By Wongani Mkandawire

Nkhotakota, February 12, Mana: Dwasco SACCO in Nkhotakota district has reported a 30 percent total asset value increase, from K1.1 billion in its 2022-23 financial year to K1.5 billion this year.

This was disclosed at the SACCO’s 30th Annual General Meeting held at Dwangwa Club in Nkhotakota district on Saturday.

Speaking during the meeting, Abel Musopole, who is the Board Chairperson for the institution, said it has taken huge commitment and discipline from both members of the SACCO and employees to make possible these profits during the just ended period as well as the past five consecutive years of growth.

Musopole said the SACCO business is guided and regulated by guidelines and rules set up by the government through responsible bodies like the Reserve Bank of Malawi and the Malawi Union of Savings and Credit Co-operatives Limited (MUSCCO) and, as such, SACCOs need to adhere to the guidelines to make sure the business grows.

MUSCCO Business Development Manager Ezekiel Thindwa said Dwasco SACCO is among the 15 institutions of this nature which have a minimum of K1 billion asset value.

“There are about a total of 45 SACCOs that have a total net worth of K70 billion and one of them is Dwasco SACCO, standing at K1.5 billion,” said Thindwa.