Page 11 - SACCO STAR ISSUE 43

SACCO INDUSTRY WATCH

QWETU SACCO CONTINUES TO GROW
WITH DEPOSITS HITTING KSH 2
BILLION.

By Solomon Muingi

Qwetu CEO Charles Kaba (left) receives award from Imarika SACCO chairman Renson Ndolo.

Qwetu SACCO continued to scale higher Qwetu grew its share capital from Ksh 39.3 million in
heights recording Ksh 1.9 billion in 2016 to Ksh 45.1 million in 2017, reflecting an increase
deposits, a 15% increase from Ksh 948 in 34 per cent.
million in 2016.
The cumulative loan portfolio grew from Ksh 1.03 billion
The society, formerly Taita Taveta Teachers SACCO saw in 2016 to Ksh 1.2 billion as at the end of December
its assets base increase from Ksh1.3 billion in 2016 to 2017, recording an increase of 15 per cent.
Ksh 1.5 billion in 2017 and disbursed Ksh 65 million for
the last financial year as dividends and interests. This is Mlolwa encouraged members to consider capitalizing
an increase of over Ksh17 million compared to Ksh 48 their shares, stating that it would be a considerable way
million that was paid out in the last financial year. of investing.

Speaking during this year’s Annual Delegates Meeting at The society’s CEO Charles Kaba described the year as
a hotel in Voi, the SACCO chairman Alfred Mlolwa said the a success adding that low interest rates on loans had
dividends would be paid at 9 per cent for deposits and significantly attracted more members.
interests and 11 per cent for shares.
Kaba said delegates had resolved to increase the
“Initially we thought of retaining the dividends for some minimum contribution share capital from Ksh 3, 000
years before giving out bonuses, but delegates declined to Ksh 4, 000 adding that when members increase
the proposal. With time, we shall see the positive their share capital, it would ensure that the base of the
indicator as we go through the developmental changes of institution is good enough to endure shaky times.
our SACCO,” said Mlolwa.

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