Mzinda SACCO posts K27M profit

Mzinda Savings and Credit Cooperative (SACCO) members are all smiles after the SACCO made a profit of K27 million during the 2021 Financial Year.

The SACCO’s President Mphatso Nkuonera, told Malawi24 that the surplus has doubled as K13 million profit was made during the 2020 financial year.

“Despite the turbulent economic times the world is going through, we are glad to have realized a double profit compared to the previous year.

“We owe this success to the membership for agreeing with some austerity measures that we took. Of course, it was hard but we are finally happy to make this huge difference,” he said.

Mzinda Savings Annual General Meeting (AGM) was held on Saturday 4 June, 2022 in Lilongwe at BridgeView Hotel.

Nkuonera branded it a double event as the SACCO is meanwhile celebrating 25 years of service since 1996.

“The SACCO has transformed many lives in various aspects. People have built houses, cars, plots and many valuable household items, among others,” he said.

“The AGM has agreed to revise some of its loan products like material loan.

“We also have resolved to go digital in some of our loan disbursement process in order to save time and be efficient,” he explained.

He added that the SACCO’s membership has all reasons to smile as it has impacted positively on many souls.

The SACCO leader cited Covid 19, over borrowing and heavy retrenchments have caused havoc to the Sacco’s stand.

“Retrenchment some member organizations due to covid 19 or other internal factors lay off some staff, this impacts us negatively, the members have loans which it becomes hard to settle, and that eventually reduces our asset base in one way or the other,” he explained.

He added that, public servants have chances to walk in and get loans without any collateral upon showing their payslip to confirm other details.

This year’s AGM was held under the theme ‘Economic Challenges as a Stepping stone to Financial Growth.’

Malawi Union of Savings and Credit Cooperatives (MUSCCO), Ministry of Trade and Industry officials and Chapter 2 Saccos’ representative hailed the leadership for making great strides.