Malawi Union of Savings and Credit Cooperatives (Muscco) has urged women farmers in village savings and loans groups to join their nearest Sacco to promote financial inclusion.
Muscco project and gender coordinator Rose Nyambi said in an interview on Friday that women need to be encouraged to save the little money they realise from their farming business.
She said: “These women are working in groups and they are being equipped with knowledge on various issues.
“But aside from this knowledge, there is still a gap when it comes to financial access in many rural areas and Saccos [savings and credit cooperatives] are the only way these women can get help from.”
Nyambi said encouraging women to join Saccos provides the opportunity of ownership to shareholders compared to other financial service providers.
She said financial literacy imparted to Sacco members, especially women, helps them to manage their finances and progress in life.
Dowa District Tipindule Sacco board member Estele Makawa said the Sacco has improved lives of many farmers in the district and with the ownership rights, they believe there is more to come.
She said: “More women do not know when to save money for future use.
“With Saccos, we have the opportunity to borrow and save money with the hope that it will multiply which means more money for the Sacco members,” she said.
Muscco is the umbrella body for the country’s Saccos.