Thyolo Teachers Sacco posts K505 million surplus

Thyolo Teachers Savings and Credit Cooperatives (Sacco) has registered a 97 percent surplus of K505 million in the year ending December 31 202.

During the same period the previous year, the Sacco made a surplus of K256 million.

In a statement issued last week, Thyolo Teachers Sacco general manager Babilus Ndalama said 2021 was challenging due to Covid-19 which led to members withdrawing due to the pandemic.

He said: “Despite that some members withdrew, we managed to grow membership from 15 040 to 18 021 owing to the products we introduced to suit the needs of the members that almost doubled the profitability.

“We will declare 50 percent of the profit as dividends for members which the board has already approved.”

Malawi Union of Savings and Credit Cooperatives chief executive officer Fumbani Nyangulu observed that there has been an increase in the number of people accessing financial services from the Sacco are increasing; who are saving and accessing credit to send their children to school, building houses and start businesses.

On his part, Ministry of Trade and Industry registrar of cooperative societies Wiskes Mkombezi said Malawians can better be served if they join the Sacco movement, saying Saccos are the best tool for the people to access financial services.n