FAQ

Any employee of a well registered company or government and also any business person who want to make some savings as well as access loans at alower interest can join PCL group sacco.

.1. Sacco account holders are called members while bank account holders are called customers.
2. Sacco members are shareholders of the institution while bank customers are not shareholders.
3. Sacco shareholders enjoy benefits of their investment annually through dividends while bank customers dont.
4. Sacco deposit account have no banking charges monthly compared to bank.
5. Sacco ordinary deposit account enjoys interest twice yearly as compared to banks.
6. sacco shareholders access loans with low interest charges compared to banks.

1. Saccos are monitored by muscco while village banks don’t.
2. Saccos are regulated by reserve bank while village banks not.
3. Saccos are audited by external auditors yearly while village banks don’t.
4. Saccos are more secured while village banks don't.
5. Sacco members access low interest loans as compared to village banks.
6. Saccos are registered by malawi govt while village banks don’t.

Yes you can join but the only difference is in the way payroll based Sacco members and non-payroll based members are treated. Payrol based members access loans as far as twice their shares while non-payroll member only access 75% of their shares.

The following are the benefits of joining sacco
1. You develop a saving culture in order to save for future us.
2. You access low interest loans.
3. You can access loans as far as twice your shares if your affordability allows.
4. Once a member dies, insurance company takes care of the deceased loans and sacco double the. shares saved and give the beneficiaries.
5. The repayment plan of the loan is very flexible.
6. You can start saving as little as Mk3,000 monthly.