UN Sacco surplus up 258% amid economic turmoil

United Nations (UN) savings and credit cooperative (Sacco) recorded a 258 percent increase in surplus to K27.5 million in 2016 from the previous year’s K7.6 million amid a tough operating environment.

Speaking during an annual general meeting on Friday in Lilongwe, UN Sacco president Pamela Mkwamba Matumbi said the surge in profit was as a result of measures instituted to attract more members and limit expenditure.

“We are running this as a business and if you are running a business, you must reduce costs as much as possible and we did that. We had to ensure the membership grows from UN staff and we have also been getting more members from other international organisations,” she said.

Matumbi said UN Sacco has different products that appeal to members during different times.

One Sacco member, Robert Umar, who is a United Nations Children’s Fund (Unicef) employee, said the performance of the sacco in 2016 was impressive and forecasted good tidings going forward.

“In 2015, the performance was not good specifically due to expenditures which we thought were not properly managed. Members were not happy that the expenditures were mostly personal in nature, but that has been addressed,” he said.

Umar said he expects the UN Sacco to continue making to meet the aspirations of its members and become one of the country’s biggest Saccos. n