Sucoma Savings and Credit Cooperatives (Sacco) on Sunday declared a dividend of K49 million (about $71 286) at its annual general meeting (AGM) at Shire Club in Nchalo, Chikwawa.
The sacco has achieved a surplus of K98.2 million (about $142 864) from the previous year’s K80.9 million.
Speaking in an interview after the AGM, Sucoma sacco chairperson Edna Khaiya said they achieved satisfactory growth despite the harsh economic environment.
She said assets for the sacco grew by 32 percent to K179 million (about $260 414) while loan portfolio increased to K148 million (about $215 314), representing a 67 percent jump.
“We plan to mobilise not less than 1 000 new members, including women because we realise that having a bigger membership means more revenue generation; hence, it is difficult to survive in terms of economic hardships,” she said.
In his remarks, Malawi Union of Savings and Credit Cooperatives (Muscco) business development manager Ezeckiel Thindwa hailed the Sacco for being one the fastest growing in Chapter One (Southern Region).
“The performance of this Sacco is generally impressive compared to its previous performance. This is encouraging and an indication that people are embracing Saccos,” he said.
