Project Seeks to Increase Households’ Savings
At least 60, 000 households in the five district of Rumphi, Mulanje, Dedza, Nkhotakota and Nkhatabay, are expected to serve K6 billion in organized Savings and Loans Groups in the next two years.
This will be achieved through support from Community Based Value Chain Financing Project implemented by Malawi Milk Producers Association (MMPA) in the five districts.
Project Manager for Community Based Value Chain Financing Brown Phulusa who said this on Friday in Mulanje when presenting the project to District Executive Committee meeting said the project seeks to provide skills in entrepreneurship and financial management to newly formed Savings and Loan Groups (SLGs) already existing SLGs.
“SLGs will be linked to financial lending institutions like SACCOs and banks,” said Phulusa.
District Commissioner for Mulanje Stallichi Mwambiwa has hailed the project saying if successfully implemented will boost economic development at household, community and district level.
“As a council, we have received the project with hope that the targeted groups will utilize skills and knowledge imparted to them for their own success,” said Mwambiwa.
The project will be implemented by Malawi Milk Producers Association with support from Financial Access for Rural Markets, Smallholders and Enterprise (FARMSE).