FINCOOP Limited is a member owned, democratically controlled financial cooperative serving micro, small and medium entrepreneurs, farmers and salaried employees. Registered under the Cooperative Societies Act and operating under the umbrella of Malawi Union of Savings and Credit Cooperatives (MUSCCO) Limited FINCOOP started its operations on April 19, 2004. It has three branches in Mzuzu, Blantyre
and Lilongwe and one agency in Kawale market (Lilongwe). The main objective of FINCOOP is to provide competitive financial services and products to its members in order to improve members’ social economic status. Our mission is “to provide superior, affordable and technology – driven financial services which exceed members’ expectations, delivered by competent and motivated staff, in order to improve members’ socio-economic well being.”
We have put on offer a number of financial products to existing and potential members and they include:
• Shares:
Shares are permanent savings. Shares enable a member to own FINCOOP with full rights as a Shareholder.
• Ordinary deposits
Ordinary deposits Account is a demand deposit account that offers free access to the money at any particular time. It is a very convenient account for individuals for their day-to-day requirements.
• Fixed Deposits
It is a contract account with a fixed amount, fixed rate, and fixed period of 1, up to 6 months. (Negotiable depending on amount and period)
• Prime Savings
Prime Savings Account is a deposit account that assists a member to be saving little by little in order to withdraw the whole amount and use for a planned activity in future. This assists the member to accumulate funds for future use such as for festivities, wedding, school fees or farming. A member indicates when he/she will need the funds.
• Loans
Loans are a credit facility given to members who have been members of FINCOOP for a period of not less than 3 months. The maximum loan for those who save or repay loans through direct deduction from their salaries is 200% of their shares and/or savings. The following types of loans are on offer to the membership:
Business Loans
Personal Loans
Emergency
• Financial Protection Plan
This is micro insurance offered to members of FINCOOP. There are two types of cover; Life Savings Plan and Loan Protection Plan
