Written by Dim Khat Pau
We the Siyin tribe from Chin decided to save our money for a big group to solve one of our needs. We formed Siyin Credit Union on 30th June 2009 with 30 members. In 2014 May 15, the organization is registered as Laythartaung Co.Ltd. Each member has to pay 10,000 kyats for the membership fee and 500 kyats for an application form. Each member can save up to 1,000,000 kyats. We have Chairman, Vice Chairman, Secretary, Joint Secretary, Treasurer, Accountant, Auditors and 4 advisers.
Now, we have 305 member and our total saving and functioning amount is over 300,000,000 kyats. At very fast each member can borrow up to 500,000 kyats but now we can borrow up to 1,000,000 kyats. We need to increase our saving depends on our desire. Now, every member has at least 50,000 kyats. We need to save 200,000 kyats to borrow 500,000 kyats and 300,000 kyats to borrow 1,000,000 kyats. The member who wants to apply loan has to have two witnesses and those witnesses will take responsibility to get back the money. If the borrower does not pay back, they will pay for that person. The interest is 2.5% on the loan. We pay 1.5% on their savings. The company takes 1% of service charge. If a member passed away, his/her remaining family member will receive 50,000 kyats and the remaining saving. A member can withdraw their saving any time they want.
We made the annual meeting and all the members have attended. So that they can share their experiences of works, how to manage on their loans and how they planned for repayment. They also share their challenges. We aim Laythartaung to be sustained and planned to build up the capacity of youth to be the future leader of our organization and this organization will run generation by generation.