Minister of Trade and Industry SACCO Visits

The government through Ministry of Industry and Trade is a key stakeholder for the SACCO sector. This week, the sector is hosting The Minister of Trade & Industry Hon. Sosten Gwengwe MP.

The minister has commended savings and credit cooperatives (SACCOs) for promoting financial inclusivity in contributing the country’s efforts in attaining Malawi 2063. His first stop in his tour was at Malawi Police SACCO. The minister was able to appreciate the growth and remarkable initiatives done by MPS SACCO.

The Minister then proceed to Mzuzu where among other duties he visited United Civil Servant SACCO and speaking during a dinner event which was hosted by UCS SACCO, after he had earlier in the day planted a tree at Lusangazi at a tree plot which belongs to UCS SACCO.

He said SACCOs have the potential of making households financially secure and self-reliant and that the ministry which the SACCO’s mother parent will continue supporting them to thrive in their operations. “We will support them whether through reformation of laws and regulations or any other support which the SACCO Movement needs.

We have the department that deals with small and medium enterprises and cooperatives as such we should be able to support them,” said Gwengwe.

He then said he had interacted with various SACCOs across the country and was satisfied that most of the are performing well and making a difference at household level in terms of financial security.

“According to UCS SACCO, they aim at growing their membership to 130,000 by 2026 but there are many SACCOs around and I would like all of them to continue working together under the umbrella of Malawi Union of Savings and Credit Co-operatives (MUSCCO) and have much support as possible to form either co-operative banks or development banks which can invest in additional businesses and infrastructure development as currently the country is infrastructure deficient,” he said.

Chief Executive Officer for UCS SACCO, Francis Waliwa said that the institution is doing everything to possible to increase its membership by introducing service packages which can contribute to the development of the country and members as individuals.

According to Chief Executive officer for MUSCCO, Fumbani Nyangulu SACCOs are the best vehicles to financial accessibility to those who want to embark in SMEs but lack capital investment.