COMSIP seeks to transform social capital into economic capital among the poor.

Goal

The goal of this component is to cultivate a culture of savings among all communities in Malawi to enable them to save enough resources that can be invested in the productive sectors of the economy.

Objectives

The main objective of the component is to create a favourable environment and incentives for the communities to save through groups and clubs and obtain access to financial services.

Target Groups

The COMSIP targets, among others, groups that have benefited from interventions under MASAF components or any other groups interested in savings.

Guiding Principles

The operations and management of the COMSIP reflect the following principles.

• Voluntary formation of groups and mobilisation into savings clubs to access financial services.
• Fostering democratic participation by members in the decision-making process at group/club level.
• Capacity enhancement for groups /clubs to ensure adequate return, security and timely access to financial services.
• Mobilisation of savings and investments in favour of the group/club members.
• Promoting accountability and transparency in resource management and service delivery at group/club levels.

Activities

COMSIP supports mobilization and capacity building for both groups and clubs, funding of a small clubhouse for clubs, and linking them with micro-finance institutions or banks.

Implementation Arrangements