The Reserve Bank of Malawi (RBM) has urged savings and credit cooperatives (Saccos) in the country to embrace digital transformation to serve their customers better.
RBM director of capital markets and microfinance supervision Khumbo Mtalika, speaking on Saturday in Lilongwe during the Malawi Police Sacco 11th Annual General Meeting (AGM), said nowadays digital transformation is key to serving customers efficiently.
He said: “If you want to be inclusive to the younger generation, embracing digital financial services is the way to go.
“We are happy to see that Malawi Police Sacco has introduced a platform to serve its customers efficiently.”
Malawi Police Sacco chief executive officer Ian Mwalungila said the Sacco is embarking on digital innovation to be in tune with emerging trends.
“We have already started the innovation and we will be launching our mobile application and mobile banking services so that our members can transfer money direct from Sacco account to any mobile network operator,” he said.
Malawi Police Service Deputy Inspector General responsible for administration Noel Kayira said Malawi Police Sacco continues to grow since its inception.
“As management, we commit to supporting the Sacco in its entire endeavour for it to continue to grow. We are extremely happy and excited with this growth,” he said.
During the AGM, it was reported that Saccos member savings have grown from K4.7 billion in the 2024 to K6.3 billion at the end of 2025 while total assets increased from K7.2 billion to K10.8 billion during the same period.
During the year under review, MPS Sacco posted a K549 million surplus, a rise from the previous year’s K368 million.
