Africa-Press – Malawi. Malawi Police Sacco has recorded an increase in assets to K7.3 billion in 2024, up from K5.6 billion in 2023.
This was revealed at the Sacco’s Annual General Meeting (AGM) held in Lilongwe on Saturday.
The Sacco’s Chief Executive Officer Ian Mwalungila said the cooperative has also recorded a surplus of K368 million, which is an increase from K211.6 million recorded in 2023.
“This performance is not at the expense of penalising members by charging them high interest rates. As a Sacco, we are a not-for-profit institution.
“We are able to serve our members, giving them better access and options for the investments they have in the Sacco,” Mwalungila said.
Minister of Homeland Security, Ezekiel Ching’oma, praised Saccos for contributing to the creation of an inclusively wealthy and self-reliant Malawi, as highlighted in the country’s long-term development blueprint, Malawi 2063.
Ching’oma said that by providing accessible credit, savings plans and investment platforms, Malawi Police Sacco is helping people who may find it difficult to obtain financial assistance.
“It is through such initiatives that we can uplift families, strengthen businesses, and promote long-term economic sustainability.
“The continued success of Saccos across Malawi is a testament to the impact of financial cooperatives in transforming lives and communities,” he said.
Inspector General of Malawi Police Service, Merlyne Yolamu, said she is pleased with the impact of the Sacco.
“We are able to access loans that are enabling us to develop: build houses and start small-scale businesses. Looking at where we are today, we have truly contributed to the agenda of Malawi to build together, grow together and do business together,” Yolamu said.
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