By Shaffie A Mtambo
Minister of Trade and Industry, Sosten Gwengwe, has encouraged Savings and Credit Cooperatives (SACCOs) in Malawi to aim high and never stop dreaming big. During his visit to Malawi Police SACCO and United Civil Service SACCO, Gwengwe emphasized the importance of SACCOs in changing lives and contributing to wealth creation, as outlined in the Malawi 2063 vision.
Gwengwe cited examples of successful financial cooperatives in Kenya and the US, and expressed confidence that Malawian SACCOs can follow suit. He noted that with determination and hard work, SACCOs can grow to become major players in the financial sector, competing with commercial banks.
The Minister’s visit highlighted the impressive growth of the two SACCOs. Police SACCO’s membership has increased from 65 to 14,900, while United Civil Service SACCO has registered a K12 billion profit. These achievements demonstrate the potential of SACCOs to drive economic growth and improve the lives of their members.
Gwengwe pledged his ministry’s support to help SACCOs grow and become self-reliant. He emphasized that his ministry would continue to provide guidance and assistance to SACCOs, enabling them to achieve their goals. The Minister’s commitment to supporting SACCOs is expected to inspire confidence and motivation among SACCO members and leadership.
The Minister’s message of encouragement and support was well-received by the SACCO members and leadership. Police Commissioner Violet Magwaya, a member of Police SACCO, testified to the benefits of being a SACCO member, noting that she had been able to purchase a vehicle and a piece of land through a loan from the SACCO.
Gwengwe’s visit and message serve as a reminder of the importance of SACCOs in Malawi’s economic development. As SACCOs continue to grow and expand, they are expected to play an increasingly significant role in promoting financial inclusion and wealth creation in the country.
