The Malawi Union of Savings and Credit Cooperatives (Muscco) has announced that Savings and Credit Cooperatives (Saccos) in Malawi have accumulated up to a total of K42 billion in shares and deposits, while the membership of Saccos has grown by eight percent in the first six months of 2020.

Outgoing Muscco president, Francis Mlanga, bemoaned the low performance of Saccos in rural areas. “As much as we have saccos in rural areas most of them are weak and require strengthening for them to provide desired services to majority Malawians out there,” Mlanga said.

On the other hand he observed that except for Muscc, all other similar cooperatives lack proper unions to organise and professionalise their services.