MUSCCO Asks Government to Champion SACCO Growth as Sector Pushes for Rural Financial Inclusion during 2026 Annual Lakeshore Conference Meet

Livingstonia International Conference, Salima Malawi, 25th — 27th September 2026: The Malawi Union of Savings and Credit Co-operatives (MUSCCO) has called on Government to help expand the SACCO movement by mobilizing civil servants and legislators to join SACCOs, supporting a national SACCO expo, and speeding up the review of the outdated Co-operative Societies Act.

MUSCCO Board Chairperson Alex Ntungama made the appeals at the association's Annual Event, held under the theme "Getting Future Ready". The event brought together SACCO leaders and managers, industry stakeholders and the Reserve Bank of Malawi. The Chief Guest was the Minister of Industrialization, Business, Trade and Tourism, Hon. Simon Itaye, and the keynote speaker was the CEO of NICO Life.

A small but growing sector

In his remarks, the Chairperson said the SACCO sector's mission is to promote financial inclusion and a savings culture among Malawians. He cited figures indicating that, as of 30 June 2026, Malawi had about 41 SACCOs with:

- a net asset base of about K180 billion;
- a membership of about 320,000;
- savings of about K100 billion; and
- a loan portfolio of around K120 billion.

Rural outreach a priority

The Chairperson said Malawi has relatively strong employee-based SACCOs but weak coverage in rural areas, where most Malawians live. He acknowledged that the country's weak economy makes operating in rural areas expensive, but said it is a necessary if the sector is to remain sustained as competition in urban areas is huge. The conference theme being getting future ready, he explained, is meant to guide discussions on how SACCOs can work more closely with banks, insurance companies, microfinance institutions and others to reach rural communities.

Three requests to Government

The Chairperson asked the Minister to lead three initiatives:

  1. Mobilising civil servants and legislators. MUSCCO wants a "SACCO Sensitization Day" for senior Government officials, including Principal Secretaries, Directors and Ministers. which among others would help to correct the perception that SACCOs are for the poor, encourage officials who are not members to join, and win support for the SACCO agenda in Cabinet, Parliament and other decision-making forums. He also urged all Members of Parliament to join SACCOs. Large SACCOs, including United Civil Servants SACCO, Msilikali (MDF) SACCO and Police SACCO, will support the effort.
  2. A SACCO Expo/Fair. The sector plans to hold an expo in December this year to showcase SACCO products and services and gather public feedback on how to attract more members. MUSCCO will seek the Ministry's support and guidance once logistics are finalized.
  3. Review of the Co-operative Societies Act (1998). The Chairperson urged Government to expedite the review of the law, which he described as outdated, and to align it with the Financial Cooperatives Act (2011). He noted that the process has started but is taking too long.

Partners acknowledged

The Chairperson thanked the Ministry and development partners for their support, naming the Canadian Development Fund, We Effect of Sweden, the World Bank through the FINES project administered by the Reserve Bank of Malawi, GIZ, and IFAD through the FARMSE project. He also commended the Registrar of Financial Institutions, particularly the Director of Microfinance and Capital Markets Supervision, for supporting annual interface meetings with SACCO leaders and managers, which began in 2025.

Concluding his remarks, the Chairperson said the SACCO sector would work with the Minister to grow the economy, and that its role would be to ensure that farmers, small business owners, employees and all Malawians are financially included through SACCOs.