Lilongwe, Community Savings Investments Promotion says COMSIP would improve communities’ lives to stand on their own to pave way for other vulnerable cooperative members to benefit from the COMSIP program through loans.
COMSIP Chief Executive Officer Tenneson Gondwe said this in Lilongwe on Monday during the COMSIP 6th annual general meeting to mark 2016 and 2017 activities.
He explained that COMSIV Company Limited which is a brain child of COMSIP would help cooperative members build capacity and run their business with more capital.
We believe that with the establishment of COMSIV, communities would improve their service delivery programs on their own through access to loans to build their own safety net mechanism through savings mobilisation that ensures sustainability, explained Gondwe.
He pointed out that COMSIP decided to form a company that would provide agriculture and trading loans for the community members across the country through COMSIV to improve their businesses.
When we did a survey last year, we discovered that there is need for more capitals to the cooperative members to run their businesses smoothly as their savings which were mobilised were inadequate to improve their businesses,” revealed Gondwe.
He added that COMSIP has strengthened its policies to allow cooperative members to improve their social economic services through loans.
As you are aware that all along COMSIP is being funded by World Bank through Local Development Fund hence no loans would be given out to its cooperative members, but COMSIV will enable members access loans to strengthen their small businesses, stressed Gondwe.
He added that the aim is to strengthen the household’s beneficiaries through investment support, business and opportunities to more capital which will boost their value chain financing as well as linkages to other social economic services.
Speaking at the annual general meeting, Registrar of Cooperatives in the Ministry of Trade Wiskes Mkombezi said government recognizes the power of cooperatives in the country and support its initiatives for the benefit of the community members.
He said his ministry appreciates the role COMSIP plays towards uplifting people’s livelihoods by giving an opportunity to rural people to empower themselves.
It is for this reason that government works hand in hand with COMSIP and support its policies for the benefit of all cooperative members across the country, said Mkombezi.
Mkombezi also said government cannot do it alone in building the capacity of the communities hence the need to work together with the COMSIP union to improve people’s lives at grass root level.
The communities need to be empowered so that they can effectively take part in the development of the country to achieve its goals and objectives in the economic service delivery, pointed out Mkombezi.
He said this could be achieved if the communities were well empowered and participated fully in the developmental works to make a better Malawi for all through access to loans in various social economic issues taking place in the country,
Mkombezi further said that there is potential in the household’s beneficiaries and urged COMSIP to stay on and support the initiative for the saving culture to grow into big businesses.
Speaking in a separate interview, board chairperson for COMSIP, Kennan Gondwe said COMSIP would continue to help out the communities through trainings in all areas in all the districts in the country.
Gondwe explained that there is need to improve in some areas where targeted household programs are taking place to ease the other weaknesses.
He urged the cooperative members across the country to fully embrace the COMSIV initiative program if an improvement has to take place for the betterment of the cooperatives.
Among others COMSIV will be helping out its members through Group Funeral Insurance, Agriculture trainings (COMSEF), micro finance as well as individual loans to cooperative members.
COMSIV Company Limited has been established with an aim of improving social economic services to all COMSIP members and will reach out to all cooperative members who hold shares through COMSIP across the country
Source: Malawi News Agency MANA