By Daniel Zimba:
United Civil Servants Savings and Credit Cooperative (Sacco) has increased its membership from 17,000 to 82,000 in 2024, a development which officials have attributed to innovation and improved awareness.
This, partly, led to growth of the sacco’s annual revenue to K48 billion, with total loans disbursed amounting to K40 billion.
In 2023, the sacco registered an annual growth of K20 billion, with total loans disbursed amounting to K18 billion.
Civil Servants Sacco Chief Executive Officer Francis Waliwa attributed the improvements to the institution’s dedication to excellence and saving culture.
“This means we have registered a significant impact and feel motivated to continue helping Malawians with financial services at all times,” Waliwa said.
He then announced plans to introduce products that target small and medium enterprises, saying structures were being put in place.
In 2024, the Pan- African Confederation of Cooperative Savings and Credit recognised Malawi Civil Servant Sacco as the best performing and fastest growing one in Africa.
Minister of Trade Sosten Gwengwe said when local companies get international recognition, prestige goes to the country.
He commended Civil Servants Sacco for its role in inculcating a culture of saving in Malawians.
“The government continues to create a conducive environment for such financial businesses because, I think, such achievements are made possible because of the regulatory support from the government,” Gwengwe said.
United Civil Servants Sacco is a member-owned institution under the Malawi Union of Savings and Credit Cooperatives.
Since 1992, the sacco has been offering a range of savings and crest products to both civil servants and non-civil servants in Malawi.
It does so under the supervision of the registrar of Cooperatives in the Ministry of Trade and Industry.
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