This has been disclosed at an Annual General Meeting (AGM) the SACCO held at Nalipiri Holiday resort in Mulanje which pooled members of the SACCO, managers from other SACCOS and officials from Malawi Union of Savings and Credit Cooperatives(MUSCCO).
The SACCO’s president, Rogers Gonani, said he was impressed that his organisation managed to post K144 million sulplus in the year under review and looks forward to substantial growth in the new financial year.
“We are very happy to have achieved this feat and we are planning to do more next time. We follow pillars of our core values and we have hired professionals who are managing the day to day operations of the business,” said Gonani.
Commenting on the development, the SACCO’S General Manager Babilas Chiyembekezo Ndalama said they deployed right systems that have propelled the SACCO to register such a success.
“The success hasn’t come on a silver platter. It was a challenging experience more especially on recruiting new members for the business. We also tightened our internal controls coupled with better systems that have seen us growing the profits from less than K17 million in the previous year to K144 million as a surplus currently,” said Ndalama.
On his part Businesss Development Manager for MUSCCO, Ezekiel Thindwa, said the SACCO movement provides a better alternative to commercial banks and supports financial literacy initiatives.
“We are impressed with Thyolo Teachers SACCO in terms of membership base and profitability. Not many SACCOs can attain this feat. This is an end result of good coordination between the board and management which has trickled down to the members. SACCOs are very important institutions in an economy because they encourage the culture of saving and investments hence our involvement as MUSCCO in this field,” Said Thindwa.
The microfinance institution has over 14 thousand members nationwide. The country has close to 40 organised SACCOS with the first SACCO opening its doors in Dedza as far back as 1962.