Our History
Msilikali Savings and Credit Cooperative (MSACCO) was formed by the Defence Force Orders and an appointment of a committee by the Malawi Defence Force Commander in January, 2015. The Committee whose mandate was to serve as a Task Force to assess the feasibility of introducing a SACCO within the Malawi Defence Force. As part of its mandate, the Committee conducted extensive research and benchmarking studies in countries where SACCOs are well-established within military institutions, including Kenya, Uganda, Rwanda, Zambia, and other SACCOs within Malawi. These engagements provided valuable insights into the structure, governance, and benefits of military SACCOs. The findings supported the formation of a SACCO for the Malawi Defence Force known as Msilikali (Soldier/Serviceman), aimed at improving the financial well-being and economic empowerment of its members.
Who we are
Msilikali Savings and Credit Cooperative(MSACCO) is an affiliate of the Malawi Union of Credit and Cooperatives (MUSCCO). It was registered on 13 th March 2017 by the Registrar of Cooperatives in the Ministry of Trade and Industry and it started its operations in August 2017. It is licensed and regulated by the Reserve Bank of Malawi. MSACCO is a member owned and democratically controlled financial cooperative where members save together and contribute to one another’s loans from their combined savings power. Msilikali SACCO is recognized as one of the fastest-growing SACCOs in Malawi, currently ranked second nationally despite having only been in operation for 7 years. From its inception to 2023, MSACCO exclusively drew its membership from employees of the Malawi Defence Force (MDF), along with their spouses and children.In 2023, MSACCO diversified its membership to various sectors.
Membership Composition
Msilikali SACCO membership is voluntary and open to persons in possession of the following qualifications:
- Employees of Malawi Defence Force (MDF) and their spouses and dependants
- Retired Employees of the Malawi Defence Force
- Employees of Government Ministries, Department and Agencies (MDAs)
- Employees of Private Companies
- Employees of Non Government Organisations (NGOs)
- Micro,Small and Medium Enterprises (MSMEs)
- Community groups i.e. inclusive women and youth groups.
Our Objectives/Mandate
MSACCO seeks to improve the economic and social welfare of its members through:
- Inculcating a savings culture amongst its members
- Acquisition of funds through shares contribution and acceptance of deposits from members.
- Provision of affordable loans to members for productive and provident purposes;
- Provision of financial literacy and education to its members
- Promote self-reliance among its members;
- Encourage honesty and responsibility among its members;
- Inspire interest in community development and self-help initiatives.
Our Partners
