Malawi Police Sacco had a better year in 2019 as it saw its profitability surging by 90 percent.
This was disclosed in Lilongwe during the sacco’s Annual General Meeting (AGM).
Malawi Police Sacco Chairperson, Francis Mlanga, said during the year the sacco recorded a profit of K143 million in 2019 up from K75 million in 2018.
Mlanga attributed the strong performance to improved savings and borrowing by members of the sacco.
“2019 was a challenging year as it was characterised by many demonstrations which affected many businesses. Despite that we managed to register a solid performance,” Mlanga said.
Mlanga said the sacco’s 2020 performance looks mixed as the business has been greatly affected by the Covid-19 pandemic.
He said the Covid-19 pandemic has disrupted supply chains which have affected revenue streams of members.
“The Covid-19 pandemic resulted in border restrictions which affected those in cross border business. But looking ahead, we are hopeful that things would improve,” Mlanga said.
Inspector General of Police, George Kainja, who was guest of honour during the AGM, urged the sacco members to save regularly and borrow wisely.
“Let us use borrowed funds for investments and remember to repay our loans so that the sacco continues to grow,” Kainga said.
He said the Malawi Police Service Management would continue to provide a conducive environment for the sacco to thrive.
Malawi Police Sacco was formed with the aim of introducing a savings culture among police officers. However, over the years, the sacco has also incorporated officers from the Department of Prisons, Immigration as well as Wildlife and Parks.
Over the past years, the sacco has seen its membership growing from 67 members to over 6,500 who have saved more than K1.6 billion in shares and have borrowed K1.3 billion in loans.