By Patrick Dambula
Minister of Industrialisation, Business, Trade and Tourism, Simon Itaye, has described Savings and Credit Cooperative Organisations (SACCOs) as an important tool that complements government effort in growing the economy.
Itaye said this in Lilongwe at the opening of the 31st Annual General Meeting of United Civil Servants Sacco (UCSACCO).
The minister said SACCOs also help to foster economic inclusion. He added that government appreciates the role played by SACCOs, especially as the country moves towards Malawi 2063, in which the country spelled out targets in a number of areas, with an eye for development.
“SACCOs are critical to Malawi’s economy because they strengthen local economies by providing affordable credit to small-scale farmers, traders, and entrepreneurs, they enable members to expand businesses. This not only benefits individuals but also stimulates local trade, job creation, and community development,” said Itaye.
Chief Executive Officer for UCSACCO Francis Waliwa said in the 2025 financial year, they managed to post a profit of K15.7 billion and dividends amounting to K4 billion. He said the success has come because they managed to bring in 15,000 new members; bringing the total number of members to 92,000.
