By Caroline Kandiero
Members of Mwaiwathu Women’s Group in Traditional Authority Likoswe in Chiradzulu district have shared over K2 million in loans through village bank saving project under the Malawi Union of the Informal Sector (Mufis).
One of the members of the group Mervis Kachione, who received K115,000 said she never expected to receive such an amount after saving her money for a year.
“At first, I was never serious with what the group was doing and was only doing it because of my friends were members. And I never understood the benefits. Today, I am happy to receive this bonus and I will use it to boost my business.
Kachione hailed Mufis for coming up with such an initiative in villages, saying it will help more women to become economically empowered.
“The problem we face as small businesses is that we do not have access to bank loans. This initiative has bailed out most of us and has seen more people engaging in various small businesses, “she said.
Mufis General Secretary Mwanda Chiwambala said the initiative is bearing fruits but said there is still need for support from financial institutions.
“If these people are able to borrow among themselves and payback, then that is an assurance that they can payback a bank loan. We need banks to come forward and assist us so that Malawians are able to be self reliant, he said.
Chiwambala said there is need for more capital as demand for doing business is high within the village.
Sourced from ” The Daily Times”