The Care Cooperative Savings and Credit Society Limited came into being in 1995 under the guidance of the Ministry of Agriculture and Cooperatives. It started off as a small Cooperative through contributions from employees from Care International with an initial membership of 50 and has now grown to over 1,371 members drawn from various Non-governmental organisations such as Aids Alliance, HCP, Care International, Swedish Cooperative, World Vision, CCF, Plan Zambia, and Habitat for Humanity, Pulse, CRS, Africare and General members who are former employees of member organisations.
The Cooperatives main objective is to encourage Savings from its members and advance them with loans for development and any emergencies. Its vision is to provide affordable and flexible Finance to enhance member’s standard of living, in particular those in Non Governmental Organisations (NGOs).
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It has been my privilege and honor to chair the CareCoop Board post the 2015 annual general meeting held in May 2015 at Cresta Hotel. What an exciting journey it has been!
In spite of the national economic challenges that have resulted in the devaluation of the Kwacha, the negative impact of which we have all felt, CareCoop continues to strive to explore mechanisms to maximize benefits for our members and can boast of profitability even in this harsh economic climate. We at CareCoop prioritize the well-being of our membership and have continued to seek ways in which we can add value to their investments in CareCoop. For this reason, in addition to our regular activities, we have sought ways to diversify our fund raising strategies and to this end have put a committee of experts in place specifically to analyze the options open to us. Consequently CareCoop is looking to diversifying into subsidiary holdings and exploring both short and long-term investments.
It is my vision that CareCoop members should have access to affordable housing financing so that as our members approach retirement they will be at ease knowing that they have their own homes. A key obstacle is the high cost.
Our members will be pleased to note that we were awarded best SACCO of the year at the International Credit Union’s day (ICUD) held on 15th October 2015.
As we look forward I am convinced that CareCoop has a bright future and with this current innovative team we will be able to make CareCoop a force to reckon with and maximize both investor and shareholder value.