Mphunzitsi Sacco Members Give RBM 14 Days to Stop Operations

Information reaching this publication indicates that Members of Mphunzitsi Sacco, formerly known as Thyolo Teachers Sacco, have accused the management of maladministration and called on the Reserve Bank of Malawi (RBM) to intervene.

The teachers, led by Chairperson Eric Lihonga, insist that RBM should terminate the management for alleged illegal operations, citing the absence of an Annual General Meeting (AGM) since December 31, 2022.

To press their demands, the teachers have warned of potential demonstrations and the sealing of the Sacco’s offices if their concerns remain unaddressed.

RBM spokesperson Dr. Mark Lungu has requested more time for consultations, while the Ministry of Education spokesperson, Mphatso Nkuonera, confirms they are yet to receive the petition.