Financial institutions such as savings and credit cooperatives are regarded as key to national economic development because of their ability to manage people’s savings.
But while it is the case, some financial entities are said to be far from meeting people’s expectations and are seem to be adding more economic stress to their clients than before.
One of the institutions on the limelight is Mzinda Sacco in Lilongwe, where members are expressing their dissatisfaction and frustration over the conduct of the institution’s management.
According to reports, in a space of two years, the institution has lost a significant number of members, who are opting out because the Sacco can no longer provide money to savers whenever the members are in need.
“More pressing is the fact that some of us who have withdrawn membership from the institution, are struggling to get our money.
They are just issuing cheques and when we go to the banks, there is no money. Said one of the concerned members in Lilongwe
According to the members, Mzinda Sacco has been struggling to even make savings deposits available to members and to obtain a soft loan is also proving to be a challenge, resulting in the exodus withdraw of membership.
Meanwhile some of the disgruntled members are planning on taking legal action against the institution for failing to settle their dues.
Malawi Voice tried in futile to get a response from the Mzinda Sacco as we went to the press.
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