Africa-Press – Malawi. Mudi Savings and Credit Cooperative (Sacco) has registered a record 94 percent increase in profit in 2023, having posted a surplus of K358.9 million from K184.9 million in 2022.
This came out during the Sacco’s annual general meeting held in Blantyre on Saturday. Mudi Sacco Chairperson Matilda Mtambo Banda attributed the performance to a committed workforce and innovative ideas.
“We had to endure a challenging economic time in the year gone by but through a hard-working spirit and following line policies that guide us under the Reserve Bank of Malawi (RBM), we were able to achieve this. We know that the world is constantly changing and we made ICT to be one of the strategic pillars. We came up with innovation, where people can access loans without physically coming to our offices, which proved effective.
“Furthermore, we agreed with the membership that the surplus posted in 2022 should not be shared entirely; so, we took 50 percent and reinvested in the business and got a loan from the RBM Fines Project to cushion our liquidity position, hence the performance in 2023,” Banda said.
Guest of honour during the AGM, who is also Southern Region Water Board Chief Executive Officer Duncan Chambamba, said the Sacco needs to raise more awareness.
“All Saccos in Malawi should emulate Mudi Sacco, especially on being able to reinvest in the business rather than sharing the profits all the time,” Chambamba said.
Among other things, the Sacco is looking to increase membership by 60 percent, capital base by 50 percent, loan portfolio by 80 percent and surplus by 58 percent in 2024.
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