WHO WE ARE

Dwasco Sacco Limited is a financial cooperative institution affiliated to The Malawi Union of Savings and Credit Cooperative – MUSCCO and licensed by the Reserve Bank of Malawi. It has been providing financial services to its members since November 1994.

MISSION

To provide affordable and competitive financial services to members in order to improve their social and economic welfare.

VISION

To be a safe, convenient and reliable SACCO in Malawi

BACKGROUND

It all started in the early 1990s, when the management of Illovo Sugar Company formerly Dwangwa Sugar Company at Dwangwa Estate in Nkhotakota had observed that its human resource department was spending much of its time in handling personal financial issues for its employees. This prompted them to search for a way out in order for them to be spending much of their time in focusing on the company’s core business. A search for alternatives way done, which landed on the final option of establishing a Sacco, which interested employees for the company could join. 

Consultations with the Malawi Union of Savings and Credit Cooperative – MUSCCO, which is the umbrella body for SACCOs here in Malawi was carried out and proper guidance was given. The Sacco was formed and registered with the Registrar General’s office in November 1994. Its initial name was DWASCO Employees Sacco limited since it was meant to provide its services to employees of DWASCO (Dwangwa Sugar Company). This newborn Sacco needed resources to kick-start its business. Illovo Sugar Company provided the Sacco with free office space within its Human Resource department premises and a MWK250, 000 donation that formed its initial capital. Some of the pioneers of Dwasco Sacco membership include Mrs. Molly Manda, Mr. Kaluzi, Mr. Bentry Harawa, Mr Chikumbutso Msosa, Mr. John Mdokhwe and Mr. David Somanje just to mention a few. 

By and by, DWASCO SACCO started growing. Its success in advancing social and economic needs of its members spread like wild fire, which got the attention of employees from other institutions within Dwangwa and surrounding areas. This prompted the SACCO to open up the membership bond to employees from other institutions as well as self-employed individuals from the community. These other institutions include ETHCO, UNITRANS, NESS, DCGL, Malawi Mangoes, Industrial Cleaning Services and St Anne’s Hospital.

 

In recent years, civil service employees from various government ministries have also joined the DWASCO SACCO bandwagon of membership.