Savings and Credit Cooperatives (Saccos) under Chapter One Sacco have registered a surplus, with ten of them declaring a dividend.
Chapter One Sacco comprises Saccos from the Southern Region.
In an interview on the sidelines of the Saccos’s Annual General Meeting (AGM) Malawi Union for Savings and Credit Cooperatives Business Development Manager Ezekiel Thindwa said the Saccos have also seen assets increasing to K4.5 billion.
“In terms of membership, we have a total membership of around 32,000 members, rising from 30,000 in 2015. And, considering that our total assets as Saccos were at K3.9 billion, it means we are moving in the right direction as evidenced by the K4.5 billion we have achieved in the year 2016,” Thindwa said.
He, however, said the challenge remains to increase membership to grow the assets base further.
During the AGM, the Sacco also held training for its leadership.
Musco Chief Operations Officer Fumbani Nyangulu said proper succession plans are key to continuity of organisations.