By Edwin Mbewe
LILONGWE-(MaraviPost)-Malawi’s Homeland Security Minister, Zikhale Ng’oma, has urged the Malawi Police Savings and Credit Cooperative Society Limited (Sacco) to consider reinvesting their profits accumulated over the years of the institution’s existence.
Ng’oma made the call on Saturday, April 27, 2024, at the Malawi National Police Headquarters senior officers’ mess where he was the guest of honor during the Sacco’s 9th Annual General Meeting for 2023.
“I am impressed with the Malawi Police Sacco. I never expected that they could be performing this well. It’s something that we have to fully support.
“I have asked them to extend their services to other institutions under my ministry so that they can also benefit from the support which others are receiving,” says Ng’oma.
The outgoing President of the Malawi Police Sacco board, Commissioner of Police for the South, Mlowoka Noel Kayira PPM, expressed his satisfaction as he leaves the office of Sacco, noting the tremendous growth in assets and the positive impact on individuals’ lives through education loans and agricultural support.
In her remarks, The Malawi Police Service Inspector General Merlyn Yolamu acknowledged the Sacco’s significant growth, noting an improvement from last year’s performance.
“We have seen an increase in assets, as well as a rise in membership. The loans that officers receive from the Sacco not only benefit their families but also enhance their performance at work since officers who are financially stable tend to perform better,” Yolamu emphasized.
The Sacco currently has total liabilities and equity exceeding MK5 billion.
In 2023, it recorded a profit of MK211 million, of which MK87 million will be added to the MK80 million withdrawn from the risk management fund account to distribute as dividends to its members, totaling MK167 million.
This year, the Malawi Police Savings and Credit Cooperative Society Limited (Sacco) celebrates its tenth year of existence, with the 9th Annual General Meeting held under the theme Cultivating Prosperity Through Unity.
