Ministry of Trade and Industry has praised Savings and Credit Cooperatives (SACCOs) in Malawi for promoting financial security at the household level and encouraging a saving culture.
Minister responsible, Sosten Gwengwe, made the remarks during an event by the United Civil Servants SACCO (UCSSACCO) in Mzuzu.
He highlighted that SACCOs have been instrumental in wealth creation at the household level as well as supporting small and medium enterprises in their business ventures.
The Minister also acknowledged United Civil Servants SACCO for emerging as one of the fastest-growing SACCOs in Africa, a milestone that aligns with Malawi 2063 Agenda.
Chief Executive Officer for the Malawi Union of Savings and Credit Cooperatives (MUSCCO) Fumbani Nyangulu, emphasized that SACCOs are essential in improving the economic well-being of individuals and communities.
Chief Executive Officer for UCSSACCO, Francis Waliwa, said the SACCO has achieved a surplus of K12 billion this financial year besides providing employment opportunities for young people.
By Jackson Sichali
