United Nations Sacco opens up membership

Representatives of the United Nations (UN) Sacco have said that the cooperative is now open to receive members from any international organisation in their quest to grow the grouping.

The UN Sacco’s membership initially comprised employees of any United Nations affiliated organisations.

This was said at the weekend on the sidelines of the Sacco’s 15th Annual General Meeting held in Lilongwe where it was also revealed that the cooperative grew its profits to K27.5 million in 2016 from K7.6 million in 2015.

This represents a 258 percent growth of the Sacco’s profits in one year.

President of the UN Sacco, Pamela Matumbi, highlighted that the decision to open up membership was initiated to get more members from other international organisations.

She was quick to point out that the opportunity is open only to employees of international organisations as they have similar policies to those of the UN.

“We are trying to ensure that we get more partners because we are a Sacco that is really based on membership.

“We want more international organisations because the more members we have, the more services we will offer in terms of providing loans and we will continue to grow but we also want to increase our membership so that we can grow our savings and be able to invest in structured financial markets in the country,” Matumbi said.

She went on to say that currently, the Sacco has managed to invest K25 million on the financial market under her tenure.

Matumbi further attributed the cooperative’s ability to grow its profits to financial prudence and a business culture that has been inculcated in the staff members running the Sacco.

One of the members of the Sacco, Robert Umar, hailed the leadership of the Sacco for the achievement. He stressed that it gives hope to the members of tangible benefits from their investments unlike in the past when the Sacco was failing to make such profits.