Civil Servants Sacco posts K547 million profit
By Patience Lunda:
The United Civil Servants Savings and Credit Cooperative (Sacco) posted a K547 million profit in the year ending December 31 2019, up from K284.6 million recorded in 2018.
The Sacco, which is largest by membership base in the country, has since also declared a K200 million dividend.
An audit report presented during the Sacco’s Annual General Meeting recently shows that its membership base also went up from 24,000 members to 32,000.
United Civil Servants Sacco General Manager, Francis Waliwa, said the cooperative is providing attractive packages to its members.
“Our management has been strategic on membership recruitment because the more members we have, the higher the profits.
“This year we have challenged ourselves to register 9, 500 new members and we depend on our members to achieve this ambitious milestone.” Waliwa said.
United Civil Servants Sacco Board Chairperson, Amon Moyo said plans are underway to introduce ICT services to ease accessibility of its products.
In his remarks, Malawi Union of Savings and Credit Cooperatives Chief Executive Officer, Fumbani Nyangulu, said was impressed with performance of the Sacco.
“We are satisfied that Saccos are complying with laws and regulations that govern them and we can ably see increase in assets and membership hence it is our wish that more people should join these Sacco’s,” he said.
The United Civil Servants Sacco has also grown its asset base to K4.2 billion of which 63 percent is in earning assets
Currently, there are 38 registered Sacco’s countrywide.
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