Page 19 - SACCO STAR ISSUE 43
P. 19
SACCO INDUSTRY WATCH
WAKENYA PAMOJA SACCO LAUDS
MEMBERS FOR SUPPORT
“We have had a high default rate in
the previous year and the SACCO
management has taken appropriate
steps to recover the money including
listing defaulters with Credit
Reference Bureaus,” the CEO said.
Meanwhile the total assets grew from
Ksh 1.3 billion in 2016 to Ksh 1.4
billion in 2017 whereas the share
capital grew to Ksh 417.5 million in
2017 up from Ksh 373.3 million in a
similar period the previous year.
Hezekiah Nyaamba, Wakenya Pamoja Mr.Isaac Omwenga Chief Executive Officer, “I urge all members to increase
SACCO Chairman Wakenya Pamoja SACCO your share contributions in order
to increase our society capital
Kisii based Wakenya Pamoja acquiring the society’s products and and thereafter provide affordable
SACCO managed to post services, ensuring its sustainability,” financing to everyone, to minimize
a net surplus of Ksh 24.9 Nyasamba said. the society’s outsourcing funds
million after tax in 2017, from commercial banks,” said Isaac
up from Ksh 11.6 million The management promised to educate Omwenga, the society’s Chief
the previous year, indicating a 11.6% members on the newly acquired Executive Officer.
increment. Management Information System (MIS)
The society also advanced its members that seeks to link all satellite branches In a move geared towards proving
dividends amounting to Ksh 4 per share and enable members to transact using affordable financial services and
held in the SACCO unlike 2016’s Ksh 1 their mobile phones. products to low income earners,
per share The already operating MIS has reduced the society introduced the Okoa
financial fraud cases previously Account which is a zero rate account.
Hezekiah Nyasamba, the co-operative’s encountered. The SACCO has also developed
chairman declared the dividends in products like the Corporate Account,
April this year during the 27th Annual The society, served by members mainly Biashara Account for financially
Delegates Meeting held at Gusii from tea and coffee farmers from Kisii privileged members with the option
Institute of Technology. County acknowledged that the weather of personalized banking services like
patterns experienced during the Wakenya Fahari Banking Services.
“I wish to extend the management’s financial year under review had direct According to Omwenga, the formerly
appreciation to you delegates for influence to the default experienced in Gusii Farmers Rural SACCO Society
your efforts towards steering forward loan repayment saying that the issue Limited is keen to increase its
development of this esteemed society was beyond stakeholders’ control. membership and is pondering on
and the patriotism you have shown in opening up its borders to include
non-coffee and tea farmers, through
strategic marketing and introduction
of affordable, advanced and
competitive products .
SACCO Star Magazine |17
