Malawi Union of Savings and Credit Cooperatives (MUSCCO) says savings through SACCOs have soared from K50 billion in 2023 to over K70 billion this year.
The sector’s assets have also surpassed K100 billion as the United Civil Servant Sacco (UCSSACCO) continues to lead as Africa’s fastest growing SACCO as confirmed by MUSCCO and the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA).
MUSCCO’s Chief Executive Officer, Fumbani Nyangulu, noted that campaigns promoting a culture of savings, alongside the resilience shown by SACCOs during economic challenges, have helped drive this growth.
However, Nyangulu was quick to acknowledge that while progress is significant, more effort is needed to solidify saving habits across all sectors of the population.
UCSSACCO’s Chief Executive Officer, Francis Waliwa, echoed these sentiments, stressing the importance of saving as a tool to weather economic uncertainties.
Waliwa said saving is not just numbers but it is about securing a better future for all just like collecting drops of water from a tap in a bucket.
By Yamikani Makanga
