Thyolo Teachers Savings and Credit Cooperative (Sacco) more than quadrupled its surplus to K50.9 million in the year ended December 2017 from the previous year’s K16.5 million, financial results show.
Speaking at Thyolo Secondary School on Friday during an annual general meeting, the Sacco’s president Harold Namakhwa attributed the rise to growth in membership to 9 000 from 6 077 in 2016.
“The number of teachers joining the Sacco has increased. This has resulted in many people transacting with it; hence, the increase in profit,” he said.
Thyolo district education manager Godfrey Kubwense appealed to teachers to join Saccos to benefit from loans and dividends.
Malawi Union of Savings and Credit Cooperation (Muscco) financial cooperatives development manager Ezekiel Thindwa said he is not surprised that many teachers are joining Saccos as it is the easiest way of accessing loans.
“They [teachers] get money from their entity and the transactions are affordable and flexible where collateral is their savings,” he said.
During the year, Thyolo Teachers Sacco total assets increased by 85 percent to K814 million from the previous year’s K439 million.