By Samuel Kalimira:
Mphunzitsi Sacco has set an ambitious target to grow its capital from the current K1.5 billion to K3 billion by 2028.
The sacco, which currently has a membership of 15,000- plus, said it also wanted to raise its assets value from the current K5.7 billion to K10 billion by 2028.
Mphunzitsi Sacco Board Chairperson Flora Seyama said this during an annual general meeting that was held in Mzuzu City.
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She said the cooperative had posted a K625 million profit in 2024.
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Seyama said the Sacco was growing every year because it targeted civil servants and those in the public sector.
“Imagine that, in 2022, we made a profit of about K147 million and, by last year, we generated about K625 million in profits. This means we are growing very fast,” Seyama said.
Mphunzitsi Sacco Chief Executive Officer Patrick James Tembo said their target was to grow its membership to 40,000 by 2028.
Tembo said, currently, the Sacco has a loan book of about K4.3 billion, which would make many of its members benefit from the loans, though their plan is to hit 8.4 billion by 2028.
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“We provide soft loans, which have made life of some civil servants and others simple. Our products are designed to meet the needs of members and that is why many people are joining,” Tembo said.
Mzuzu City Chief Executive Officer Gomezgani Nyasulu, who graced the event, encouraged Malawians to embrace a culture of saving, saying that would help improve their economic status.
“It is better to limit your luxury life today for a better future. As such, we must all join saccos,” Nyasulu said.
Meanwhile, Teachers Union of Malawi President Willy Malimba has encouraged teachers to join the Sacco for them to have access to soft loans.
“We have heard that only 15,000 members joined Mphunzitsi Sacco and, within that number, we have some members who are not teachers and working in the private sector. If we can add both primary and secondary teachers, we are over 100,000. This means many people have not joined the sacco,” Malimba said.
During the meeting, members who brought new customers to join the sacco were given various prizes such as motorcycles and bicycles.
