Paulina Ndalikokule

NKURENKURU – To ease teachers’ debt and promote a culture of saving, the Namibia National Teachers’ Union (Nantu) on Wednesday inaugurated the Nantu Likwafela Savings and Credit Cooperative (SACCO) satellite office in Nkurenkuru.

The inauguration is the first of its kind for Likwafela SACCO, which previously operated only from its head office in Windhoek, with regional support provided through Nantu structures.

The Nkurenkuru office brings financial services closer to educators in Kavango West, eliminating the need to travel long distances to access assistance.

Speaking during the event, Nantu Likwafela board chairperson Josef Alweendo said the cooperative was established following a Nantu congress resolution in 2000 after it became clear that many teachers were trapped in debt and facing recurring financial crises.

“It was realised that most teachers were heavily indebted. The union then decided to create something for teachers, at least to liberate them and make them financially free,” Alweendo said.

While the idea dates to 2000, Likwafela was fully registered as a cooperative in 2017, with operations gradually expanding before becoming fully operational in 2021. Alweendo said the cooperative is owned by teachers themselves through a shareholding model, where members save monthly and earn interest on their savings.

“When you buy shares, you become a member and a shareholder. You can save with the cooperative, your savings grow, and you earn interest. At the end of the year, you can withdraw your savings together with the interest,” he said.

He said one of the key benefits is access to affordable loans at significantly lower interest rates than those charged by commercial lenders.

“Members can borrow to buy assets, renovate houses, buy cars or consolidate debts from other financial institutions. Our interest rate is only about 11.5%, compared to 30 to 40% elsewhere,” Alweendo noted.

Membership is open to educators from schools and higher education institutions, including universities, provided they are members of Nantu. Active members are required to save a minimum of N$300 per month to qualify for benefits such as loans.

Alweendo revealed that Likwafela currently has around 2 000 members countrywide, with an estimated 50% having already benefited from loans or other services. He described the Nkurenkuru satellite office as “the beginning of the journey” towards expanding services to all regions.

*Paulina Ndalikokule is an Information Officer at MICT in Kavango West.