Mudi Savings and Credit Cooperatives (Sacco) has attributed its 94 percent surplus growth in the year ended December 31 2023 to team work and hard work in the face of the challenging economic environment.
A financial statement issued during its annual general meeting held in Blantyre on Saturday shows that the Sacco posted a K358 million surplus, a rise from the previous year’s K184 million.
Mwambo: The Sacco is making strides
During the same period, the Sacco’s assets grew to K3.2 billion from K2.5 billion the previous year with membership rising from 12 708 to 16 321.
Speaking during the meeting, Mudi Sacco board chairperson, Matilda Mwambo said they are making strides in integrating information and communications technology into their services, enabling customers to transact remotely.
She said: “We have introduced a WhatsApp Chatbot and established partnerships with TNM plc and Airtel Malawi plc to extend our outreach to a wider audience.
“Despite the prevailing economic challenges in the country, the Sacco engaged in negotiations with the members and it was agreed that a portion of the surplus generated in 2022 would be allocated to enhance liquidity, thereby providing a protective buffer for the members.”
Mwambo said the Sacco plans to increase its membership by 60 percent, boost the capital base by 50 percent, expand the loan portfolio by 80 percent and achieve a surplus growth of 58 percent.
Southern Region Water Board chief executive officer Duncan Chimbamba, who was the guest of honour, urged all Saccos in the country to take inspiration from the progress Mudi Sacco is achieving in serving its members.
“Saccos should explore avenues to benefit their members,” he said.