Guidelines for Membership

For one to join HIDCO they are required to pay a minimum of K441,000 broken down as: non-refundable fees K367,500 and K73,500 in Shares. Every member is required to have 10 shares in Mandatory Shares which is K735,000.00. However, if a member wishes to have more shares, then they can deposit into Voluntary shares and Prime Shares. Voluntary and Prime Shares are individual member’s choice. Minimum amount to deposit is K10,000.00.

What is Housing Investment and Development Cooperative (HIDCO)?

Housing Investment and Development Cooperative (HIDCO) is a member-owned, member-run and member-serving housing development enterprise that empower its members to collectively realize their economic potential and aspirations in investment and housing, while strengthening their social and human capital besides developing the communities in Malawi through affordable housing infrastructure.

How different is HIDCO with a company?

HIDCO is a cooperative business enterprise owned and managed by Malawians living around the world.
Members of HIDCO who are the owners are eligible for and paid dividends on top of getting various products and services provided by the Housing Cooperative. Members of HIDCO decide on their own the interest to pay on loans and divided to receive on their shares and there are no transaction costs

Eligibility to Membership

All Malawians living around the world are eligible to join the Housing Cooperative. HIDCO is operating as required by the Cooperative Act of 1998 and regulated by the Ministry of Industry and Trade.

What is required for one to open an Account?

• Fill and sign the membership application form
• Deposit money directly into HIDCO Bank Account at National Bank of Malawi
• Submit proof payment to HIDCO Office. This can be done through WhatsApp or email
• The minimum joining amount is K441,000 – but this can be paid over time
• K367,500 Entrance and Membership Fees and 1 Share of K73,500
• Mandatory Shares = 10 amounting to K735,000
• Minimum amount to Deposit is K10,000.00

Can I withdraw part of my shares to pay my outstanding loan balance?

No. Shares cannot be withdrawn to repay loans. Shares are only withdrawn when a member is closing his / her account. All redeemable shares can be withdrawn when closing account while the non-redeemable can be sold to another member or left in the cooperative.

When does a member become eligible for a loan?

A member is eligible for a loan when they have 10 Mandatory Shares amounting to K 735,000.