Sucoma Sacco surplus up 40%

Sucoma Savings and Credit Cooperative (Sacco) has posted a K198.7 million surplus in the 2021 financial year, representing a 40.5 percent increase.

During the 2020 financial year, the Sacco posted a surplus of K141.4 million.

In an interview on the sidelines of the Sacco’s 27th annual general meeting on Saturday at Nchalo in Chikwawa, Sucoma Sacco board chairperson Masauko Khembo attributed the growth in surplus to members’ commitment to pay back loans and increased membership.

He said: “It has been a bad year of course because of the Covid-19 pandemic, but for us, our members were able to borrow and pay back the money.”

The cooperative registered increases in loans, assets and membership from K1.53 billion to K1.89 billion, K1.97 billion to K2.39 billion and 5 348 to 5 779, respectively.

Khembo said the Sacco plans to grow its membership by opening new branches outside the Southern Region in places such as Lilongwe and Mzuzu, which he hoped would positively impact on the balance sheet.

On his part, Chikwawa Prison officer in-charge Francis Kwapata, who was also guest of honour, urged people to join Saccos as they help to uplift people’s lives.