By Isaac Salima:
Thyolo Teachers Savings and Credit Cooperative (Sacco) has registered a K144 million profit during the year ending December 31, 2019.
The profit has gone up by 33 percent from K109 million surplus posted in the preceding year.
Thyolo Teachers Sacco General Manager, Babillas Ndalama, has since expressed optimism that the institution would maintain its growth going forward.
He was speaking recently, during the Sacco’s Annual General Meeting at Nalipiri Resort in Mulanje.
“The past year has been challenging in terms of membership growth. However, we sailed through and were able to grow our assets to K2.1 billion.
“To make sure that we grow our membership base, we lowered the interest rates from 5 percent to 2.5 percent. We have also moved from traditional ways of doing business and we are hopeful that this will continue attracting more people to join us,” Ndalama said.
However, he said the firm’s operations have been greatly affected by Covid-19 pandemic and this poses a threat to this year’s performance.
Malawi Union of Savings and Credit Organisations Business Development Manager, Ezekiel Thindwa, said the organisation is delighted with performance of the Sacco.
“It is encouraging and these can be attributed to good leadership. One of the principles of these institutions is encouraging members to have a saving culture. You cannot develop without saving or getting loans,” Thindwa said.
He said slow progress in technology remains one of the key challenges most Saccos are facing.
Thyolo Teachers Sacco has about 14,000 members across the country.