LILONGWE-(MaraviPost) – The newly elected Malawi Union of Savings and Credit Cooperatives (MUSCCO) vice President Leonard Chakwawa has vowed to maximize profits for its members in this economic down turn era.
Chakwawa, a clinician at the countrys AHL Group, formerly Auction Holdings Limited (AHL) has been trusted to run the shows of MUSCCO following his election through an indaba held recently in the capital Lilongwe.
Clinician Chakwawa is a first Malawian of medical background to be at the helm of the financial institution like MUSCCO.
He was elected along side Fletcher Mhango (MUSCCO President), Masauko Chiwoza-Polymed (MUSCCO Director), Henry Chawawa-Limbe Leaf SACCO (MUSCCO Director) and a Mr. Mayatso-Sucoma SACCO (MUSCCO Director).
Chakwawa’s election comes barely a year after he was also elected as AHL Group SACCO President which saw the cooperative registering about MK28 million in 2015 amid Malawi’s ailing economy.
In an exclusive interview with The Maravi Post, Chakwawa vowed to raise MUSCCO’s profile while striving for profits to its members for their personal economic growth in a year-term office.
“I am very grateful for the trust this financial institution has on me considering that am from medical background. I owe the achievement to God with leadership skills some people are seeing in me.
“This will also uplift my institution (AHL Group SACCO) profile which made huge profits for its members last year, 2015 despite the nations economical challenges.
“Together with fellow directors would like to drive MUSCCO to another greater height so that it grows much in its assets and post surplus in our tenure of office. This will be achieved through team work and good relationship between the entire board and MUSCCO management,” said Chakwawa.
Malawi Union of Savings and Credit Cooperatives is a member-based organization of Savings and Credit Cooperatives (SACCOs) operating throughout Malawi.
MUSCCO was established 15th September, 1980 with a mandate to promote service and support SACCOs in Malawi.
At the same time that MUSCCO was formed there were 26 SACCOs with savings amounting to MK360, 000 and a loan portfolio of MK354, 000.
Both MUSCCO and SACCOs have experienced steady growth since 1980.