Malawi Govt warns against illegal open SACCO operation
LILONGWE-(MaraviPost)-Ministry of Industry, Trade and Tourism on Friday warned Malawians who are currently transacting with Open SACCO to stop doing so forthwith, for the Open SACCO is not registered as a savings entity.
In a press release that the Ministry issued on 15th November, 2019, the Ministry says Open SACCO is operating illegally.
The Ministry has further advised the Open SACCO operators to stop using the SACCO logo as well as carrying business transaction as SACCO with immediate effect.
The Ministry has also stressed that should the management of the said SACCO fail to comply with the law, a serious legal action will follow.
Lately, there have been rampant operations of Open SACCO in most parts of the country.
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