Judiciary members of staff under Chilungamo Savings and Credit Cooperative (Sacco) on Saturday, held their first-ever annual general meeting since its formation in 2015.
The meeting, which attracted over 50 members, was described as a success, despite the group posting a KK4.8 million loss in 2017.
The 2017 loss followed another K5.3 million loss in 2016.
Chilungamo Sacco president, Gladys Kapanda, said despite the loss the Sacco has registered significant gains in other areas.
She said for instance, the group’s assets grew from K28.1 million in 2016 to K54 million in 2017.
“This shows that we are not doing bad as a Sacco only that we are yet to start making profits. Our major challenge at the moment is membership, since Sacco is a game of numbers and ours are not adding up to bring forward good profits,” Kapanda said.
She further said, as a group, they are targeting to increase their membership just above 500 members to 2,500 by the end of this year.
“We are running a Bring a Friend campaign, which we think will help us improve on membership. Any member who brings one or two friends to join our Sacco will be awarded with free shares.
“Apart from that, we are also targeting all Judiciary employees in all the districts across the country, and we are optimistic that we will achieve our goal come end 2018,” she said.
Malawi Union of Savings and Credit Cooperatives (Muscco) Technical Service Coordinator, Wisdom Chikanga, said, looking at the indicators, the performance of Chilungamo Sacco is above average.
He said, despite posting back-to-back losses, the group is doing much better as compared to other Sacco’s that have been in existence for years.
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