Introducing a New Management Team
Following the resignation of the former General Manager and Finance Coordinator in February 2018, the Board is pleased to announce that a new General Manager has been recruited, and the position of Finance Coordinator was elevated to Finance Manager and this position has also been filled up. The two officers were introduced to the members who were present at the Annual General Meeting on 12th May 2018, at the Cresta Golfview Hotel.
Boyd Sitwala joined Care Coop on 02 May 2018. He is a Certified Chartered Accountant (United Kingdom). Earlier in his career, he studied the Association of Accounting Technicians (AAT). Boyd’s experience in Micro-Finance, Administration, Management, Finance, Human Resource, Strategic Planning, Business Development, and Negotiations spans over 25 years. His last appointments before joining Care Coop were as Chief Executive Officer at ZATAC Limited, and Chief Operating Officer at its subsidiary, ZATAC Finance Limited. Previously he had worked at the Office of the Auditor General, Zambia Community Schools Secretariat, Triquetra Consultancy Limited, Grant Thornton and National Drug Company. Boyd is an accomplished Manager, a Micro Finance expert, with hands-on experience in implementing Credit and Saving Schemes in line with internationally accepted best practices and standards. He is a fellow of the Association of Chartered Certified Accountants (ACCA) and a member of Zambia Institute of Chartered Accountants (ZICA)
Godfrey Kabengele joined Care Coop on 27 April 2018. He is a holder of a Master’s Degree in Development Finance attained from the University of Cape Town in South Africa and fully qualified accountant with the Association of Chartered Certified Accountants (ACCA). He has over 14 years work experience with private and public organizations at senior management level. He has previously worked for KPMG, a global network of professional firms providing Audit, Tax and Advisory services; INDECO Estates, a public Institution; a local non-profit organization – In But Free Prisons Project, and lastly, for the Institute for Finance and Economics a consultancy and research firm. His last appointment before joining Care Cooperative Savings and Credit Limited was Chief Accountant at NECOR Zambia Limited. Godfrey is a fellow of Zambia Institute of Chartered Accountants (ZICA) and an Associate member of Chartered Institute of Development Finance (CIDEF) – Cape Town, South Africa.
Carecoop will be floating shares on 15 June 2018. All members are eligible to buy shares from a minimum of 5 shares to a maximum of 100 shares per member. The offer will close on 30 November 2018. Members are urged to buy shares especially those that currently, do not have any.
The benefits as can be seen in previous years is that shareholders benefit from both capital growth and dividends. They are also eligible to vote as well as to stand for elections onto the Board of Care Coop. Members are encouraged to take advantage of the Share Offer and acquire their Shares through the options outlined in the Prospectus. It must be noted that the Board of Directors have taken a decision that for a Shareholder to qualify for a dividend in any financial year, they must have acquired the shares at least 3 months before the financial year. Therefore, only members who will have bought shares by 30 September 2018 will be entitled to a dividend for the 2018 financial year that ends on 31st December 2018.
Please take this opportunity to acquire your additional shares and invest in one of the best performing Savings and Credit Cooperative Organizations (SACCO) in Zambia. The Prospectus has been emailed to all members but in case you did not receive it, please use the link below.
Payment of Interest and Dividends
Members are advised that payment of interest was made directly to their savings accounts. All members who had earned interest during the year ended 31 December 2017 had their interest credited to their accounts on 31 December 2017. This is done in accordance with a resolution made during the 2016 AGM.
Payment of Dividends commenced in the middle of May 2018 and is ongoing as payments are being made in batches, upon verification of members’ details. Kindly bear with Management as they endeavour to pay all the dividends within the shortest possible time
Issued by authority of the Board of Directors on 12 June 2018