The Malawi Union of Savings and Credit Cooperatives MUSCCO has challenged Sacco's in central region to think outside the box if they are to survive and grow their membership with the currently economic challenges due to covid-19.
This is according to MUSCCO president Francis Mlanga who was speaking on Saturday in Salima at an Annual General Meeting for central region SACCOs known as Chapter 2 Sacco.
Mlanga believes the SACCOs remain one of the crucial means of accessing loans and promote savings culture but called for creative thinking in the wake of economic turbulences in the country.
"I can say Saccos are doing well despite the economic challenges facing the country due to covid 19 but there are fears if not careful we may lose a lot of our members so there is need for members and managers to think outside box to survive." He said.
Former MUSCCO President Francis Mlanga
He is optimistic that the impact of COVID 19 will not affect Sacco members if they are coming up with innovative ways to improve their wellbeing.
The outgoing chairperson for central region Saccos known as Chapter two Justin Dzinkambani has challenged Sacco members to develop modern ways of improving their businesses such as computerized systems and the use of Auto teller machines.
He is of the view this will make them relevant as their members will be able to access funds without physical contact with sacco officials.
"We must admit Covid 19 has affected us, some of the people who were our members have lost their jobs that means they can't be members anymore, covid is here and is here to stay life has to move on." Dzinkambani said.
Meanwhile, about 35 thousand people from the tourism sector who were Sacco members in the central region have lost their jobs due to COVID 19.