The Malawi Police Service Savings and Credit Cooperative (SACCO) has surged to K13 billion in total assets, a milestone the SACCO believes places it at the center of Malawi’s push for financial inclusion and shared economic growth.

Speaking in Lilongwe during the SACCO’s Annual General Meeting, Deputy Inspector General of Police (Administration), Noel Kaira, praised the institution for its professionalism, innovation, and inclusive approach to financial services.

“When leadership leaves a clear stamp that things are moving in the right direction, that is a significant achievement. The growth we are witnessing today is remarkable and gives us the drive to further support the Malawi Police Service,” said Kaira.

He urged officers to take full advantage of SACCO loan facilities, noting that they are more accessible and responsive compared to conventional banking institutions.

“This SACCO exists to serve you. It is more responsive than conventional banks. I encourage members to utilize it to improve their livelihoods and contribute to economic growth,” he added.

Malawi Police SACCO chief executive officer Ian Mwalungila provided a detailed performance update, showing significant expansion across key financial indicators.

“From the financial year ending 31st December, we have grown our loan book from K5 billion to K8 billion, reflecting increased access to credit among our members. Total assets grew from K7.2 billion to K10.8 billion within the same period, before reaching K13 billion today. Member savings have also increased from K4.5 billion to K7.2 billion, and our overall surplus has grown by nearly 90 percent from K300 million,” said Mwalungila.

Highlighting the role of innovation and digital transformation, Reserve Bank of Malawi (RBM) Director of Capital Markets and Microfinance Supervision, Khumbo Mtalika, said SACCOs like Malawi Police are leading the way in accessible financial services.

“Digital transformation is the way to go. If we are to serve customers conveniently, efficiently, and remain inclusive—especially to the younger generation—digital financial services are essential,” said Mtalika.

She commended the SACCO for adopting digital platforms, including mobile money integration, saying such initiatives enhance accessibility and efficiency.

“We are encouraged to see institutions like this leveraging technology. This is the direction the financial sector must take—not only for commercial banks, but also for SACCOs and other emerging financial institutions,” she added.