The Malawi Federation of Cooperatives (Mafeco) has hailed the Community Savings and Investment Promotion (Comsip) Cooperative Union for its efforts in building a culture of savings and investment among rural and peri-urban poor communities.
Mafeco Business Development Manager, John Mulangeni, was speaking in Lilongwe during 8th Comsip Cooperative Union Annual General Meeting (AGM) held under the theme ‘Growth through Diversification of Enterprises’.
Mulangeni commended Comsip for its diversification of enterprises by making several investments such as Comsip Skills Enhancement Facility, Comsip Commercial Complex and Comsip Limited, among others.
“Comsip has a 27-hectare farm in Mchinji and is being developed into a Farmer Field School where farmers, including cooperatives, will be provided an opportunity to have practical lessons on how to commercialise their agriculture.
“So far, I am informed, Comsip has already ventured into investments such as installation of solar water system, banana plantation, and construction of a piggery unit,” Mulangeni.
Comsip has also procured a piece of land from Mzuzu City Council valued at K30 million.
The land situated near Mzuzu Stadium is earmarked for the construction of commercial complex for rental purposes.
Comsip Union Chairperson, Leftan Kamanga, said the union has registered tremendous growth in both membership and shares capital.
This has resulted in an increase in number of affiliates from 390 in 2015 to 889 as at June 30, 2019.
The affiliates have a total membership of 224,533 from 164,138 reported last year.
“Comsip yet delivered another strong year, with savings amounting to K327.4 million was mobilised. Cumulatively, the savings are estimated at K6.96 billion which are intermediated within the groups in form of loan for investment, and the average savings per member is estimated at K42,500 above the average for most household of similar characteristics, in the year under review,” Kamanga said.
He noted that the union has completed the development of its successor strategic plan for 2019 to 2022 which provides the roadmap for the future, a foundation to concentrate effort and resources on priority areas, and a means to communicate its strategic roles to stakeholders and potential partners.
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