26 Oct 2015

The deputy permanent secretary in the Ministry of Finance and Development Planning Mr Jacob Momene says it is encouraging and pleasing that Matlotlo Savings and Credit Cooperative Society (SACCOS) continues to grow despite  economic challenges.

Speaking at the 10^th anniversary of Matlotlo SACCOS held at the ministry’s garden on Saturday (October 24), Mr Momene said  the total asset base of the society stood at P9.3 million as at the end of April 2014 and net current assets of P1.8 million  These include a total loan book of P5.7 million , investments with Stanbic Bank amounting to P1. 9 million  and bank balance of P1.6 million . 

In addition, Mr Momene said Matlotlo SACCOS has made net profit of P490 000 during 2013/2014 financial year.

Interestingly, he said, Matlotlo SACCOS has never made loss since it was formed and its books of accounts were audited  up to April 2014 while 2015 audit is still be to be done. The society has also grown from membership of 80 to about 700 to date.

Meanwhile Mr Momene urged management committee to work hard to ensure that Matlotlo SACCOS grows from strength to strength adding that the committee must continue investing money wisely to ensure that Matlotlo SACCOS keeps growing.

 Mr Momene applauded Matlotlo SACCOS and the Ministry of Finance and Development Planning for having built a house in Mahalapye for a former employee of the ministry who has been incapacitated due to ill health.

This gesture, he observed, is in line with Vision 2016 pillar of “a compassionate, just and caring nation”. 

Matlotlo SACCOS contributed an estimated amount of P100 000 towards  the project.  

Speaking at the same event, former cooperative president- Africa region Mr James Olesitse said the reason why some cooperatives in Botswana did not do well is because they were just built or set up without the involvement of the community. He therefore said community members should be ones coming up with the concept and own the entity.

For her part, Ms Sipora Tsonope from Motswedi SACCOS said she was happy that after they tutored Matlotlo SACCOS it has never faltered but instead it has proved to be in the right track as it continues to grow with time. Ends