LILONGWE-(MaraviPost)-Mzinda Savings and Credit Cooperative (Sacco) membership are in all smile after the Sacco made a profit of MK27 million, during the 2021 Financial Year.
Mzinda Sacco’s President Mphatso Nkuonera, told The Maravi Post that the surplus has doubled as MK13 million profit was made during the 2020 financial report.
“Despite the turbulent economic times the global is going through we are glad to have realized a double profit compared to the previous year.
“We owe this success to the membership for agreeing with some austerity measures that we took. Of course it was hard but we are finally happy to make this huge difference,” he said.
He branded it a double event as the sacco is meanwhile celebrating 25 years of service since 1996. Mzinda Savings Annual General Meeting (AGM) slated for June 4, 2022
“The sacco has transformed many lives in various aspects. People have built houses, cars, plots and many valuable household items, among many,” he said.
“The AGM has agreed to revise some of its loan products like material loan.
“We also have resolved to go digital in some of our loan disbursement process in order to save time and be efficient. This will help to decongest the banking hall to,” he explained.
He added that, the Sacco’s membership has all reasons to smile as it has impacted positively on many souls.
“Delayed remittances from member organizations, which leads to low liquidity. We will look outside the box and check which possible ways can contain this challenge,” he alluded.
The Sacco leader cited COVID-19, over borrowing and heavy retrenchments have caused havoc to the Sacco’s stand.
“Retrenchment some member organizations due to covid 19 or other internal factors lay off some staff, this impacts us negatively, the members have loans which it becomes hard to settle, and that eventually reduces our asset base in one way or the other,” he explained.
He added that, public servants have chances to walk in and get loans without any collateral upon showing their payslip to confirm other details.
Held at Bridgeview Hotel, this year’s AGM was held under the theme ‘Economic Challenges As a Stepping stone to Financial Growth.’
Malawi Union of Savings and Credit Cooperatives (MUSCCO) Ministry of Trade and Industry officials and Chapter 2 Saccos’ representative hailed the leadership for making great strides.