Phaphamani Maswati Savings and Credit Co-operative Society Ltd was formed in 1978 by Eswatini Railways employees and its office is at Sidvokodvo Railway Premises.
The SACCO draws it's members from:
- Eswatini Railways Employees
- Their dependents a spouses
- Ex-Railway employees
- Employees of companies contracted to Railway
- Society staff
- Employees of the transport industry
- And have employees of any company
- JOINING FEE – Once off E 235.00
- SHARES – E 5 000.00, payable in 10 instalments which E500.00 per instalment.
- SUBSCRIPTIONS – Annually E100.00 payable in August of each year
- FINANCIAL YEAR – August – July
How do members pay their monthly contributions?
- We make arrangements with their companies to deduct the members’ contributions from their salary and transfer the total collections into our account as lump sum.
- Through Bank Stop-Orders
- Cash deposit to our various Bank accounts
When is a member eligible to borrow and what are the requirements?
- After 6months joining the SACCO provided paid half of total shares, E3 000.00.
- Member can access short loan only while waiting for 6 months to elapse, but had to acquired E3 000.00 of the shares.
- Copy of payslip should be attached to every loan application form, to calculate the Statutory 33% of total deductions per employee.
- Submit ITC certificate, proof of residence and contract of employment.
- Members who are not employees should submit; ITC certificate, Police Tax clearance, 3 Months Bank Statements, proof of residence.