Times of Eswatini

Bunye Betfu debit leaves civil servant in tears

- BY PHIWASE PHUNGWAYO

MBABANE – While civil servants went to the bank smiling last week after payday, it was an emotional day for one who received a net pay of E73 due to loan deductions at Bunye Betfu Buhle Betfu Cooperativ­e.

Bunye Betfu Buhle Betfu is one of the largest savings and credit cooperativ­e societies ( SACCO) in the country and its value is estimated to be more than E250 million and with more than 6 000 members.

The membership consists of civil servants and a few government parastatal­s employees ( majority being civil servants).

The civil servant, whose name will not be mentioned to protect her dignity, is employed in the Ministry of Health as a junior clerical officer ( JCO).

According to the JCO, she took a short- term and long- term loan from the cooperativ­e. She said amounts of E1 800 and E1 300 were deducted simultaneo­usly and she was now failing to keep up with the loan repayments as she ended up getting only E73 from her salary.

Sobbing

She was found by this reporter sobbing in one of the seats of the cooperativ­e situated in the capital city last Tuesday. She was seen often holding her head in exasperati­on while clients who were in the building stared at her.

When requested to explain why she was crying, the civil servant disclosed that she was dishearten­ed by the amount of money she had received as a salary after deductions for her loan repayments were made by the cooperativ­e.

She revealed that she earned a salary of about E5 795. However, the civil servant said E5 721.86 was deducted from her earnings and she was only left with E73.64.

Worth noting is that a deduction of E1 044 from Letshego Financial Services also appears on the payslip. There was also a repayment of E666.67 for salary advance.

“I do not even have bus fare to get me to the house. How am I going to survive?” she asked in between sobs.

The JCO shared that she had previously written a letter to the cooperativ­e, requesting for the long- term loan to be extended so that her net pay could increase or any other way that would enable her to at least get a decent salary.

However, she said her request did not get a positive response.

“Despite asking for their discretion, they are reluctant to assist. I have been told to write another letter but the sad part is that some of the members were assisted in this regard,” she claimed.

She said she worked at a hospital and could not be travelling back and forth as this would put her in trouble. When asked what she had used the borrowed money for, the government worker said there was a project she was doing at home. She said the project was still incomplete.

Challenge

The civil servant said her biggest challenge with the loan was that there was an added 33 per cent which was effected, which prevented her from taking another loan. She said she needed another small loan which would enable her to relocate from where she was currently staying since she rented a flat.

She disclosed that she needed the cooperativ­e to allow her to take another loan which would enable her to get by while she paid off her debts.

The JCO said previously, members of the cooperativ­e were allowed to do that. She mentioned that she had hoped to take the July loan but the new system prevented her.

“When the year began, I had planned for this loan but they changed this immediatel­y. I had banked my hope on this loan this month. I was only told two weeks ago that I no longer qualified for the loan as there was a 33 per cent that was deducted from the loans,” she said.

Standstill

She added that this meant that life for her had come to a standstill because in the beginning of the year, she had plans but due to the sudden change by the cooperativ­e, her situation became worse.

“I am like a headless chicken now as I don’t know which direction to take. What can I do with E73? What will I use to travel to work and how am I going to survive?” she asked.

Another member who was found there shared an almost similar sentiment. She said the sudden change by the cooperativ­e to cancel the July loan was an inconvenie­nce.

Board Chairperso­n Fortunate Lukhele said the cooperativ­e had communicat­ed with members well on time, that the July loans would not be accessible. She apologised for the inconvenie­nce caused to those who did not receive the communicat­ion.

Meanwhile, a financial expert who preferred to comment on condition of anonymity said the government employee found herself in this predicamen­t because she was most probably overspendi­ng.

“If left unchecked, overspendi­ng will lead to a bad financial situation. Unfortunat­ely these days it’s becoming easier to fall into this terrible habit,” he said.

The financial expert said not living on a budget was one of the causes of financial problems.

He articulate­d that lacking a financial purpose or goal with money also led to fiscal challenges.

“Another common reason for overspendi­ng is that many people don’t have an inspiring purpose driving their financial decisions. This is often referred to as your ‘ why’, and it is an essential part of achieving financial success,” the expert said.

He elaborated that it was imperative to always remember that the road to financial success was paved with good spending habits.

“So the sooner you kick your habit of overspendi­ng to the curb, the more promising your financial future will be,” he said.

 ?? ( Pic: Phiwase Phungwayo) ?? The government employee’s payslip after loan deductions.
( Pic: Phiwase Phungwayo) The government employee’s payslip after loan deductions.

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