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Seven agricultural cooperatives benefit from FInES Project

Seven agricultural cooperatives in Mchinji District have benefited from a loan obtained by Mchinji SACCO from the Financial Inclusion and Entrepreneurship Scaling (FInES) Project, through the Malawi Agriculture and Industrial Investment Corporation (MAIIC).

According to Mchinji SACCO General Manager, Michael Mangani, the K100 million loan they lent to farmers in various agricultural cooperatives is performing well, and they are confident it will be fully repaid by December 2024, allowing them to secure another loan from MAIIC.

Mangani added that there is a demand for K400 million, but with the current K100 million loan, the SACCO faces a deficit of K300 million to meet the needs of the farmers.

One of the beneficiaries of the FInES loan, Eliya Kholowa from Nkhunguyembe Cooperative, said that the loan has significantly improved his agricultural production.

Meanwhile, FInES’s Financial Services Development Specialist, Hastings Mzoma, has expressed satisfaction with how the farmers have utilised the loan to boost their agricultural output.

 

By Olive Phiri 

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