Africa-Press – Eswatini. Members of the Swaziland National Association of Teachers (SNAT) co-operative are set to share E47.3 million as interest on savings and dividends on shares.
The co-operative, which is known as the Savings and Credit Co-operative Society (SACCO), in its budget income statement for the 2024/25 financial year, projected that a total of over E49.5 million would be obtained as surplus before distribution. Of this amount, it was reported that over E46.3 million would be paid to members as interest on savings and dividends on shares. This is contained in a report that was signed by the Board Chairperson, Gugu Mabuza, and presented by the Treasurer, Nkosiyabongwa Dlamini. This was during the special annual general meeting (AGM) held on Saturday at the Mavuso Trade and Exhibition Centre. The meeting was attended by 2 777 members.
Meeting
During the meeting, it was reported that for the past financial year (2023/2024), the projected actual income was over E109.48 million as opposed to budgeted income of over E107.6 million. It was said the projected actual revenue for the year projected an increase of two per cent from the budgeted revenue. The treasurer in his remarks said the SACCO had anticipated introducing new loan products and recalling funds to finance the products; however, he highlighted that the policy was not yet approved, thus the funds were not recalled.
Dlamini said the SACCO had also anticipated introducing service fees this financial year after sending statements to members (in compliance with the Consumer Credit Act), and this had not been done because of the teething problems encountered with the system. He said: “The penalties are also dependent on the functionality of the system and currently the SACCO is finalising the data issues in the system so that all other charges, like the penalties can be set accordingly.”
The treasurer said their expenditure showed an increase of two per cent from the budget and as such, the projected actual is over E59.9 million by the end of the financial year compared to the budget of over E58.7 million. The SACCO’s total over-expenditure according to Dlamini for the year was E1 262 177.69. He said: “It is projected that a surplus of about E49.5 million before distribution will be realised during this financial year. Of this surplus, about E47.3 million will be paid to members as interest on savings and dividends on shares.” The SACCO is a teachers’ savings scheme, whose membership is made up of teachers, lecturers in colleges and institutions of higher learning in the country and employees of the society and those of SNAT. The society was formed and launched in 1986 and to date has an active membership of almost 12 000 people, according to its website.
The objective of the co-operative is to promote the economic interests of its members in accordance with the co-operative principles and the encouragement of members, in the spirit and practice of thrift, mutual and self-help. Dlamini said: “The budget estimates presented show that revenue will increase by six per cent to E116.24 million, with the interest on loans accounting for 88 per cent of the total income. The SACCO anticipates an increase in the loan demand through the existing loan products.” The treasurer said in preparing the current year’s budget, a number of underlying and guiding assumptions were considered, which include that the SACCO would continue to meet the demand on loans through the reviewed loans policy.
For More News And Analysis About Eswatini Follow Africa-Press
