About Chitukuko SACCO
A democratic, member-owned financial cooperative founded in 1986 in Blantyre — built on the simple idea that when members save together, everyone can borrow further.
Established in 1986, owned by our members
Chitukuko SACCO was established in 1986 to provide access to financial services for individuals working in a variety of workplaces in Malawi. The SACCO is owned and operated by its members — a democratic financial cooperative where members save together and contribute to one another's loans through their combined savings power. Savings mobilization is at the heart of the SACCO.
Our objectives are to provide access to financial services for our members, and to instill and encourage the habit of saving for the future. We believe that education of all members in financial management helps develop a sense of self-reliance and empowerment in Malawi.
SACCOs exist to serve members, not to make profit
Members own the SACCO and influence its management. SACCOs also offer lower interest rates on loans and higher interest rates on savings, making services more accessible than banks.
Low interest rates
Loan rates that stay well below what most commercial banks charge.
Established reputation
In existence and trusted by members since 1986.
Quick, reliable service
Fast turnaround for members, without unnecessary red tape.
Insured loans, ready funds
Outstanding loans are insured, and funds are readily available.
Our Financial Protection Plan
Chitukuko SACCO offers this protection plan to all members to cover savings and loans. When a member dies, all their shares are doubled and distributed to their beneficiaries. In addition, all outstanding loans are covered by insurance.
Death by suicide is not covered under this plan.
What guides the cooperative
From Chitukuko SACCO's published Service Charter.
A SACCO that provides quality and affordable financial services to individual members and organizations in accordance with best practices.
To be the leading financial institution in Malawi.
To effectively and efficiently provide quality and affordable financial services that would in turn contribute to sustainable economic growth and development.
Professionalism
Professionalism and impartiality in the provision of services.
Integrity
Honest, principled dealings with every member.
Transparency
Open, clear communication in everything we do.
Teamwork
Working together across staff, board, and members.
Innovation
Continuously improving how we serve our members.
Community
Concern for the community we operate in.
Customer satisfaction
Customer satisfaction through effective and efficient service delivery.
What owning shares actually means
Shares are long-term savings that make you a part-owner of the SACCO. Combined member shares form the pool the cooperative lends from — the more shares members hold collectively, the more the cooperative can lend.
Shares are refundable in full when a member formally leaves the SACCO, subject to the cooperative's standard exit process.
Who makes up the cooperative
Chitukuko SACCO's common bond spans several groups across Malawi. Below are the broad categories our membership is drawn from — replace with your confirmed list of affiliated employers, institutions, or associations.
Civil servants
Teachers & school staff
Small business owners
Farmers & agribusiness
Private sector employees
Family members of existing members
Retirees & pensioners
General public (open bond)
Board of Directors
The Board is elected by the membership and sets the direction of the SACCO.
Hamlet Malika
BOARD PRESIDENTWork experience: Associate Director, Grant Thornton Consulting Limited
Qualifications: MSc in Innovation; Certified Information Systems Auditor (CISA)
Extensive experience in governance, risk management, internal audit and organizational development.
Lindani Munthali
VICE PRESIDENTWork experience: Projects Engineer, ADL; Electrical Engineer, Lafarge; Senior Operations Engineer, Carlsberg Malawi
Qualifications: Bachelor of Engineering – Electrical
On the board for over 5 years
Joseph Rajab Galanje
VICE TREASURERWork experience: Head of Training, MACODA
Qualifications: Degree in Business Administration; Mechanical Engineering Technician
Edward Musasa
VICE SECRETARYWork experience: Enterprise Solutions Manager, MTL; Enterprise Solutions Engineer, MTL; Regional ICT Coordinator, WVI; ICT Officer, WVI; IT Administrator, Protea Hotel
Qualifications: BSc Information Technology; NCC International Diploma in Computer Studies; MCA Certificate in Business Computing
Kawacha David Thilira
MEMBERWork experience: Food & Beverage Controller, Malawi Catering Services Limited
Management Team
Our staff run the SACCO's daily operations and report to the Board. Photos to be added.
Joseph Chipembere
GENERAL MANAGER📷 photo pending
Eveness Mtowa
FINANCE MANAGER📷 photo pending
Maggie Bisani
BRANCH MANAGER — BLANTYRE📷 photo pending