Page 33 - SACCO STAR ISSUE 43

SACCO INDUSTRY WATCH
UKRISTO NA UFANISI WA ANGLICANA
SACCO POSTS 10% GROWTH IN DEPOSITS
Ukristo na Ufanisi Chairperson Reverend
Jane Wairimu
Ukristo na Ufanisi Wa Anglican
SACCO proved it’s resilience remain competitive in the market and
by beating the odds of a
tough economic period to
record significant growth.
The SACCO posted a 10% growth in
deposits, from Ksh1.1 billion in 2016 to
Ksh1.2 billion in 2017. The SACCO’s total
loans hit Ksh1.4 billion a 10% increase of
Ksh128 million as compared to 2016.
Speaking during the SACCO’s AGM, Jane
Wairimu, the SACCO’s chairlady said that
the SACCO’s assets grew by 13% while
its membership increased from 28,068 in
2016 to 30,149 in 2017.
“The membership account dormancy
reduced from 9,900 in 2016 to 7,963 in
2017 which is equivalent to 20%,” she
said.
By Erick Maranga
Wairimu also noted that the 2016
interest rating capping directive to all
commercial banks forced SACCO’s to
lower their interests on loans so as to
at the same time retain their existing
members.
“SACCOs are not regulated by Central
Bank of Kenya. However, since SACCOs
are in the same industry it is by default about the member, as captured in the
that this capping affected all the
financial institutions,” she said.
Wairimu pointed out that SACCO’s
liquidity position as at 31st December
2017 stood at 34.73% way above the
minimum rate of 15%.
“We have ensured that sufficient
liquidity is maintained for us to cater
for day to day operations of the SACCO
and at the same time are able to
disburse loans with no hitches,” said
Wairimu.
She revealed that the SACCO’s
institutional capital to total assets
ratio stood at 9 % against the (SASRA)
regulatory minimum rate of 8%.
“We have met all SASRA minimum ratios
these include the capital adequacy
and liquidity ratios. With our liquidity
ratio growing to 34.73% in 2017, this
is because of the collections of loans in
2017,” she added.
In addition, the society’s share capital as
31st December increased from Ksh56
million to Ksh86.5 million which is 54
percent growth.
NEW PRODUCTS AND SERVICES
The SACCO is offering a robust co-
banking system which it acquired
recently to enable it serve the members
efficiently. The SACCO is also in the
process of rolling out a membership
card which is the same size as that of
the Kenya National Identification card,
where it will contain all the information
SACCO’s system including the member
statements.
Additionally, the Society has embarked
on unveiling a mobile banking platform
where members will be able to transact
online from wherever they are, without
necessarily having to visit their nearest
branches as has been the case.
The SACCO will also be launching its own
cheque book in the course of year. This
cheque book will be issued to members
operating current accounts.
The Anglican affiliated SACCO has
branches in Riruta, Ngong, Kiserian,
Kangemi, Kiambu, Limuru, Wangige
Utawala and Mwea.
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