United Civil Servants Sacco posts K285m surplus

United Civil Servants Sacco, the largest savings and credit cooperative (Sacco) in the country, has reported a K284.6 million surplus in the year ended December 2018.

This represents a 54.5 percent jump from the previous year’s K184.2 million, according to audited financial results presented at the Sacco’s 24th Annual General Meeting (AGM) in Mzuzu on Saturday.

In view of the results, the Sacco declared a dividend of K100 million.

Speaking during the AGM, the Sacco’s president Fletcher Mhango said that in the year under review, the group’s membership base increased by 30 percent from 17 480 to 22 400.

He said: “The board also provided the required oversight on operations while management did its job professionally.”

He applauded government for remitting deductions in time, saying the move has boosted the Sacco’s good performance.

Malawi Union of Savings and Credit Cooperatives (Muscco) acting chief executive officer Fumbani Nyangulu said the Sacco’s performance is an encouragement to its members.

He said many Saccos are reporting surpluses this year, which will translate into dividends to its members despite a tough operating environment.