Mzinda Sacco to celebrate 25 years of service

Lilongwe-based Mzinda Savings and Credit cooperative (Sacco) will celebrate 25 years of service to be held in Lilongwe on June 25, 2022.

The Sacco’s president, Mphatso Nkuonera, said in an interview with Nyasa Times that, for the past 25 years, members have saved and borrowed money for various personal development projects like buying bicycles, motorcycles, vehicles, building houses, educating their children as well as growing their financial muscles despite economic challenges.

Mzinda Sacco President, Mphatso Nkuonera

“There were so many hindrances on the way including retrenchment of some member organizations due to covid 19 and other internal factors leading to lay off of some staff, this impacts us negatively, ” he said.

Nkuonera further said members who have loans it becomes hard to settle, and that eventually reduces the institutions asset base.

However, he said, the institution will also conduct it’s Annual General Meeting (AGM) on the same day under the theme: Economic As a Stepping Stone to Financial Growth.

Nkuonera said: “This year’s AGM is very important as it will be held at a time when serious economic decisions ought to be made following the global economic waves caused by various issues.”

He said the AGM is key towards deciding our direction in the operations of the institution, especially at the time when the Central Bank has put upward adjustments on interest rates in banking transactions.

On local currency devaluation, Nkuonera said, as Sacco, they are also supposed to take very serious decisions that should be made by the general membership.

Mzinda Sacco was formed in 1996, with a core objective of encouraging a saving and lending culture among it’s members,which eventually has seen it’s membership growing in numbers and financially.

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