SACCOs want Financial Cooperative Act revised

Savings and Credit Cooperative Organizations (SACCOs) in the country want the Financial Cooperative Act of 2011 revised to foster growth of the organizations and enable them to conform to the current situation.

Registrar of Cooperatives in the Ministry of Trade, Wiskes Mkombezi, brought the issue to light on Monday during Dwangwa SACCO (DWASCO) Annual General Meeting (AGM) which took place in Dwangwa in Nkhotakota District.

According to Mkombezi, SACCOs feel there are some laws in the country which hamper their growth instead of promoting them.

He cited the reporting requirements and registration processes as some of the areas SACCOs want to see revised.

Mkombezi said as a result of the calls, his ministry and Malawi Union of Savings and Credit Cooperatives (MUSCCO) representing the SACCO movement, and the Reserve Bank [of Malawi] will be meeting early July this year.