SACCO MOVEMENT IN MALAWI SACCOs were introduced in

SACCO MOVEMENT IN MALAWI

ØSACCOs were introduced in Malawi in 70’s by the Catholic Clergy ØIn 1980, the national association (Malawi Union of Savings and Credit Cooperatives – MUSCCO) was formed to service the SACCOs. ØThere has been slow membership growth for the movement since then due to low savings culture in most Malawians, as SACCOs are seen as suitable for low income people. ØSo far we have 46 SACCOs with 115, 000 members in total and over $16 m savings(shares and deposits), with the total loan portfolio of over $14 m and total assets of over $21 m ØThe total female membership is 34 % to total membership of the whole movement.

MUDI SACCO AN AFFILIATE OF MUSCCO

Mudi SACCO draws its membership from salaried and non-salaried people in the southern and part of the central part of Malawi Started Has and registered in 1990 7 Board members with a staff complement of 18 Has over 4000 members in 3 branches with only 17. 5% women members Has total assets of over MK 260, 000 equivalent to $633, 000 as of June, 2014. Offers 3 products in shares, Deposits and Loans with 5 types of loans offered. Has 4 strategic pillars that are supported by 4 strategic objectives; 1. Sustainability and Growth –Improved Financial Performance, 2. Modernization – Efficient and effective improved operational technology, 3. Image Building and maintenance- Improved working environment, 4. Outreach and Inclusion- system growth and diversification.

PROPOSED PROJECT OVERVIEW MAI WATSOGOLO (WOMAN OF DESTINY) AIM OF THE PROJECT: Ø To empower women through access to financial services and training that will lead to improved family well-being and self sufficiency. Ø To increase women membership in our SACCO and contribute to increased women membership for the movement as a whole To build confidence in women to take up leadership roles through training and mentorship. Goals Ø Financial decision Independence in women by the end of one year (case studies) Ø To have 50% of women membership by the end of three years as compared to current 17. 5%(yearly Statistics) Ø Active participation in different committees (by taking leading roles in different forums) Ø

BENEFITS OF THE PROJECT Ø Increase in women’s membership Ø Economic needs of women will be addressed by bringing in gender balance Ø Women will be financially independent Ø Women will be active in leadership roles and will have impact in the movement and beyond Ø To ease the pressure on the existing SACCO resources Ø Increase in profitability and loan portfolio Ø SACCO capacity strengthening through expert training and exposure

NETWORK SUPPORT ØOnline support: Online sharing of experience and advice by network members ØOnsite support: Network to send coaches, mentors and or facilitators on their area of expertise according to the training curriculum to be sent to them