Pacosali Foundation Gives Hope to Vulnerable Malawians
The foundation plans to establish Pacosali associations at the traditional authority level, fostering fiscal solidarity among community clubs and their expenditures.
BLANTYRE, Malawi - As economic challenges deeply impact vulnerable communities in Malawi, the Pacosali Foundation has emerged as a beacon of hope, offering social support and empowerment through affordable loan programs with rates as low as 3.8 percent, writes Everister Lungu.
In an interview, the Foundation's Executive Director, Jordan Maloya, highlighted the severe economic hardships facing the country, with a 44% devaluation of the currency making life unbearable for many Malawians.
"The primary goal of the Pacosali Foundation is to support the most vulnerable communities to become self-sustainable and self-reliant," Maloya explained.
"We aim to provide access to affordable loans in rural areas, enabling individuals to establish businesses and sustain themselves."
So far, the foundation has reached over 300 Malawians through group initiatives and individual endeavors across various sectors, offering collateral-free loan services to alleviate any apprehensions.
"We have confidence in our rural communities' ability to develop through their modest savings with us," Maloya added.
The foundation plans to establish Pacosali associations at the traditional authority level, fostering fiscal solidarity among community clubs and their expenditures.
Ruth Jumbe, a beneficiary from the Vumbwe club, expressed gratitude for the support received, which significantly boosted her small-scale business.
"Pacosali came at the right time when I had nowhere else to turn. The manageable loan enabled me to purchase food and grow my business," she said.
Currently operating in Thyolo, Chiladzulu, and Blantyre, the Pacosali Foundation is expanding its reach to Machinga, Phalombe, Balaka, and Dedza, offering a lifeline to vulnerable Malawians amidst the economic turmoil.