Deputy Inspector General responsible for Administration Merlyn Yolamu said this in Lilongwe during the opening of the 7th annual general meeting for Police Sacco, where she also said coming together in cooperatives is a way to beat the economic challenges that not only police officers’ face, but the whole country.

Yolamu says it has been noted over the years that loan demand in banks and Saccos among police officers has significantly increased, signifying that the lives of Malawians are improving.

“This calls for additional sustainable means of earning income especially in group savings as Saccos, which has sustained many during the Covid-19 economic hardships, can as well sustain them when the inflation has stung further,” said Yolamu.

She added, “There are benefits in saving, and especially people are in a united group such as Sacco, the prospects of growing their finances multiply, so personally I would advise Malawians to take advantage of the Saccos, join them to counter the pain caused by inflation.”

Commenting, Registrar of Cooperatives in the Ministry of Trade Wiskes Mkombezi says the government sees economic empowerment in the Saccos as a tool for financial inclusion, since members can easily get loans to improve their households.

“If you look at government policy, we encourage formation of credit cooperatives like these so that people that ideally can not access loans, can access financial services through cooperatives. And again, if you ask different companies, previously there was high demand for advances, but that decreased, commented Mkombezi.

A member of the Police Sacco Colleen Sakala has told us Sacco has assisted her in managing things that she could not using a salary that was insufficient.

She said, “being a Sacco member has great benefits. At some point my husband and I were building a house, but unfortunately my husband was involved in an accident and we had a financial breakdown, and the project stalled. Because I was a member of Sacco, I just got a loan to finish the house.

Like during the economic plunge due to the Covid-19, Malawians are passing through rising inflation which has left many hopeless as to how they can sustain their lives.