Sacco - OPM
Establishment of a SACCO for Public Servants
Government identified the Savings and Credit Co-operatives SACCO) model as a good platform where public servants could save and borrow the mobilized funds at affordable terms with a view to ease their financial burden. The SACCO is targeting public servants in ministries, departments, public enterprises and Regional Councils.
In view of the fact that the formation of the SACCO was an initiative of the government on behalf of public servants, Cabinet by decision number 3rd/27.03.18/001, supported the establishment of the SACCO by Public Servants in Namibia under the Cooperatives Act, 1996 (Act No. 23 of 1996). Cabinet granted approval that the Government avail existing staff members to assist with the setting up of the SACCO for Public Servants".
A cooperative for public servants has since been established and named: Namibian Savings and Credit Co-operatives NAMSACCO). NAMSACCO obtained first provisional registration on the 10th April 2018 for a period of one year. An interim Board has been established.
- A dedication code obtained from the Ministry of Finance (MoF) had some implications that needed to be rectified.
- Staff secondment from OMAs to the NAMSACCO proved futile.
The interim Board is consultations with the Ministry of Finance to rectify the challenges posed by the deduction code. Consultation on the secondment of staff is ongoing. Once the outstanding matters highlighted above are addressed, NAMSACCO will be launched.