Amidst the escalating economic challenges deeply affecting vulnerable communities in Malawi, the Pacosali Foundation has stepped in with social support empowerment initiative, extending a helping hand through better and more affordable loan programs, with rates as low as 3.8 percent.
In an interview the Foundation’s Executive Director, Jordan Maloya, highlighted that Malawi’s economy is currently facing significant challenges. With a devaluation of 44%, life has become unbearable for many people in the country.
He said hence, the foundation aims to provide access to affordable loans in rural communities, enabling individuals to establish businesses and sustain themselves.
“Essentially, the primary goal of the Pacosali Foundation is to support the most vulnerable communities to become self-sustainable and self-reliant,” Maloya explained.
He further added that they have already reached over 300 Malawians, both through group initiatives and individual endeavors across various sectors.
“Pacosali offers collateral-free loan services to dispel any apprehensions. We have confidence in our rural communities’ ability to develop through their modest savings with us,” he elaborated.
Maloya emphasized that they plan to establish Pacosali Foundation associations at the traditional authority (TA) level to ensure all clubs are bound within their circles. This move aims to foster fiscal solidarity in club expenditures.
Ruth Jumbe, a beneficiary from the Vumbwe club, expressed gratitude for the support received from Pacosali, which greatly aided in boosting her small-scale business.
“Pacosali came at the right time when I had nowhere else to turn. I obtained a manageable loan that significantly boosted my small-scale business and enabled me to purchase food,” she explained.
Currently, the Pacosali Foundation has extended its reach to Thyolo, Chiladzulu, and Blantyre, with expansions into Machinga, Phalombe, Balaka, and Dedza underway.
