Muscco wants village banks to hook up with Saccos

Malawi Union of Savings and Credit Organisation (Musco) says it is devising ways of linking up village banks, dominated by women to Saccos as way of ensuring the money is free from thefts.

 Village banking
Village banking
Musco CEO Kadzola
Musco CEO Kadzola

Muscco public relations officer Manesi Chinoko said this recently, saying the creation of numerous village banks is a clear indication that appetite for saving amongst people in both rural and urban areas is growing rapidly.

She therefore said there was need to create a conducive environment for the women who are sometimes robbed of their hard saved money.

“Sometimes the money is plundered by officials, sometimes there thefts so when they are linked to Sacco, all these things will be things of the past,” he said.

Village bank members share their money in open places like schools, houses even cars instead of getting their money from banks.

A recent incident was in Chibavi, Mzuzu where the women were robbed of millions of money as they were about to share it amongst themselves after saving in the group for long and for a purpose.

Of the 44 savings and credit corporative (Saccos) in the country, 30  have been licenced by the Reserve Bank of Malawi (RBM) after complying fully to new regulatory requirements while seven have been declared unfit and told to merge with other Saccos for their continuity, according to Musco chief executive officer, Sylvester Kadzola

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