Manyamula Community Savings and Investment Promotion (Comsip) Cooperative in Mzimba has managed to amass assets totaling over K22 million.
The cooperative started as a village group in 2010 but has grown to become the best performing community cooperative beating other 400 Comsip cooperatives operating in the country.
The cooperative has an office block, guest houses which accommodate some tenants, a hall, restaurant, two maize meals, goats and it is currently constructing a K6.5 million warehouse for farm produce.
It also has a 30-hactare farm for International Crops Research Institute for the Semi-Arid Tropics (Icrisat) groundnut seed multiplication project.
According to the cooperative coordinator Caanan Gondwe the grouping has K6.5 million in member shares of which K4.5 million is in circulation.
“The culture of savings and investment is growing. Our members are developing their families in terms of education, nutrition, health and sanitation. Some cooperatives are meeting in churches, others in schools but we are meeting in our own premises. This is the only way to develop,” Gondwe said.
Comsip Union, a registered union under the Cooperative Societies Act of 1998, provides financial services through savings mobilisation and investment promotion to the un-served, underserved peri-urban and rural communities.
It serves a population of over 150,000 members organised in groups, clusters and cooperatives.