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MANZINI - Teachers are ecstatic as they will receive 9.5 per cent interest on their savings.

Educators subscribing to the Swaziland National Association of Teachers (SNAT) Savings and Credit Co-operative Society (SACCO) were on Saturday, during their annual general meeting (AGM) held at the Mavuso Trade and Exhibition Centre, informed that they would receive an interest of 9.5 per cent and five per cent savings on their shares.

The teachers expressed their joy in various media platforms as they highlighted that there was a great turnaround time in the awarding of their dividends and further sung praises to the leaders of SACCO. The AGM was convened after an absence of two years due to the advent of COVID-19 which was coupled with restrictions as a precautionary measure to curb its spread.

Confirmed

This was confirmed by the Chairperson of the SACCO, Gugu Mabuza. She said the dividends were at 9.5 per cent for the second consecutive time following that their core-business, which is issuing loans to members did well. Mabuza said the members will also receive five per cent on their standard shares, which stand at E5 400 per member.

During the AGM, Mabuza reportedly conveyed that the global economic landscape was not doing well while the economy was recovering from the effects of COVID-19 and in addition, there was the Russia - Ukraine war (in progress) which undermined recovery.

A report of activities of the Loans Department for the 2021/2022 financial year states that the SACCO Loans Policy stipulated that loans product granting should be based on member’s savings.

It stated that the member’s savings had increased from E480 782 563 to E548 326 654 by June 2022, even though the SACCO had experienced membership withdrawals. This was said to be a five per cent increment. The members were in

One of the male residents of Maphalaleni said there was no way he could not take the risk despite the river being

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formed that it was imperative that membership was retained even af- ter retirement and retired members continued saving in order to access loans or financial assistance without a challenge.

The members were informed that the increase in their savings had also allowed more room for them to seek loans and as such, during the year under review, the society disbursed a total of E306 985 632 in respect of loans to members compared to E446 247 692 advanced in the previous year, 2021. This was said to have tallied to a drop of 32.5 per cent, owing to the discontinuing of the consolidation loan which had high figures in the previous years.

It was reported that SACCO disbursed a total of E4 982 822.50 in the special loans product to 18 beneficiaries and two applications were declined as members could not meet requirements as stipulated in the Loans Policy. On business loans, SACCO was said to have disbursed a total of E2 088 495.90 to 21 beneficiaries while there was one beneficiary of the rural flooded. He said he had no other place where he could sleep in Mbabane. He indicated that he usually crossed the

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housing loan who received a total of E250 000. The members were informed that the product was subsequently discontinued upon identification of unacceptable risk exposure. The SACCO, according to the report, disbursed a total amount of E71 751 673 under the personal loans to 4 344 beneficiaries while 30 applications were declined due to over commitment caused by advanced stop order repayments. The helpline loans were said to have benefitted 3 015 members as a total of E23 105 719 was issued out while the short loans disbursed a total of E5 047 520 and had 1 986 beneficiaries.

The members were also informed that the society disbursed a total amount of E199 601 741.30 under the standard loans to 3 933 beneficiaries while a total of 30 applications were declined due to over commitment. The least issued loans were said to be the school fees loans, which disbursed a total amount of E157 660 as a total of 30 applications were declined due to unaffordability’s challenges. bridge during the rainy season, even when the river was flooded. “I am not the first person to take such a risk and it is not my first time to cross a flooded river. I grew up here at Maphalaleni and, therefore, I don’t have relatives in Mbabane. Although it is dangerous to cross the flooded river, I have no choice. This is the bridge we normally use when we travel to Mbabane for whatever reason,” said the resident.

Learners were also found trying to cross the flooded Mbuluzi River on their way back home from school. They said they managed to get public transport in the morning which took them to their various schools. As they prepared to cross over, they took off their shoes and their school uniform to avoid getting wet.

A learner from Ka-Boyce High School said he was forced to cross the flooded river since he was residing at

Maphalaleni and was commuting daily to school.

The learner further stated that it was a crucial time for them to be at school as they were busy preparing themselves for the upcoming examinations.

He said he did not want to find himself failing any subject this year.

Meanwhile, Minister of Public Service Mabulala Maseko, who is also Maphalaleni Member of Parliament (MP), said despite the bridge being situated between Mbabane East and Nkhaba, they were 100 per cent affected once it was flooded.

“People of Maphalaleni also get affected once this bridge gets flooded despite being found along Mbabane East and Nkhaba. Lisivisa buhlungu tsine sibase Maphalaleni,” said Maseko.

Assistance

The minister said the bridge could be fixed either through the assistance from Ministry of Public Works and Transport or Micro-Projects.

Maseko said for Micro-Projects to construct a bridge in a certain area, the bucopho of that area needed to write an application as they would be the ones in charge of that construction. He then made reference of the bridge which was flooded along Mbabane East and Nkhaba, where it was clearly stated that for it to be fixed, the Nkhaba bucopho was supposed to the one to apply to Micro-Projects requesting for the reconstruction of the bridge.

The minister said they could work jointly as MPs if the Ministry of Public Works and Transport was the one expected to construct the bridge.