Credit Unions otherwise known as Savings and Credit Cooperatives, SACCOS, has been celebrated on the Third Thursday of October since 1948 in Malawi and in many parts of Africa as the International Credit Union Day.
On this day, SACCO members around the globe take the opportunity to remember Credit Unions’ proud history and promote awareness of and support for the SACCO difference. The ultimate goal is to raise awareness about the great work SACCOs are doing around the world and give embers the opportunity to get more involved.
2016’s theme, “The Authentic Difference,” celebrates what makes Credit Unions truly unique. This was so because SACCOs differ – in both philosophy and structure – from other financial institutions. In addition to community commitment and positive economic and social change, SACCOs put people before profit to provide all members with affordable financial services. This is the authentic difference that makes a real impact in our world.
SACCOs are recognized as a force for positive economic and social change and have provided significant value in both developed and emerging nations. International Credit Union Day is spearheaded by World Council of Credit Unions, the international trade association and development agency for SACCOs, as well as numerous national SACCO trade associations and federations around the world.
On October 20th 2016 SACCOs from around the world joined forces to celebrate the day with membership drives, contests and fundraisers to help out their local communities. In honor of this special day, Malawi Union of Savings and Credit Cooperatives (MUSCCO) together with its affiliate Savings and Credit Cooperatives, SACCOs, invited its members and the entire community to the 2016’s International Credit Union Day celebrations which took place on Saturday, 22nd October, 2016 in all the three regions of the country. SACCOs in Malawi gave back to the Communities in line with the Cooperative Principle” Concern for the Community”.
SACCOs are not-for-profit financial cooperatives that provide an effective and viable alternative to mobilizing domestic savings and a sustainable source of affordable credit and other forms of financial services and products to more than 200 million members in 101 countries worldwide including here in Malawi. The International Credit Union/SACCO Day has come to be an important celebration for co-operatives in Malawi. SACCOs under the umbrella of MUSCCO started celebrating the ICU Day at national level in 1994.
In the Southern Region, SACCOs celebrated the day at Thyolo Community Ground with donations amounting to Mk1. 4 million kwacha where one million was donated as Iron Sheets at two primary Schools.
In the Central Region, SACCOs will commemorated the day by making its donation to Dedza District Hospital which has become one of the referral hospitals due to the many accidents that happen along M1 road. The emergency equipment was valued at MK2 million.
In the Northern Region, SACCOs celebrated the day at Rumphi District Hospital where SACCOs made a donation amounting to K500,000.00.
MUSCCO, invites all Malawians to join the SACCO family as we celebrate this day every year.
Secure your Financial Future by becoming a SACCO member,
MUSCCO, Building a Nation of Savers
