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).
We have put on offer a number of financial products to existing and potential members and they include:
1. Shares: Shares are permanent savings. Shares enable a member to own FINCOOP with full rights as a Shareholder.
2. 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:
i. Business Loans
ii. Personal Loans
iii. Emergency
3. 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.
4. 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)
5. 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.