Dwangwa Employers Sacco has made a profit of over K56 million, a more above last year’s profit of K50 million.
The Sacco’s chairperson Justin Dzimkambani said this has been possible despite facing numerous challenges of delinquency due to low saving by seasonal employers and economic hurdles.
He said the SACCO has now opened a new service center in Salima to serve better members working in factories in the district.
He said the inclusion of civil servants has helped the Sacco’s membership to diversify and create financial stability.
Dzimkambani said they have included activities such as education, capacity building, financial literacy, management and financial controls to ensure the Sacco is serving its members more effectively.
“This will address some of the challenges, within our business plans and strategies,” he said.
Malawi Union of Savings and Credit Cooperatives Head of Cooperatives Development and Cooperation (MUSCCO) Leroy Banda expressed pleasure to be associated with one of the biggest Saccos in Malawi.
He said most of the registered Sacco’s are posting profit; hence giving MUSCCO encouragement that the Sacco movement will grow and be on a good footing in as far as growth is concerned.
Dr. Henry Chakaniza of Dwangwa Illovo Sugar Company said if people become more aware of the good use of money they borrow from Saccos they can easily improve their livelihoods.