Malawi registers K1.4bn in circulation through Comsip

Minister of Gender, Children and Social Welfare, Clara Makungwa Thursday said the country has K1.4 billion in circulation through Community Savings and Investment Promotion (COMSIP) programme.

The minister said this in Lilongwe during the official launch of Federation of National Association of Women in Business in Eastern and Southern Africa (FEMCOM) Secretariat.

“My ministry is promoting the culture of saving and prudent borrowing among women through Comsip and over 2 000 co-operatives have been established nationwide,” said Makungwa.

She said the programme has helped women especially in the rural areas to improve their economic status and enhance the savings culture while diversifying investment opportunities.

Makungwa added that efforts are also underway to intensify entrepreneurship training for women in the country so as to build their capacity and also prepare them for their large scale business undertakings.

The Minister then said the coming of FEMCOM will strengthen the initiatives to achieve increased capacity building, quality assurance, market access and information sharing among the women in business fraternity.

“My ministry is ready and prepared to support FEMCOM and ensuring that a favourable policy environment for women to actively participate in economic activities and have full access and control over the benefits in place,” she said.

She assured working closely with FEMCOM to blend all business women and groups in the country.

President Joyce Banda said she has been helping village banking groups by adding capital to small scale businesses.