Cooperative invests K1m in bonds

ABOUT K1 million has this year been invested in Government bonds, Treasury Bills and loan scheme this year by Vetpreneurs Muti-purpose Cooperative Society (VMCS).

The investment is in line with the cooperative’s mission to mobilise capital and invest in lawful profitable businesses ventures for the benefit of the members and uplift their socio-economic status.

VMCS which was launched in February this year, has so far recruited 100 shareholders.

The mission is to become a world class investment entity in capital mobilisation, product innovation and profitability through quality leadership including the use appropriate technology, says VMCS Secretary, Eugene Bwalya.

Mr Bwalya said this at the launch of the loan scheme for the cooperative in collaboration with Stargate Finance Limited under the theme ‘providing short financial solutions to the shareholder.’

"Through the loan scheme initiative with its partner, it will help the cooperative provide a stepping ground for its future business opportunities with other entities," he said.

Ministry of Commerce, Trade and Industry Deputy Director Department of Cooperatives, Darius Mpundu, urged the cooperative to identify the needs of members to serve them better because the demand for financial services was increasing.

Mr Mpundu said the success of cooperative depended on the style of management.

The cooperative, he said, should observe good governance practices at all times and that accountability should also be high on the agenda.

"Employers may not be able to meet the financial requirement of its employees therefore, the establishment of the scheme was vital.

"If the co-operative decides to engage other people they must become members or the transform its organisation into a micro-finance institution," Mr Mpundu said.

He appealed to Zambians running cooperatives to abide by the laws by circulating finances within the membership.