Blantyre, June 28, 2016: One of the Malawi’s medical Insurance service provider, Medical Aid Society of Malawi (MASM) has reported a net profit of K471 million in 2015.
This is a decrease compared to 2014 net profit of K579 million and attributed low revenue collection to reduction in membership.
Masm’ Chief Executive Officer Sydney Chikoti disclosed this on Friday during the organization’s 32nd Annual General Meeting held in Blantyre.
Chikoti said in 2015 many organizations did not register their members with MASM due to economic challenges characterized by steep devaluation of the Malawi kwacha, high inflation and interest rates that affected their operations.
“Regardless of the decrease in net surplus due to low membership, MASM feels it made progress considering the economic challenges the whole country experienced in 2015
“This has still more positioned the society to strongly expand its footprint and argument capacity in the country,” he said.
According to Chikoti, MASM intends to continue strengthening its service provider network across many areas in order to enhance service delivery.
“Masm appreciates that the most valuable asset is its people as such the society is in progress of introducing more schemes to meet the expectations of low income earners at affordable medical aid on a sustainable basis,” explained Chikoti.
The Masm Chief Executive Officer also revealed that the society has instituted different measures to do away with fraudsters who are benefiting from its services.
“The main challenge that Masm faces is fraud and this fraud, currently at 40 percent is perpetuated by clients themselves.
“However, we are doing all we can to end such malpractices. For instance, we have reintroduced membership identity cards and other security measures to address the problem,” he said.
Masm is the only medical aid service provider that has been in the country for a long time.