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SACCO INDUSTRY WATCH
KENYA POLICE SACCO ASSETS UP TO
KSH 24 BILLION
By Ann Njuguna
Ali Noor, PS, State Department of Co-operative Development awards the SACCO’s highest saver Edward Mbugua, Deputy Inspector
General. Right: David Mategwa, Kenya Police SACCO chairman. Left: Mary Mungai, Commissioner for Co-operatives, during the ADM.
Kenya Police SACCO million as well as a total of Ksh 1.43 “This was hugely facilitated by the
continued to record billion as interest on deposits. This growing membership that has since
exemplary growth resolution brings the gross total on the inception grown from 690 members to
this year with its total said to Ksh 1.66 billion against a gross 62,658 members in 2017, a number
assets amounting to total of Ksh 1.44 billion issued in the that is 17,000 members short of the
Ksh 24.2 billion in 2017 against year 2016,” said David Mategwa, the envisioned 80,000 members by the year
a total of Ksh 20 billion in 2016. SACCO’s National Chairman during the 2020,” said Mategwa.
Annual Delegates Meeting.
The third ranked co-operative in The SACCO’s loan portfolio grew to
asset base nationally, resolved to Mategwa said that this decision was Ksh 20 billion in 2017, a figure the
pay out its members a gross total arrived at on a prorate basis after management is determined to boost in
of Ksh 1.66 billion as dividends careful deliberation and judicious the strategic plan.
on share capital and interest on financial regulation.
deposits at the rate of 17% and “We seek a resolution to increase the
10.5% respectively. The society that has been in existence minimum deposit contribution to 12%
for more than 45 years posted a growth of the basic salary in 2018 up from the
“We recommend paying our of its deposits to Ksh 14.6 billion in current 10% and subsequently to 15%
members dividends on share 2017 from Ksh 12.4 billion in the by 2020,” said Mr. Solomon Atsiaya, the
capital totaling to Ksh 220 previous year. SACCO’s Chief Executive Officer.
26| SACCO Star Magazine
