Malawi Union of Savings and Credit Cooperative (MUSCCO ) has reiterated the call on the business community and employees in various organisations to join the SACCO movement as that is the surest way of developing a culture of savings in the country.
Fumbani Nyangulu, Chief Executive Officer for MUSCCO made the remarks in Zomba after presiding over the 22nd Annual Delegates Meeting for Thyolo Teachers SACCO.
Nyangulu says since the SACCO movement commenced in the ’70s its growth has been gradual.
“The SACCO concept is a very good idea that encourages financial discipline and acts as a reliable source of capital at a very affordable cost. You can appreciate out of over 18 million Malawians just over 160,000 belongs to the movement. Let me applaud Thyolo Teachers SACCO for demonstrating that even in the period of COVID-19 pandemic, the SACCO has managed to register an impressive profit,” said Nyangulu.
Thyolo Teachers SACCO Manager, Babilasi Chiyembekezo Ndalama said the development of customer-centric products has enabled the SACCO to perform well in almost all areas.
“We have met challenges, yes but we can stand tall to say we have beaten the odds. With a profit of over K256 million from a previous record K144 million, it’s no mean achievement. This has been realised through the development of products that meet the expectations of our members,” said Ndalama.
In his remarks, outgoing President for Thyolo Teachers SACCO, Rogers Gonani said those taking up new positions in the SACCO should focus on growing the membership by implementing strategies that propel the SACCO to success.
Said Gonani: “To the new executive, I wish them all the best as they lead the SACCO. As others have spoken there’s a need to grow the numbers by sensitising the public on the advantages of savings. Above everything else, they should be good listeners.”
Guided by its motto, ‘Save with us, realise your dream’ the SACCO plans to scale up its operations in the coming financial year. According to Ndalama, the goals have been raised to raise profitability up to K400 million.