By Macdonald Thom:
Audited accounts for Lighthouse Savings and Credit Cooperative (Sacco) have shown that its assets grew by 100 percent to reach K549 million in 2023.
This is a jump from the K274 million recorded in 2022.
During the third annual general meeting (AGM) held in Lilongwe on Saturday, Sacco’s president, Mathias Kaselema, said they managed to grow membership from 528 to 694 during the year under review.
He said despite the Kwacha devaluation, which greatly affected the Sacco’s operations, they made a profit of K24.4 million.
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“In 2023, Lighthouse Sacco successfully posted a surplus, just as it did in its first and second year. Our long-term dream was to purchase a vehicle for the Sacco,” Kaselema said.
Malawi Union of Savings and Credit Cooperatives (Muscco) Business Development Manager, Ezekiel Thindwa, said he is impressed with the Sacco’s performance.
“Lighthouse Sacco is one of the fastest growing Saccos in Malawi. It has been on the market for three years. From the word go, they have been posting surpluses. It is growing its membership, its assets and its surplus. It is promoting the culture of saving and providing loans to members,” Thindwa said.
Right to Care Human Malawi Resource Manager, Stanley Gawani, said the Sacco has helped improve the welfare of its members.
