One of the country’s savings and credit cooperatives, UN Sacco, has posted a surplus of K130.793 million for the year ended December 31 2023.
The surplus is 60 percent above the K81.741 million profit that the Sacco posted in 2022.
Speaking on the sidelines of the Sacco’s annual general meeting (AGM) in Lilongwe, UN Sacco President Robert Umar said the sacco implemented a number of strategies that resulted in the improvement in the bottom line.
“We are coming from 2021, when we had a troubled AGM. Our profit wasn’t good enough. And also we had some audit findings which our members didn’t like.
“So coming to 2023, we have committed to say, let us perform to the level that will satisfy our members. So we increased our loan portfolio. Much as we didn’t hit our threshold of 70 percent, but that’s what has contributed to the level of income during the year,” Umar said.
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He added that the sacco invested much energy in loan recovery.
“We also had a strategy to reduce wastage in terms of our costs,” he said.
Malawi Union of Savings and Credit Cooperatives Innovations Manager Daniel Imfa hailed UN Sacco for the strong performance.
He said apart from posting a good surplus, the Sacco retained its membership, a development he said shows that the Sacco is being well run.
