Did you know that since establishing an Arts Savings and Credit Cooperative, the Copyright Society of Malawi has disbursed millions worth in loans?
Established in 2015, the Integrated Arts Development Project seeks to promote sustainable and financial empowerment among members through a reliable source of finances.
“We seek to prompt the culture of savings and access to finances through loans to artists and other stakeholders in the creative industry. The SACCO also disburses the royalties to Cosoma members,” says the SACCO’s Manager, Paul Banda.
As it stands, the SACCO has 2,250 members spread across different creative associations in the country.
“Artists came up with a cooperative to promote their careers through access to finance. Since COSOMA protects and promotes creativity, we had to come into this, under the Integrated Arts Development Project ,” explained Banda.
In order to join, one needs to pay K18, 000 as a membership registration fee.
“K15, 000 for shares, k 2, 000 for book deposit balance and the K1, 000 is entry fee. The SACCO is for artists and other stakeholders in the creative industry like TV and radio personalities among others,” he said.
Added Banda: “The benefits include access credit double the savings, diverse loans like normal, asset financing also called Zida, production and creative works christened Luso, emergency and fast. One can save as deposits or shares."
As the SACCO has grown, plans are underway to widen the scope of services.
“We are coming up with new products tailored to our customers. Also, we are intensifying with mobile money banking to reach out to more members easily in service delivery as well as continuing with member mobilisation and retention,” stated Banda.
To be a member, artists can get registration forms at COSOMA Offices in Blantyre and Lilongwe while in Mzuzu, they can link up with any officer of the copyright body.