By Aliko Munde

Chitipa, October 24, Mana: Cumo Microfinance Limited says it has disbursed loans amounting to K540 million to 299 groups in Chitipa District since 2023.

Project Coordinator for Cumo Microfinance Limited, Anne Nyongopa, disclosed this Wednesday after visiting CIP 255-Madalitso group in Namachinga Village in Senior Chief Mwabulambya in Chitipa district.

Nyongopa said she is excited that group members are economically empowered through loans they get from the institution.

“We are happy to see that group members are doing businesses which have transformed their livelihoods. For this to be achieved we are grateful to FARMSE for supporting us as we are working together,” Nyongopa said.

She said apart from giving loans to the groups, Cumo has also conducted capacity building training to group members in business management, adding that they also offer insurance cover to members and other products.

Assistant District Community Development Officer for Chitipa, Bandileko Mwaulambia Nyondo, thanked the institution for disbursing the loan to groups in Chitipa district.

“We are encouraging group members to continue working hard to empower yourselves and your families,” Nyondo said.

Chairperson for CIP 255-Madalitso Group, Willex Chanya, saluted Cumo Microfinance for boosting their businesses.

Chanya said that they are benefiting a lot from Cumo and other community members are now willing to form their groups to benefit from the Cumo's products.

“Every member gets K100, 000 with 16 percent interest, which is affordable compared to other financial lending institutions.

“As a group we have now agreed to contribute K30, 000 each member to buy goats. Apart from Village Savings and Loan group, we also want to diversify our business by starting goat farming so that in the near future we should acquire a maize mill” Chanya said.