Msilikali SACCO (MSacco) says through its inclusivity agenda, it has nurtured 26 women groups with a membership of 350, who have K19 million in savings and accessed business loans of K58 million.
MSacco is holding its 6th Annual General Meeting (AGM) at Mponela, Dowa District, to, among other aspects, appreciate prevailing economic challenges and approve distribution of dividends.
MSacco Board Chairperson Colonel Alinine Simwaka says the members further undergo group dynamics and business Management trainings.
Simwaka has since told the delegates that their operating surplus has dropped by 13% from K362.5 million in 2022 to K313.9 in 2023.
However, he says total assets (size of SACCO) grew by 44% to K 6.55 billion from K 4.57 billion.
“The prevailing economic environment in 2023 presented a lot of challenges to doing business, the devaluation of the kwacha and the growth of inflation rate to double digits greatly drove the cost side upwards at the expense of the revenue side which remained the same as loan interest rates were not revised upwards,” says Simwaka.
Meanwhile, delegates have approved the distribution of dividends of over K156 million, representing 50 percent of profit made. The pay out ratio has been split into 20% redeemable shares, 5% non redeemable shares and 70% ordinary savings.
