EVALUATING THE IMPACT OF FINANCIAL LITERACY PROGRAM BY COMMUNITY SAVING AND INVESTMENT PROPORTION (COMSIP) FOR WOMEN IN POVERTY ALLEVIATION IN MALAWI A CASE STUDY OF CHIUZILA

Financial literacy has been widely recognized as a critical tool for poverty alleviation, particularly among women in developing countries. In Malawi, Community Saving and Investment Promotion (COMSIP) programs have been implemented to enhance financial knowledge, savings behavior, and income-generating capacity among women living in poverty. This study evaluates the impact of the COMSIP financial literacy program on poverty alleviation among women, using Chiuzila as a case study. The primary objective of the research was to assess how participation in COMSIP influences women’s financial knowledge, savings culture, access to credit, and overall socio-economic well-being.
The study adopted a case study research design, employing both qualitative and quantitative methods to collect data. Primary data were gathered through structured questionnaires, interviews, and focus group discussions with women participating in COMSIP groups in Chiuzila. Secondary data were obtained from program reports, government publications, and relevant literature. Data analysis involved descriptive statistics and thematic analysis to identify key trends and outcomes associated with the program.
The findings indicate that the COMSIP financial literacy program has had a positive impact on women’s economic empowerment. Participants demonstrated improved financial management skills, increased savings levels, and enhanced participation in small-scale income-generating activities. Access to group-based loans enabled women to invest in businesses, meet household needs, and improve food security. Additionally, the program contributed to increased decision-making power and social cohesion among women. However, challenges such as limited capital, low literacy levels and also external economic shocks were identified as constraints to the program’s effectiveness.
The study concludes that COMSIP financial literacy programs play a significant role in poverty alleviation among women in Malawi.