.

“In line with the SACCOS vision which is to become the preferred financial service provider to all civil servants. I am reliably informed that a lot of consultants were carried out in the planning process of the eventual setting up of this SACCOS.I would therefore, like to commend you and your board for the vision and leadership you have shown in starting a financial cooperative for the civil service and public workers in general. This is indeed a great milestone.”

Mwanakatwe also said government was committed to ensuring that Zambians set up different types of cooperatives and further urged financial cooperatives to make significant contribution to the country.

“Therefore, with greater participation of all civil servants and other public workers, it is anticipated that the SACCOS will help and improve members’ standard of living,” she said.

Speaking at the same event, Civil Service and Allied Workers of Zambia –Savings and Credit and Allied Workers of Zambia (CSAWZ-SACCOS )Chairperson Agness Singila, said her cooperation regarded government as a partner in promoting the development of financial cooperatives.

“We therefore appeal and expect government to come up with effective policies that will strengthen operations of the financial cooperatives and streamline the regulatory process. Given that financial cooperatives are key institutions in social economic development in our country, we would like to strongly appeal to other cooperators that we begin to look at strengthening of the operations of a strong national Apex body that will embrace the interests of all financial cooperatives,” said Singila.

         

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