Sacco assets hit K66 billion

Savings and Credit Cooperatives (Saccos) in the country have accumulated K66 billion in assets, thereby giving opportunities to more Malawians to attain financial freedom.

This was disclosed in Dedza on Saturday when Saccos in the Central Region donated assorted hospital equipment  worth over K6 million to Dedza District Hospital.

Malawi Union of Savings and Credit Cooperatives (Muscco) business development manager Ezekiel Thindwa has since encouraged Malawians to join Saccos to enjoy the benefits.

He said: “Saccos offer easy access to loans for education, farming, emergencies and acquiring fixed assets such as land, houses and vehicles. The interest is affordable and loan processing is easy and fast.”

Muscco data shows that there are 43 Saccos in Malawi with K41 billion in shares and K45 billion in loans.

The donation by the Chapter 2 Saccos consisting all 25 Saccos in the Central Region included 40 mattresses, two wheelchairs, a stretcher and other hospital equipment.

Chapter 2 Saccos director Alex Ntungama said the donation was part of the International Credit Union Day celebration, which falls on the third Thursday of October and has been celebrated since 1948.

“Every year we agree on what corporate social responsibility to carry out using contributions from all members. We expect that through this donation, communities in Dedza will be able to receive better health service delivery at the hospital,” he said.

Dedza District Council principal administration officer Moses Jere hailed the Chapter for the donation saying it will go a long way in addressing some of the challenges the hospital was facing, including shortage of mattresses.

He called on other wellwishes to emulate the gesture, saying the hospital needs more support.

This year, Muscco members celebrated the day under the theme ‘Financial wellness and member empowerment’.