Malawi Police Service (MPS) Savings and Credit Cooperative (Sacco) has recorded a 1 650 percent growth in profit and a doubled membership in 2016, according to the Saccos chief executive officer Jonathan Zainga.
In an interview on Friday in Lilongwe, he said the profit jumped from K2 million in 2015 to K35 million at the end of 2016 while membership doubled to 5 000 from the previous year’s 2 500.
“In December 2015, there was K110 million in shares and by December 2016 the shares rose to K390 million,” he said on the sidelines of its annual general meeting in Lilongwe.
Zainga attributed this growth to marketing strategies the Sacco employed during the year.
He said the Sacco has transformed lives of police officers in the country.
MPS Deputy Inspector General responsible for administration Duncan Mwapatsa said the Sacco has been given a relief to officers as they are getting loans at a low interest rate as compared to borrowing from banks.
He said some of the officers had been asking for pay advances which is a thing of the past.
In the past year, most Saccos registered profits despite operating in a turbulent economic environment characterised by high inflation and interest rates.
The MPS Sacco started its operations in 2013. n