By Dorica Mtenje
LILONGWE Maravipost: The Ministry of Trade and the Malawi Union for Savings and Credit Cooperation (MUSCCO) are encouraging competition in the financial sector in line with the good performance of the Malawi Police Savings and Credit Cooperation (MPSACCO).
During the visit on Wednesday, February 5, Minister of Trade Sosten Gwengwe said that the Police has the largest number of SACCO members with 14900 registered members.
According to Gwengwe, the ministry is collaborating with the Reserve Bank of Malawi to simplify the regulatory regime for these holdings.
He mentioned that the SACCOs have assisted many farmers in obtaining farm inputs on their own.
“People have ideas and sometimes all they need is financial support to implement them, said Gwengwe.
Malawi Police SACCO’s Chairperson, Ian Mwalungila, stated that the institution has grown from 65 members to 14900 members as of December 31st, 2024.
Mwalungila said that their asset book has grown to MK7.3 million, a rise from 300,000.
He stated that they have distributed 6 million from 7.3 billion as loans.
He added that the members have been able to mobilize MK4 billion in shares and loans.
He further said that as part of their growth, they have opened a branch in Mzuzu with a satellite in Karonga, a branch in Blantyre with a satellite in Lucheza, and a branch in Zomba. Plans are underway to have a satellite in Mangochi.
He further said SACCOs are in line with government 2063 goals of creating vibrate financial inclusion, and the government is trying to create vibrate financial institutions so that people can access financing for self-reliance.
He therefore said they are partnering with the government initiative to improve the lives of citizens.
