By McDonald Chiwayula & Charles Pensulo
The Ministry of Industrialisation, Business, Trade and Tourism says it is working towards growing Savings and Credit Cooperative Societies (SACCOs), emphasising that they are crucial for financial inclusion. Principal Secretary in the ministry, Wiskies Nkombezi, made the remarks in Blantyre during the 24th Annual General Meeting of Mphunzitsi SACCO.
Nkombezi said this can be achieved through proper scrutiny and regulation of SACCOs. According to him, every SACCO member should remain vigilant to ensure the success of the sector.
During the AGM, Board Chairperson of Mphunzitsi SACCO, Flora Mombe Seyama, said that despite facing challenges, the entity has registered remarkable success.
“In a period of three years, we have grown from K4.5 billion to K8.1 billion in assets, and our profits have increased from K147 million to K812 million,” Seyama said.
She attributed the success to members who trusted and worked closely with the leadership.
The Malawi Union of Savings and Credit Cooperatives (MUSCO) is the umbrella body of all SACCOs. Central Finance Facility Manager for MUSCO, Ezekiel Thindwa, said the lives of SACCO members have improved, commending Mphunzitsi SACCO for contributing to the transformation of people’s livelihoods in the country.
However, Thindwa called on SACCOs nationwide to strive for growth in membership and promised to provide technical support. During the event, Mphunzitsi SACCO members who successfully recruited new participants were awarded cash, motorcycles, bicycles, and other prizes.
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