Page 12 - SACCO STAR ISSUE 43

SACCO INDUSTRY WATCH

KENPIPE SACCO RECORDS KSH 1.7
BILLION IN MEMBER DEPOSITS

Extreme right is Chairman, Mr. Vitalis Opapo with Hon. Secreatary, Mr. Andrew Gisore, CEO, Mr Mwasambu Mbango and Mr. Robert
KKamau, Board Member.
enpipe SACCO continues to flourish, recording Loan and advance to members grew to Ksh 1.8 billion in the
notable financial growth each year. Addressing current financial year up from Ksh 1.6 billion in 2016. Total
shareholders during the Annual Delegates expenses increased from Ksh 229.8 million in the previous
Meeting, Kenpipe SACCO Chairman Vitalis financial year to Ksh241 million in 2017.

Opapo noted that economic retardation and

the fear looming during the electioneering period crippled According to Mr Opapo, 561 new members were recruited in

majority of SACCO operations in the country. the year under review making the total members of 2,576 as

compared to that of 2015 members in 2016.

“The interest rates and Kenyan shilling remained stable

during the year, however the general election slowed down He was very much impressed with the recruiting of new members

the business as majority of savers and borrowers took “a despite the figure falling below the annual target of 600 members.

wait and see” approach”, said Opapo. During this fiscal year the SACCO declared a payment of 16

percent dividend and 11 percent on members’ deposits.

Nevertheless, he noted that the society managed to record

an increase in total asset of Ksh 2.4 billion as at 31st AWARDS AND RECOGNITION

December 2017 as compared to that of Ksh 2.1 billion in Mr Opapo said that Kenpipe is ranked as the top SACCO in the

the previous financial year representing a growth of 11.6 country in deposit mobilization and it is through this they were

percent. awarded by ICA during Ushirika Day as the highest savings

management SACCO in Kenya-second tier category. Additionally,

The SACCO’s total revenue increased to Ksh 294.7 million Mr Opapo noted that in the last quarter of the year they received a

in the fiscal year from Ksh294.4 million in 2016. Member delegation of international team from Public Service Micro-finance

deposits grew by 10.12 percent from Ksh1.6 billion in of Zambia who came for a benchmark study of Kenpipe SACCO to

2016 to Ksh1.74 billion in this fiscal year. The SACCO’s enable them convert their MFI to a SACCO.

capital increased to Ksh 345.3 million in 2017 from Ksh

289.9 million in the previous year representing a growth of

15 percent.

10| SACCO Star Magazine