Following the escalating economic challenges deeply affecting vulnerable communities in Malawi, Pacosali Foundation has stepped in with social support empowerment initiative, extending a helping hand through better and more affordable loan programs, with rates as low as 3.8 percent.
The Foundation Executive Director, Jordan Maloya said Malawi’s economy is currently facing significant challenges. With a devaluation of 47%, life has become unbearable for many people in the country
Maloya added that the foundation aims to provide access to affordable loans in rural communities, enabling individuals to establish businesses and sustain themselves.
The primary goal of the Pacosali Foundation is to support the most vulnerable communities to become self-sustainable and self-reliant, ”Maloya explained.
He added that they have already reached over 300 Malawians,both through group initiatives and individual endeavors across various sector.Pacosali offers collateral-free loan services to dispel any apprehensions.And they have confidence in rural communities ability to develop through their modest savings .
They plan to establish Pacosali Foundation associations at the traditional authority (TA) level to ensure all clubs are bound within their circle. The move aim to foster fiscal solidarity in club expenditures,” Maloya added.
A beneficiary from Bvumbwe club, Ruth Jumbe, expressed her gratitude for the support she received from Pacosali, which greatly aided in boosting her small-scale business.
Ruth added that Pacosali came at the right time when she had nowhere else to turn. She obtained a manageable loan that significantly boosted her small-scale business and enabled her to purchase food .
Currently, the Pacosali Foundation has extended its reach to Thyolo, Chiladzulu and Blantyre, with expansions into Machinga, Phalombe, Balaka and Dedza underway.
Source:Nyasatimes
