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Saccos growing, asset base hits K5.4 billion

Malawi Union of Savings and Credit Cooperatives (Muscco) says its affiliate savings and credit cooperatives’ (Saccos) assets have hit K5.4 billion, signifying their potential to contribute to economic development.

Muscco chief executive officer Sylvester Kadzola said this on Saturday during the International Sacco Day celebrations at Dedza District Hospital.

He said Saccos have 100 000 members with savings portfolio of K4.3 billion, loan portfolio K3.3 billion and assets totaling K5.4 billion.

Kadzola: We need more capital
Kadzola: Saccos put people first

Saccos around the world celebrated International Saccos Day on October 20 with membership drives, contests and fundraisers to help local communities.

Kadzola said in addition to community commitment and positive economic and social change, Saccos put people first before profit to provide all members with affordable financial services.

“Saccos are recognised as a force for positive economic and social change,” he said.

Esther Mwimba, who is registrar of cooperatives in the Ministry of Industry, Trade and Tourism, and was guest of honour, said   government will continue to support cooperatives and Saccos in the country.

“Government has always been agitating for financial inclusion, and Saccos and cooperatives, are doing a great job.” n

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