Swazi Observer

FULL STORY

SIBONELO SAVINGS ACCUMULATES ASSETS WORTH OVER E250 MILLION

By KWANELE SIBIYA | 2024-09-13

SIBONELO Savings and Credit Cooperative Society has accumulated assets worth over E250 million.

This was disclosed by the society’s Manager, Sikhumbuzo Zondo during a visit by the ministry of Commerce Industry and Trade Portfolio Committee members from both the House of Assembly and Senate on Wednesday.

The portfolio committee members led by Principal Secretary (PS) in the ministry Melusi Masuku visited the cooperative to find out how it was performing and the challenges they faced.

When making his presentation, Zondo said Sibonelo’s assets, as per their management accounts, were E251 million as at July 31, 2024. He said their loan portfolio stood at E207 242 049, while their total savings amounted to E171 282 335.

He said the co-op had a membership of 5 800.Zondo explained that their future prospects included introducing the transfer of funds from society to banks and vice versa.

He said they were also anticipating to introduce automated teller machines (ATM) withdrawals. “We want to grow our membership by at least 70 per cent in the next five years and also continue training our leadership,” he said.

He stated that some of the challenges they faced, included among others, the loss of membership due to loss of gainful employment and the economic meltdown. He said another challenge were delayed remittances from employers.

Zondo said joining the co-op was open to all people above the age of 18. He said government parastatals and cooperate movement employees, as well as members’ spouses were eligible to become members.

“The bond is now open to everybody with terms and conditions,” he said. He said the staff compliment was at 12, and there were 13 Board members at. Meanwhile, PS Masuku stated that as a ministry, they had undertaken an initiative to visit SACCOS, so that members of the portfolio committees could familiarise themselves with their work.

He said he visits were very important following that last year, Parliament enacted the Cooperatives Societies Act of 2023. He said as the ministry was implementing this law, they would continue working with members of the portfolio committee to promote the law and make it known to SACCOS.

He said this would also make it easier for Members of Parliament to amend the law with ease if need be.

share story