A Pan-African savings and credit cooperatives society — United Civil Servants Sacco, UCS Sacco has underpinned the importance of financial literacy as the backbone of development and dependence.
However, to achieve this status, the boss for UCS Sacco, Francis Waliwa has suggested financial coaching across the Sacco-community to equip members with knowledge and skills that drive financial welbeing.
He has made the observation on the sidelines of the on-going financial coaching partnership the cooperatives-society has with the Malawi Police Service.
Under the partnership, the Sacco is training police officers as financial coaches on building a financially resilient society through their outreach engagements with the community and for their internal engagements.
Having certified financial trainers, Waliwa said, they were now looking toward developing a structured framework and establishing clinics to offer coaching services to both members and the general public.
“While these services will be unique in Malawi, they align directly with Saccos core mandate of helping members achieve lasting financial wellness,” he said.
Besides, he observed, a financially independent society or individual is less stressed in managing life and socioeconomic pressures that come with it.
“Money stress are behind these GBV and suicide cases: debts, school fees, or rent. This initiative aspires to break dependency, promote respect and restore hope,” Waliwa said.
Meanwhile, Mark Munama, station community policing coordinator for Blantyre Police Station has described the financial coaching initiative as a vehicle for peer learning about: financial, mortgage and debt management.
“This training has also exposed us to creation of multiple financial streams and also planning for retirement,” said Munama.
Upon conclusion of the training, he said, he was expecting the Police to create financial literacy space within their scope of work to ensure most people attain a financially balanced society.
“At the end of the day; we are expecting financial stability at household and economic growth at national level,” he said.
Across the continent, UCS Sacco is working with Accosca — the umbrella body, the African confederation of cooperative Savings and Credit Associations.