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PRISAM TO LAUNCH SACCO FOR PRIVATE SCHOOLS

The Private Schools Association of Malawi (PRISAM) will launch a Savings and Credit Cooperative Society (SACCO) for its members at its Annual General Meeting (AGM) in Dowa on Sunday.

The SACCO will be a membership-driven financial institution that will provide loans and other services to private schools and teachers who face economic challenges.

PRISAM President, Aamon Ntafya, said the SACCO was conceived as a solution to the financial difficulties that private schools often encounter due to unforeseen circumstances such as COVID-19 and cholera outbreaks.

“We collect a lot of money at the beginning of a term, but sometimes we run short of finances due to other hiccups. So we came up with the idea of a private savings and credit cooperative where we can buy shares and get loans for the schools,” he said.

Ntafya also disclosed that the AGM will elect a new executive committee for PRISAM, which represents over 1,000 private schools in the country. He urged all private schools to join the association and benefit from its initiatives.

PRISAM Trustee, Ernest Kaonga, echoed Ntafya’s sentiments and appealed to non-member private schools to join the association and be part of a force that is aiming at improving the quality of education in the country.

He said, “PRISAM works closely with the Ministry of Education and other stakeholders to ensure that private schools adhere to the standards and regulations of the sector.”

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