By Malawi News Agency
United Civil Servants Savings and Credits Cooperative Organisation (UCS-Sacco) has encouraged civil servants to embrace a saving culture.
The Sacco鈥檚 chief executive officer Francis Waliwa said this on Saturday in Mwanza when he briefed district representatives about the Sacco鈥檚 30th Annual General Meeting (AGM) held at Bingu International Convention Centre in Lilongwe from March 22 to March 23 2025.
He said: 鈥淢any public servants suffer when they retire because they do not invest while they are working.
鈥淭his is why UCS-Sacco was formed to provide opportunities to help civil servants save and borrow money as well as enjoy dividends.鈥
Waliwa boasted about a K11.2 billion surplus realised in 2024 from K6 billion in the previous year.
UCS-Sacco Mwanza-Neno District Cluster chairperson Steve Felix Chaima said the meeting helped him to know resolutions adopted at the AGM in Lilongwe.
鈥淚 thank the cooperative鈥檚 progress in terms of profit and membership. Most importantly, it is the only Sacco in the country that allows its members to borrow any amount,鈥 he said.
During the meetings, members also learned how to manage wealth.
The UCS-Sacco, which projects 130 000 membership growth by 2026, was formed in 1992 with 119 members. As of now, it has 83 000 members in both public and private sectors in the country.
Currently, UCS-Sacco has K55 billion wealth of assets with its headquarters in Lilongwe.