12 Jun 2018

Leaders and members of Thuto SACCOS have been commended for their determination to realise the goal of financial freedom.

Director of human resource development planning (Supply) at the Human Resource Development Council, Dr Ellah Matshediso who was speaking at the Thuto SACCOS Annual General Meeting on June 9 noted that since its inception in 2005, the society managed to save P10.9 million.

“This is especially encouraging since the above figures were members’ contributions which goes to show the commitment the members of this society have in an effort to achieve financial freedom,” she said.

With a membership of 1400, Dr Matshediso said Thuto SACCOS existed to promote the culture of saving and the economic well-being of its members by affording them an opportunity for savings, and to create a source of funds from which loans could be made to them exclusively for provident and productive purposes, at fair and reasonable interest rates.

She said banks continue to alter and tighten their borrowing conditions in the wake of financial meltdown and the instability of the financial markets, adding that impact on borrowers she said as members of Thuto they could still access funding from your credit and saving cooperatives.

“We can learn a lot from other countries like Kenya in terms of how cooperatives can change lives. For, example Kenya has more than 4000 SACCOS’s and these contribute about 45 per cent to Kenya’s Gross Domestic

Product. They have cooperative banks that offer a range of financial services to its members such as car ,home and education loans. In Canada credit unions have over US$200 billion in assets.  I am alluding to these so as to encourage you and most importantly for you to know that this is doable,” she said.

Meanwhile Mr Charles Keikotlhae was elected chairperson of Thuto SACCOS with Mr Thekiso Zulu as his deputy.Mr Kingsley Mavuma was elected as secretary and additional board members are Ms Olga Mutloane, Ms Mogogi

Galejewe, Ms Naomi O Unaye-Masiya, Mr Otsile Tapson, Mr Phineas Khudu, Mr Mothootsile Ralebante and Ms Lilian Sediadie. ENDS