The Malawi Union of Savings and Credit Cooperatives (Muscco) on Saturday unveiled a five-year strategy to guide its operations from this year to 2023.
Muscco Acting Chief Executive Officer, Fumbani Nyangulu, said on the sidelines of the firm’s annual general meeting (AGM) that the plan was structured into five pillars that are critical for achieving the company’s vision of being a leading, self-sustaining union of cooperatives promoting financial inclusion in Malawi.
Nyangulu said the pillars are inclusive growth, innovation, communication and visibility, capacity building and sustainability and risk management.
He said the strategic plan builds on the achievements attained in the last strategic plan, which ran from 2012 to 2018.
“Extensive consultations were conducted during the preparation in order to ensure that the plan reflects both institutional and stakeholder aspirations. Further, assumptions were made in the preparation for the strategic plan that formed part of the foundation on which the plan has been built.
“The plan assumes, among other things, that there will be continued affiliation of Saccos, partners and other stakeholders support for set targets in Malawi. It also assumes that Muscco will be allowed to continually function independently accordingly to existing and revised legislation,” Nyangulu said.
During the AGM, Muscco elected a new board led by Francis Mlanga.
Outgoing president, Fletcher Mhango, described his stay at the helm as fruitful, saying, among other things, he managed to grow the sacco membership by about 20,000.
Mhango said the sacco movement continues to face a number of challenges, including delayed remittances of deductions by companies.
Registrar of Cooperatives in the Ministry of Industry, Trade and Tourism, Wiskes Nkombezi, said the government was committed to ensuring that the sacco movement grows in the country.
Nkombezi said the sacco movement promots a savings culture in the country.