Dwangwa Sugar Corporation (Dwasco) Sacco has increased its membership by attracting those who withdrew savings after a K37 million loss in 2012.
The former Sacco members accused the then management of allegedly abusing funds, which forced more than half of the membersship to withdraw their shares.
Dwasco Sacco president Justin Dzinkambani said the current management has mobilised both members and non-members to have confidence in the administration.
He said at the annual general meeting that the Sacco had a difficult time because members withdrew their shares.
“We introduced a strategic business plan, which assisted us a lot in mobilising the group to build confidence in us. We have, so far, increased our membership from 3 265 to 5 188 within a year, which represents a 59 percent increase,” said Dzinkambani.
He said the Sacco management also set aside an instant school fees loan, which attracted more members, adding “all they needed to show us was evidence that they were employees at their companies.”
Dzinkambani said the Sacco also persuaded spouses of its members, especially women who had no businesses and gave them loans to start small-scale businesses.
He said the group has agreed to raise non-redeemable shares from K5 000 to K10 000 after consulting with the Reserve Bank of Malawi (RBM) to increase its profit and be licensed.
“We expect to have more profits because we are also extending to Nkhata Bay and Salima. Dwasco is the only Sacco along the lake basin, therefore, we are targeting more companies along the lake,” he said.
An employee at Illovo Sugar (Malawi) Company Dwangwa Estate, Zilinde Munga, received a bicycle as an award for being a faithful member who repaid loans in time.
He joined the sacco in 2006.
Dwasco Sacco has membership from Illovo Sugar (Malawi) Limited, Nkhanga Essential Services, Ethanol Company (EthCo) of Malawi, Unitrans and St Annie’s Hospital in Nkhotakota, among others.—MANA