Polymed Savings and Credit Cooperative (Sacco) has achieved a K68.7 million surplus in the year ended December, a 1 335 percent rise from the previous year’s K4.7 million, financial results show.
Addressing shareholders during the Polymed Sacco’s 21st Annual General Meeting (AGM) in Blantyre on Saturday, board chairperson Albu Mkomadzinja said despite membership withdrawals, the organisation has continued to grow financially.
“All the figures show that we are doing well. Our loan portfolio grew from K498 million in 2016 to K504.3 million and non-redeemable shares increased from 11.1 million to 12.8 million,” he said.
He, however, bemoaned delayed remittances of Sacco deductions and membership withdrawals which led to 10 percent membership drop.
College of Medicine registrar Margaret Judith Longwe, who was the guest of honour, asked members to develop a saving culture.
“Nowadays there are many banki mkhondes [village banks] that have mushroomed because people think so much about borrowing and circulating money than saving,” she said.
Longwe asked members to increase their shares and borrow only when it is necessary.
“Before getting a loan, let us pause a bit and ask ourselves, what do I want to do with this investment,” she said.
In an interview, Polymed Sacco chief executive officer Cydex Makunje said they have acquired property with Sacco’s support.
Malawi Union of Savings and Credit Cooperatives (Muscco) finance manager Marko Nkhoma said most Saccos in the country posted surpluses in 2017. n