{"id":58696,"date":"2024-02-15T23:28:44","date_gmt":"2024-02-15T23:28:44","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/?p=58696"},"modified":"2024-02-15T22:15:08","modified_gmt":"2024-02-15T22:15:08","slug":"mudi-sacco-profit-up-94","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94","title":{"rendered":"Mudi Sacco profit up 94%"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>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.<\/p>\n

This came out during the Sacco\u2019s annual general meeting held in Blantyre on Saturday. Mudi Sacco Chairperson Matilda Mtambo Banda attributed the performance to a committed workforce and innovative ideas.<\/p>\n

\u201cWe 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.<\/p>\n

\u201cFurthermore, 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,\u201d Banda said.<\/p>\n

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.<\/p>\n

\u201cAll Saccos in Malawi should emulate Mudi Sacco, especially on being able to reinvest in the business rather than sharing the profits all the time,\u201d Chambamba said.<\/p>\n

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.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s annual general meeting held in Blantyre on Saturday. Mudi Sacco Chairperson Matilda Mtambo Banda attributed the performance […]<\/p>\n","protected":false},"author":84,"featured_media":58695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,410],"tags":[233,371,234],"class_list":["post-58696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nMudi Sacco profit up 94% - Malawi<\/title>\n<meta name=\"description\" content=\"Mudi Savings and Credit Cooperative (Sacco) has registered a record 94 percent increase in profit in 2023, having posted ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mudi Sacco profit up 94%\" \/>\n<meta property=\"og:description\" content=\"Mudi Savings and Credit Cooperative (Sacco) has registered a record 94 percent increase in profit in 2023, having posted ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-15T23:28:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/02\/sm_1707968061.769451.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1627\" \/>\n\t<meta property=\"og:image:height\" content=\"1033\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mudi Sacco profit up 94%\",\"datePublished\":\"2024-02-15T23:28:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94\"},\"wordCount\":272,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/02\/sm_1707968061.769451.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/mudi-sacco-profit-up-94\",\"name\":\"Mudi Sacco profit up 94% - 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