Malawi: Mzinda Sacco Members to Share K14m Spoil

19 April 2021

Mzinda Savings and Credit Cooperative (SACCO) is set to cushion its membership from Covid-19 induced economic impact following the decision by the board to release K13.9 million dividends to its members.

Mzinda SACCO president Mphatso Nkuonera said despite facing several challenges due to the outbreak of the pandemic, the cooperative is happy to have posted a considerable amount of profit, which will be shared among the members.

Nkuonera made the sentiments on the sidelines of the 2020 annual general meeting (AGM), which took place in Lilongwe on Saturday.

"We have done fairly well considering that the 2020 financial year had a lot of challenges, Covid-19 not an exception. We have had serious retrenchments at Castel Malawi Limited and remittances from the company is now a challenge. We are trying to engage them, of course, but with minimal recoveries," he said.

Nkuonera further disclosed that the asset base of the cooperative had increased from about K420 million to over K500 million.

He said having survived the adverse effects of Covid-19, the institution will now focus on introducing new products that can help in attracting new membership.

"We plan to engage in serious public awareness raising on Mzinda SACCO so that more people can join the institution. We have noted that there are many people who are interested to join Mzinda SACCO, but do not know how they can reach us. So, immediately after this AGM, we are going to sit down and see how we can bring in more members to our SACCO," Nkuonera explained.

One of the members, Redson Mtika, expressed excitement at the announcement of the dividends.

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