To help boost local business and empower communities in Chitipa, Cumo Microfinance Limited has disbursed loans amounting to K540 million to 299 groups in the district since 2023.
Project Coordinator, Anne Nyongopa disclosed this during a visit to CIP 255-Madalitso Group in Namachinga Village, located in Senior Chief Mwabulambya’s area.
“I’m thrilled to see how these loans economically empower group members,” said Nyongopa.
Willex Chanya, Chairperson of the CIP 255-Madalitso Group, expressed gratitude to Cumo Microfinance for enabling their business growth. “Every member gets K100,000 with a 16 percent interest rate, which is affordable compared to other financial lending institutions,” he said.
But Chanya said the 16-person group isn’t stopping at loans. They recently decided that each member will contribute K30,000 to invest in goat farming, with long-term plans to purchase a maize mill. “Beyond the village savings and loan group, we want to diversify our business,” he said.
Assistant District Community Development Officer for Chitipa, Bandileko Mwaulambia Nyondo, encouraged group members to continue working hard to empower their families economically.
By Aliko Munde, MANA
