“SACCOs are improving socio-economic well-being of Malawians through promotion of a saving culture and provision of soft loans. SACCO is among the performers in the Southern Region,” he said.
In his remarks, Chairperson of Future SACCO Geoffrey Kazembe said the Cooperative has lost a lot of money amounting to MK21 million due to bad debts since 2009. On this, Kazembe said the MK21 Million that SACCO has written off would have propelled the Cooperative to another level.
“We are doing whatever we can to recover the money. We have engaged the debt collectors to help us, otherwise we could have been very far, perhaps we could have had our own office building,” he said adding that it is illogical thinking to say that SACCO is for the poor people as the majority have been helped by paying school fees, building houses among others.
Future SACCO has membership of 1444 and it was established in 2015 following a combination of SACCOs from over 10 companies as part of meeting requirements of the Reserve Bank of Malawi.
