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Musicians urged to save money

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Musicians Union of Malawi (Mum) President Gloria Manong’a has called on fellow musicians and artists in the country to consider start saving money from the income they make.

Manong’a said it was high time musicians changed the way they use their money.

“The money we make, let’s try as much not to use all of it but rather save some. We need to develop that culture of saving and that can be done through Arts Savings and Credit Cooperative Society Limited,” Manong’a said.

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Arts Savings and Credit Cooperative Society Limited is part of the Arts Integrated project spearheaded by Copyright Society of Malawi (Cosoma) and is aimed at inculcating a spirit of saving in artists.

“I am happy to see that a lot of artists have joined Arts Sacco and I am even happy to see that we have musicians such as veteran Giddes Chalamanda as members of Arts Sacco,” Manong’a, a member of Arts Sacco board of directors, said.

Arts Sacco Blantyre Branch Member Service Officer, Kennedy Malichi, said they were advocating that every artist should have an account.

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“Saving money is very important. Through Arts Sacco, artists save money, get loans and other services,” Malichi said.

He said the account artists open with Arts Sacco was not meant only for saving money but also receiving their royalties.

“In the past years, artists were being given cheques outright but now artists receive their royalties through Arts Sacco. This is a safe way and for those artists, who are even outside the country, they need not to worry because their money goes straight into their accounts and is safe,” Malichi said.

Chalamanda, who on Friday went to collect some of the money from his account which recently was channeled with blank media levy and broadcast performance funds, said he was happy to be part of Arts Sacco.

“It is a safe way of saving money but also receiving money. Again, you have a chance to get loans. These are save money,” Chalamanda said.

Two months ago musician Piksy also called upon fellow artists to save and invest money.

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