Mzinda Savings and Credit Cooperative (Sacco) President Mphatso Nkuonera, has warned membership not to borrow for consumption amid economic challenges the world is going through.

He made this appeal as the Sacco is set for its 25th Mzinda Savings Annual General Meeting (AGM) slated for 4 June 2022 in Lilongwe.

“Our goal is to empower our members economically, we don’t want them to have no hope of growth in life. The sacco has transformed many lives in that regard,” he said.

The sacco president added that this year’s AGM is very important as it will be held at a time when serious economic decisions ought to be made following the global economic waves caused by various issues.

“The AGM is key towards deciding our direction in the operations of the institution, especially at the time when the Central Bank has put upward adjustments on interest rates in banking transactions, that has not spared our sacco, so we will need to agree way forward.

“Added to that, following the local currency devaluation, as a sacco we are also supposed to take very serious decisions that should be made by the general membership,” he explained.

Mzinda Sacco was formed in 1996, with a core objective of encouraging a saving and lending culture among it’s members,which eventually has seen it’s membership growing in numbers and glowing financially.

The AGM will be held at Bridgeview Hotel in Lilongwe under the theme ‘Economic Challenges As a Stepping stone to Financial Growth.’