Advertisement
Business

Sacco savings hit K42 billion

Advertisement

Members of the country’s Savings and Credit Cooperatives (Saccos) have saved a total of K42 billion in shares and deposits, the Malawi Union of Savings and Credit Cooperatives has said.

Outgoing Muscco president, Francis Mlanga, was speaking in Mangochi District during the 2020 Sacco Annual Lake Conference held under the theme ‘Inspiring Hope for Our Members and the Nation’.

Mlanga said of the amount about K21 billion has been taken back by members in form of loans.

Advertisement

He said the membership of Saccos has grown by eight percent in the first six months of 2020 from 141,188 in December 2019 to 152,000 by June 30, 2020.

“What is more painful with these statistics is that a greater percentage belongs to members in employee-based Saccos. In Malawi, the greatest population is in rural areas. As much as we have saccos in rural areas most of them are weak and require strengthening for them to provide desired services to majority Malawians out there,” Mlanga said.

He bemoaned the poor structuring and coordination of the cooperative movement in Malawi, adding that except for Muscco which running effectively, all other types of cooperatives lack proper unions to organise and professionalise their services.

Advertisement

Mlanga hoped that through the office of the Minister of Industry, the cooperatives could be well structured and coordinated.

Industry Minister Roy Kachale, who graced the occasion, hailed the Sacco movement for promoting the savings culture among Malawians.

He appealed to the movement to scale up awareness programmes so that many Malawians are aware of the operations of Saccos and join the movement.

During the conference, Sacco members elected Stanley Mpaya as new Muscco president.

Mpaya said he would like to see the membership of the Sacco movement growing to reach the levels of Kenya.

Advertisement
Tags
Show More
Advertisement

Related Articles

Back to top button
Close
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker