Government through the Ministry of Industry, Trade and Tourism has warned Malawians against doing business with Open Sacco saying the organization is operating illegally.
Registrar of Cooperative Societies in the Ministry of Industry, Trade and Tourism Wiskes Nkombezi issued the warning in a statement on Friday.
Nkombezi said Open Sacco is not registered as a Savings and Credit Cooperative (SACCO) hence is not legally permitted to trade and carry out business.
“The Ministry wishes to advise the general public to desist from or stop carrying out any financial business transactions with Open Sacco,” said Nkombezi.
He added that any person doing business with the organisation will be doing so at their own risk.
He also ordered Open Sacco to stop using the SACCO logo and carrying out business as a SACCO.
“The Ministry will take legal action against Open SACCO management should it fail to comply with the law,” said Nkombezi.