MUSCCO Champions Growth, Governance, and Member Excellence at 46th AGM
MUSCCO Ltd recently held its 46th Annual General Meeting (AGM) at Sunbird Livingstonia Hotel in Salima, it was a milestone event that celebrated the institution’s remarkable journey of growth, resilience, and commitment to its members. The ceremony brought together the Sacco’s leadership, staff, and members, and was graced by the Director of Capital Markets and Microfinance Supervision at Reserve Bank of Malawi Mrs. Khumbo Mtalika, underscoring the strong partnership between MUSCCO and the Financial cooperatives regulatory sector.
MUSCCO President, Mr. Alex Ntungama set the tone of the AGM with a compelling address on the importance of resilience and integrity in steering MUSCCO through a rapidly changing economic and regulatory environment. His remarks underscored the resilience and growth in the year 2025 despite persistent economic and climatic challenges.
Performance Overview
MUSCCO’s financial position showed notable progress, with Union assets growing by 37%, supported by a 9% increase in the loan book and a remarkable 137% rise in short-term investments. Shares and deposits from SACCOs also expanded by 36.5%.
However, the Union’s surplus declined by 28%, falling to K322 million from K413 million in 2024, largely due to rising operational costs. Capital grew by 104%, though it remains below the regulatory benchmark of 3% of total assets — an issue earmarked for attention in the 2024–2028 Strategic Plan.
On the SACCO development front, the sector demonstrated resilience, with assets up 34%, savings increasing by 37%, and loan books expanding by 38%. Membership, however, fell by 4%, attributed to withdrawals following the closure of USAID-sponsored institutions.
Partnerships and Support
The Chairperson acknowledged the critical role of development partners, including WE Effect and the Cooperative Development Foundation of Canada, whose support strengthened outreach and inclusion. The World Bank’s Financial Inclusion and Entrepreneurship Scaling Project (FInES), implemented by the Reserve Bank of Malawi, also provided affordable credit facilities to SACCOs, enabling expansion of loan portfolios for small and medium enterprises.
MUSCCO further recognized the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) for technical support and capacity building, and expressed appreciation to the Registrar of Financial Institutions – Reserve Bank of Malawi for regulatory oversight and guidance.
Looking Ahead
The Union reaffirmed its commitment to implementing the 2024–2028 Strategic Plan, anchored on three pillars: Deepened Cooperative Model, Improved Corporate Governance, and Enhanced Financial Inclusion. A key initiative under this plan is the establishment of a stand-alone SACCO Central Finance Facility, envisioned as a regulated financial intermediary to strengthen financial intermediation among SACCOs.
The Chairperson concluded by thanking stakeholders and affiliate SACCOs for their continued support, emphasizing that the foundation laid in 2025 positions MUSCCO for stronger growth and impact in the years ahead.
