UCSSACCO Records Groundbreaking Growth, Eyes 130,000 Members by 2026
As UCSSACCO continues its expansion, the CEO encouraged existing members to increase their savings and shares to earn higher dividends, while urging non-members to join and benefit.
MZUZU, Malawi— The United Civil Servants SACCO (UCSSACCO) has recorded groundbreaking performance in 2023, growing its asset base by 67% to K28 billion from K16 billion the previous year, writes Tionge Hara.
Addressing a press briefing Friday in Mzuzu, Francis Waliwa, Chief Executive Officer of the cooperative, highlighted the organization's remarkable achievements over the past year.
"We have made a profit of K7 billion, up from K4 billion the previous year. This represents a 65% increase," Waliwa said.
"And we have managed to distribute over K2 billion in dividends to our members."
With a current membership of 69,000, UCSSACCO welcomed 14,000 new members in 2022 alone as it expanded beyond the civil service to include parastatals, the private sector and local communities.
"Every member is smiling. Those who had good shares were able to go back home very happy," Waliwa stated.
UCSSACCO's impact, however, extends beyond financial figures, as it aims to align with Malawi's long-term development blueprint, the MW2063 vision.
"This business is very inclusive because it gives control to people themselves, and people have control over the growth of their own cooperative," the CEO explained.
"We provide free financial literacy education apart from savings and credit facilities."
The cooperative has also contributed to youth employment, with a workforce of over 200 employees averaging 25 years old, including those in senior management roles.
Looking ahead to 2026, UCSSACCO has set an ambitious target of 130,000 members and assets exceeding 80 billion Kwacha.
"We need to touch not less than 130,000 members by 2026," Waliwa said.
"We are also rolling out SME loans very shortly to support small and medium businesses."
With this projected growth, the cooperative plans to introduce more products like car loans, mortgages and larger personal loans.
"You can offer better products and bigger loans only if you have more capital," Waliwa stated.
"This year, we aim for 20,000 new members, K45 billion in assets and 10 billion Kwacha in profits to increase dividends."
As UCSSACCO continues its expansion, the CEO encouraged existing members to increase their savings and shares to earn higher dividends, while urging non-members to join and benefit from the cooperative's growth.
KEY HIGHLIGHTS
Stellar Performance: UCSSACCO's asset base surged by an impressive 67% in 2023, reaching K28 billion, while profits soared 65% to K7 billion. This windfall enabled the distribution of 2 billion Kwacha in dividends, putting smiles on the faces of its 69,000 members.
Membership Boom: The cooperative's ranks swelled by 14,000 new members last year alone, a testament to its appeal beyond the civil service sector. UCSSACCO now casts its net wider, embracing parastatals, private enterprises, and local communities.
Community Impact: Beyond balance sheets, UCSSACCO has made tangible impacts on people's lives. Long-term loans have empowered members to engage in agriculture, business ventures, and educational pursuits. The cooperative has also extended its reach to support institutions like the Salima School for the Blind and refurbished the Mapanga Prison Training School, investing over K32 million.
Alignment with National Vision: UCSSACCO's inclusive business model and financial literacy programs align with Malawi's MW2063 development blueprint. By giving members control over their growth and equipping them with financial skills, the cooperative fosters economic self-reliance and youth employment, with over 200 employees averaging 25 years of age.
Ambitious 2026 Targets: Undeterred by its achievements, UCSSACCO has set its sights on an audacious goal of 130,000 members by 2026. This expansion will be fueled by the rollout of SME loans, enabling support for small and medium enterprises. With projected assets exceeding 80 billion Kwacha, the cooperative envisions offering an array of products, including car loans, mortgages, and larger personal loans.
Near-Term Objectives: For the current year, UCSSACCO aims to onboard 20,000 new members, amass K45 billion in assets, and generate a profit of 10 billion Kwacha, allowing for increased dividend payouts to its growing membership.