Comsip assets up 8.1%


Community Savings and Investment Promotion Cooperative Union Limited (Comsip) Board Chairperson, Canaan Gondwe, has described the year 2016/17 as a success following the union’s ability to grow its assets by 8.1 percent.
Gondwe said this during the union’s Annual General Meeting held in Lilongwe recently.
Gondwe attributed the success to growth in membership triggered by prompt service delivery, with a total of 93 affiliates joining the union and bringing with them over K9 million in shares.
“Further to our achievements, I want to report that the year was yet another year of important milestones for Comsip.
“The union continued to implement the livelihood and skills development component of Masaf 4 to strengthen safety nets systems.
“In the year, the Masaf4 project extended its social cash transfer support to nine districts; Karonga, Rumphi, Kasungu, Nkhotakota, Dowa, Ntchisi, Lilongwe,Chiladzulu and Blantyre, and Comsip interventions were taken on board,” Gondwe said.
Director of SMEs and Cooperatives in the Ministry of Industry, Trade and Toursim, Wiskes Mkombezi, lauded the union for its efforts to expand.
He said this complements the government’s efforts to enhance financial inclusion.
“Our theme on innovations for financial inclusion and economic empowerment does not only express the desire of Comsip but also expresses the desire of the government of Malawi to witness innovations and modernisation onfinancial inclusion for the rural populace and blending it with economic empowerment,” Mkombezi said.
However, Mkombezi, warned the leadership of the union to ensure protection of the members’ investment and that members should always be the major beneficiaries of the developments happening at all times.
He further asked the union to adhere to by-laws, policies and regulations that govern the operations of cooperatives in the country

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