FAQ

HERE ARE SOME FREQUENTLY ASKED QUESTIONS

What’s a SACCO

A Savings and Credit Cooperative Society (SACCO) is a member-owned financial cooperative whose primary objective is to mobilize savings and afford members access to loans (productive and provident) on competitive terms as a way of enhancing their socio-economic well-being. People having a common bond form a SACCO.

What is a common bond?

A common bond is a unifying factor (that which brings people together). Two types of bonds generally exist as follows: Community bond The bond exists where members are resident in a particular locality or neighborhood. A community bond caters to all people within the community. Occupational or associational bond The bond provides for people of the same occupation or for those employed by a common employer or who belongs to the same profession. *Open Bond SACCOs can be comprised of both Community and Occupational Bonds.

Who can join DWASCO SACCO?

DWASCO SACCO membership is more accessible to you than you might think. To join DWASCO SACCO, you have to be a part of its field of membership. That means you must have some kind of common bond with other members of DWASCO SACCO. In fact, you may already be eligible to join if: Your employer has established a relationship with DWASCO SACCO, and all employees are allowed to join. Currently, the SACCO is serving employees from the following employers/ institutions: Malawi Civil Service Illovo Sugar company ETHCO NESS UNITRANS Dwangwa Cane Growers LTD St Anne’s Hospital Alinafe Community Hospital Malawi Mangoes GARDAWORLD In case your employer is not on the list above and you wish to join, please talk to us. You are a family member of any existing DWASCO SACCO member. Family members can open doors. You may be able to join DWASCO SACCO based on a relative’s ability to meet membership requirements (even if that person is not a member). You are a member of the community in which DWASCO SACCO operates. Currently, the SACCO has physical presence in Nkhatabay, Nkhotakota, Salima, Dowa and Ntchisi. Savings group made up of more than two members. Two partners who wish to have a joint account. SMEs

How safe are my funds in DWASCO SACCO?

The SACCO mechanism provides for the safety of members’ money i.e. controls and procedures, committees and reporting structures all provide for the safety of the members’ money. Know that DWASCO SACCO is licensed and regulated by the central bank that conducts supervisions.