Mudi Sacco Limited has posted a K38.9 million surplus in the year ended December 31 2017, and has since declared a dividend of K19.5 million to be shared among members.
The surplus has jumped by about 45 percent from the previous year’s K26.8 million while dividend has increased by 21 percent from K16.1 million last year, according to audited financial results unveiled at Mudi Sacco’s 27th Annual General Meeting (AGM) in Blantyre on Saturday.
In his speech, outgoing chairperson Zadziko Makhambo said during the year, the savings and credit cooperatives (sacco) could not automate 100 percent, but expressed the hope that the automation will succeed because Mudi Sacco is among cooperatives included in the hub project being implemented by the Reserve Bank of Malawi (RBM).
He said for the past six years, Mudi Sacco has been growing its membership.
“In 2013, we had 3 909 members, now we have 5 102 members. We have rebranded the banking hall.
“In 2011, delinquency was at 45 percent, now it is has dropped to five percent,” said Makhambo.
He announced that Mudi Sacco has now taken over Blantyre Agricultural Development Division (Bladd) Sacco, which has come with over 400 members.
In his keynote address, guest of honour Alfred Ntonga, who is Nation Publications Limited (NPL) deputy chief executive officer, applauded Mudi Sacco for achieving 34 percent assets growth and 45 percent surplus increase.
“This is no mean achievement. As a proud member of Mudi Sacco, I know my money and your money is in safe hands.
“There can never be greater pride in belonging to a financial institution where you are not just a mere customer,” he said.
Incoming board chairperson Stanley Mpaya pledged continued growth.
Malawi Union of Savings and Credit Cooperatives (Muscco) chief executive officer Sylvester Kadzola said Mudi Sacco has potential to become the biggest sacco in the country. n