Mudi Sacco surplus grows 18% to K26m

Mudi Savings and Credit Cooperative (Sacco) Limited has reported an 18 percent growth in surplus of K26 million in 2016 from the previous year’s K22 million, despite operating in a tough economic environment.

In view of this growth, Mudi Sacco members approved a dividend of K16.1 million at its 24th Annual General Meeting (AGM) on Saturday in Blantyre.

The money will be shared among its members while the difference, K9.9 million, will be used to meet other statutory requirements.

This year’s dividend is K2.1 million higher than last year’s K14 million.

In his speech at the AGM, Mudi Sacco board vice-chairperson Blair Chitimbe said overall, the Sacco has achieved a 30 percent growth in capital base.

“The year 2016 has been tough for business, but we managed to achieve overall growth of 30 percent in capital base,” he said.

He also said the Sacco’s membership jumped by 5.6 percent from 3 957 to 4 179 despite losing 378 members due to retrenchment and resignations.

Malawi Union of Savings and Credit Cooperatives (Muscco) chief operations officer Fumbani Nyangulu, who was the guest of honour at the AGM, commended Mudi Sacco management and board for making 2016 a success.

He said: “Every year you are growing [membership], you are now at 4 179. If every member commits themselves to bring a new member, how many members are we going to have?”

Nyangulu said it is the desire of Muscco to see that every citizen is a member of Sacco.