The Monitor :: Savings co-opís revenues top P1m
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Last Updated
Friday 21 September 2018, 15:09 pm.
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Savings co-opís revenues top P1m

The Matlotlo Savings and Credit Co-operative Society (SACCOS) has reported increased overall profits for its current financial year, despite nonparticipation of members in the past four years.
By Keikantse Lesemela Mon 08 Dec 2014, 12:11 pm (GMT +2)
The Monitor :: Savings co-opís revenues top P1m








The society, which is run by employees of the Ministry of Finance and Development Planning, recorded a total income of P1.2 million and a net profit of over P490, 000 for the year ended 30 April, 2014. Last year its total income amounted to about P879, 000 and a net profit of P379, 000.

Speaking during the society’s annual general meeting recently, SACCOS chairman, Janet Makgolo expressed concern that members were not participating in the society due to lack of resources and commitment.

“The society has been running well despite the challenges experienced. I am happy that Matlotlo SACCOS books of accounts audits is up to date and I hope 2015 financial year will be done within three months after financial year end. I urge members to continue to participate in the activities of the society,” said Makgolo. She explained that members have not been meeting because cooperatives were not doing the financial audits. “We did not meet in the past four years because the cooperatives were not doing the audits, we could not hold a meeting without the financial reports,” she said.

She said the interest earnings of the society’s members now stand at 9.5 percent which is much higher than the real effective deposit rates offered at commercial banks.

The society’s debt ratio stands at 81 percent while an equity ratio is 19 percent. Creditors (members’ savings) contributed 81 percent of total assets whereas shareholders

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contributed only 19 percent of the total assets.

She said the total asset base of the society stood at about P9.3 million and the net current assets stand at about P1.8 million excluding the loan book of P5.8 million, investments with Stanbic amounting to nearly P2 million and bank balance of about P1.6 million.

“I am happy to announce that the society has grown from a membership of about 180 in 2009 to 446 in April 2014,” said Makgolo. Matlotlo SACCOS was established in 2005 with a vision of becoming co-operatives that is competitive, viable and sustainable with a capacity for fulfilling members’ economic and social needs. Makgolo said that Matlotlo continues to strive to be a strong financial co-operative providing innovative financial services and products while increasing the society’s savings, providing loans and offering financial education to support its members in poverty alleviation efforts.

“Before Matlotlo we depended on the micro lenders (bo machonisa) who charged high rate of interest from which we did not benefit, but Matlotlo has been a solution to all our financial needs,” she said.

 

The society has two employees now.

 The government decided to resuscitate, revamp and redirect cooperatives last year as they have the potential to contribute towards economic diversification. Currently there are about 160 registered cooperatives in Botswana but they have not been operating to their full potential due to stiff competition and lack of business acumen.

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