Mudi Sacco members to share K19.5 million

Post was last updated: March 20, 2018

Delegates to the Mudi Savings and Credit Cooperative (Sacco) Limited annual general meeting (AGM) in Blantyre on Saturday agreed to share K19.5 million.

The dividend follows a K38. 29 million profit the Sacco posted in 2017. The profit is 33 percent above the K26.9 million recorded in 2016.

Mudi Sacco General Manager, Triza Magreta, described 2017 as successful, saying part of the sacco’s operations were computerised.

“There is a project by World Bank and the Reserve Bank of Malawi where all the saccos in the country are supposed to be on a network. So, we know that, with that technology we will be able to register more profits,” she said.

Magreta said the other part of the surplus will be reinvested in the business as per the country’s Cooperative Societies Act.

During the AGM, Mudi Sacco members elected Kasinthula Cane Growers Limited Human Resources Manager, Stanley Mpaya, as its new president, replacing Zadziko Mankhambo.

Mpaya said he plans to grow membership and profitability in the two years that he will be at the helm of Mudi Sacco.

“I would want to see profits grow to K50 million this year. This will be realised by, among other things, increasing membership. We project that the membership will grow by 20 percent this year,” he said.

Mudi Sacco has 5,102 member from 4,179 members in 2016.

Malawi Union of Savings and Credit Cooperatives (Muscco), Chief Executive Officer, Sylvester Kadzola, said saccos have proven to have an impact on economies of countries.

Malawi has a total of 48 Saccos.

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