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Malawi Police SACCO declares MK172m surplus

By Edwin Mbewe

LILONGWE-(MaraviPost)-The Malawi Police Service have pledged to support the Savings and Credit Cooperation Society Limited (SACCO) for its existence and tremendous growth.

The Deputy Inspector General of the Malawi Police Service responsible for administration Happy Mkandawire made the pledge on Friday, May 26, 2023 at the police senior officers mess in Area 30 during the 8th edition of the annual general meeting for the Malawi Police Sacco.

Mkandawire said, over the years the service has witnessed the increase in membership as they have provided conducive environment for them to operate and not only that but also the management of Sacco has inspired people for being transparent and accountable to its members.

“In my view this has made them to grow so fast, you can see we even have members who are not police officers.That is the sign of trust that majority of Malawians have in the Police SACCO and would wish to advise to continue with the pace they are doing.

“Let me encourage every police officer to join Sacco and develop the heart of saving that’s when we would get a full satisfaction”, said Mkandawire.

The President of the Malawi Police Sacco, Commissioner of Police Mlowoka Noel Kaira was happy saying the institution is growing both in membership as well as in assets saying they started with one hundred members but now they have close to 10,000 and that their assets are close to MK4.4 billion.

“As we grow we need to continue to have more and more assets, both disposable and assets that can be used as investment such as infrastructure which in a long run we should be able to rent out, and we should own our offices to cut the costs we are incurring now”, Kaira joyfully said.

During the meeting, it was disclosed that Malawi Police Sacco has realized a profit of MK257 million with a MK172 million surplus and MK150 million dividend declaration.

The MK150 million would be shared to members as dividends.

The reedmable shares have also been agreed to be increased from MK5,000 to MK10,000.

The delegates also voted for the directors as the meeting progressed. Sacco presented awards to coordinators and pioneers in form of trophies and money.

Among the pioneers was the former Police Chief Lot Dzonzi and Reverend C.K. Masambuka.

There were also presentations of Chairman’s and Auditor’s annual reports.

The 8th Annual General Meeting for the Malawi Police Sacco was held under the theme “Building Bridges: Collaboration for Success”.

Maravi Post Reporter
Maravi Post Reporter
Op-Ed Columnists, Opinion contributors and one submissions are posted under this Author. In our By-lines we still give Credit to the right Author. However we stand by all reports posted by Maravi Post Reporter.


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