Sucoma Savings and Credit Cooperatives (Sacco) on 21 March declared a dividend of K108 million at its annual general meeting (AGM) at Shire Club in Nchalo, Chikwawa.
The sacco has achieved a surplus of K209 million from the previous year’s K194 million.
Speaking in an interview after the AGM, Sucoma sacco chairperson Masauko Khembo said they achieved satisfactory growth despite the harsh economic environment.
he said assets for the sacco grew by 6 percent to K1.7 billion while loan portfolio increased to K1.2 billion representing a 8 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.
