Teachers Savings and Loans Society have come up with an innovative product to help and alleviate teachers caught up in the vicious cycle of debt.
TISA’s product Moni Minus will allow teachers to take out a loan at a minimum repayment rate.
It’s aimed at ensuring teachers concentrate on their jobs without being financially burdened.
The Executives of the Teachers Savings and Loans Society were present to launch the product, Moni Minus.
TISA’s Moni Minus is designed to help and alleviate teachers and financial members from financial debts. For instance, if a teacher has a debt of K300, he or she can take out a loan with TISA to repay with a minimum interest of one percent.
Currently, there are 38,000 contributors of Teachers Savings and Loans Society, of which 70 percent are public servants. The Moni Minus Product is also available to other potential members.
The Society has also rolled out its SMS Mobile Balance Check Service and My View Point or Internet Banking with plans for more during the year.