Community Savings and Investment Promotion (Comsip) has registered increase in the number of affiliates from 390 in 2015 to 450 in 2016, representing 15 percent growth by December 2016.
Comsip’s Board Chairperson, Canaan Gondwe, is quoted as having said in the financial statement that shareholding capital increased from K27.3 million in 2015 to K49.1 million in 2016.
“This is also reflected in the share capital growth that grew from 419 to 547 shares representing 55 percent increase from 2015,” Gondwe said in a statement shared to members and directors of during its Annual General Meeting (AGM) held between 27 December and 28 in Lilongwe.”
He attributed the share capital growth to an increase in numerical values that many cooperatives have as shares in the union, more clusters, the increase in the share value from K50,000 to K100,000 within the year.
“The changed approach was used to meet the targets as set in the 2015 AGM resolution which were implemented throughout the year. The Union re-invested the capital based on the decision made in the previous AGM until a time when tangible surplus will be realised,” Gondwe said.
He added that the World Bank resources are also a manifestation of the impressive performance in implementing a savings and investment initiative in Masaf IV Strengthening Safety Nets Systems in Malawi Project.
“The Union continued to host World Bank mission teams’ visits in 2016 which included the visit of the World Bank Task Team Leader to Comsip clusters to appreciate the impact of the Union’s interventions on the community livelihoods,” Gondwe stated.
The Board Chairperson has since said that Comsip would continue to implement the promotion of savings and investments thereby reaching out to more clusters/pre-cooperatives to generate income which will eventually result in increased income for the primary cooperatives.
For the sector to continue registering tremendous growth, government—through the office of the Registrar of Cooperative Societies—is in the process of reviewing the cooperative policy and strategy in collaboration with shareholders and members.
Comsip is a capacity enhancement initiative designed to inculcate the culture of savings and investment in both rural and urban communities.
The union transforms traditional savings and investment practices to formal savings and investment ventures thus generating income hence enabling the poor to come out of the poverty cycle.
The main thrust is on savings mobilisation and capacity building required by the poor communities to make savings decisions, and eventually invest from what they save.