Thyolo Teachers Sacco posts K17.3m profit
Thyolo Teachers Sacco is set for strong performance on the back of strategies to boost its performance.
This was said during the 17th annual general meeting (AGM) the grouping held at Thyolo Secondary School last week.
The Sacco’s audited financial report show that in the year ending December 2014, it made a profit of K17.3 million from K5 million the year before.
He said membership grew by 25 percent to 3 900 from 2 500, describing the growth as not enough compared to its potential and objectives.
“We realise that having a small membership means having a limited revenue generation; hence, it is difficult to survive in terms of economic hardships.
“It is against this background that we want to woo more members to generate more revenue to cover costs in the course of our operations,” he said.
Mukhonya said the Sacco plans to be fully computerised and connected to the Malawi Union of Savings and Credit Cooperatives (Muscco) hub this year using K13 million loan.
The Sacco, which recently obtained a primary Sacco licence from the Registrar of Financial Institutions, said it will recruit a marketing officer to increase memberships and attend to queries from members.
During the AGM, the Sacco also held elections which saw Mukhonya being re-elected.
Muscco financial cooperatives and development manager Ezeckiel Thindwa hailed Thyolo Teachers Sacco for being one of the fastest growing Saccos, saying it is pleasing that most Saccos are performing well.
“The performance of this Sacco is generally impressive compared to its 2013 performance. This is encouraging and an indication that people are embracing the existence of Saccos,” he said.
Thindwa encouraged people to join Saccos, saying it empowers their economic well-being and enhances a saving culture.
