Reserve Bank of Malawi (RBM) has reaffirmed its commitment to financial sector development and inclusion in the country.
RBM depurty Govenor on economics and regulation, Henry Mathanga said this during the official opening of the United Civil Servants Sacco(UCS) branch in Dowa district.
Mathanga, highlighted that SACCO’s impressive growth since its establishment in 1994, He commended the UCS Board and Management for their vision, discipline, and adherence to sound governance and regulatory standards.
Mathanga noted that UCS’s evolution into Malawi’s largest SACCOwi is operations in 28 districts, about 100,000 members, a loan portfolio of K48 billion, and assets valued at K73 billion demonstrates the potential of well-regulated cooperatives to contribute to national financial development.
He emphasized that expanding access to affordable and secure financial services supports RBM’s mandate to promote a stable, inclusive, and resilient financial system that enhances economic growth and household welfare.
UCS Chief Executive Officer Francis Waliwa, emphasized that the launch of the Mponela Service Centre reflects the SACCO’s growth and commitment to transforming Malawians’ socioeconomic lives through an inclusive and future ready cooperative model.
He ecco that the management will make sure that the Sacco’s vision will continue and to bring development in the country
The Sacco’s started operations in 1994.
