Ernest Kaonga has been elected as the President of PRISAM Savings And Credit Cooperatives (SACCO) shortly after being elected as the President of the Private Schools Association of Malawi.
The SACCO aims to improve the financial well-being of teachers under PRISAM. The elections took place in Mponela, Dowa District.
In his acceptance speech, Kaonga emphasized the importance of increasing the number of private schools joining the SACCO to boost their income.
He highlighted the financial struggles faced by private school teachers who often resort to high-interest loans from loan sharks and other institutions.
Kaonga believes that SACCOs offer affordable interest rates and easier loan repayment options. The introduction of the SACCO is expected to promote financial inclusion among members and benefit the country as a whole.
He expressed the desire for more private school teachers to join SACCOs to improve their financial management and overall quality of life.
Other elected officials include Sticko Kumwenda as Vice President of PRISAM SACCO, Tom Bulirani as Treasurer, Hamida Banda as Secretary, and Reverend Masopera Muhowe as a member.
