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Mudi Sacco records K55.9 million surplus

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By Justin Mkweu:

One of the country’s Savings and Credit Corporation (Sacco), Mudi Sacco has registered a surplus of K55.9 million in the year ending December 31 from K40.6 million recorded in 2018.

This represents a 20 percent growth.

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This was revealed during the Mudi Sacco Annual General Meeting in Blantyre Tuesday.

In a statement made available to members, the Sacco says total interest income grew to K250 million fromK180 million, representing a 35 percent growth.

Total operating income went up by 19 percent to K321 million from K269 million recorded in 2018, while total expenditure was K265 million from K223 million.

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Speaking when presenting the report, Mudi Sacco president, Stanley Mpaya, said the growth represents confidence members have in the institution.

“The year has been so difficult to us, just like to any other business. Our target was to reach K60 million in surplus,” Mpaya explained.

Malawi Union of Savings and Credit Corporation (Musco) Chief Executive Officer, Fumbani Nyangulu, said growth of the Sacco gives confidence to other industry players.

“Although the Sacco has failed to meet its target for the surplus, you can still see that they have failed with a very small margin which only indicates that people have started understanding the importance of Saccos and they are developing confidence about them.” Nyangulu said

Mudi Sacco has also registered a growth in terms of membership base to 8,512.

The Sacco has also seen its asset base growing to K1.2 billion.

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