Africa-Press – Malawi. Mudi Savings and Credit Cooperative (Sacco) has registered a 38 percent growth in its profit for the year ended December 31 2021, a statement of comprehensive income shows.
On Thursday, the Sacco hosted its annual general meeting in Blantyre, where the results were shared with members. The corporative posted a profit of K113 million for the year under review, an increase from K82 million posted in 2020.
In an interview, Mudi Sacco Chairperson Stanly Mpaya attributed the performance to a significant rise in membership. He said, during the year under review, the cooperative registered 5,298 new members to bring the total numbers of active members to 13,597.
“Our target was to grow the surplus to K103 million but we are even amazed that we surpassed this.
“We can only attribute this performance to the innovativeness and dedication of the employees and the board,” Mpaya said.
Malawi Union of Savings and Credit Cooperatives (Musco) Regional Coordinator for the South Anthony Makuluni described the Sacco’s performance as exceptional.
“I look after a number of Saccos in the region and, with the turbulence that they have been facing recently, their performance is outstanding. We expect that they will continue on this trajectory of growth,” Makuluni said. During the AGM, outstanding members in accessing and paying back loans and saving in various portfolios were given awards.
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