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SACCO INDUSTRY WATCH
SMARTLIFE SACCO’S REVENUE UP
BY 15%
SSmartlife SACCO C.E.O Mr. Haron Biwot in his officeHe further noted that this greatly He noted that the future is bright for the
martlife SACCO recorded reduced the number and amount of Non- society, which is in a mission to harness
15% growth in revenue in Performing Loans (NPL’s) in the FOSA, the advancing Information Technology, to
2017, up by Ksh 13 million BOSA and micro credit sections of the offer competitive, quality, and affordable
in a similar period in 2016. products and services to members.
SACCO. “In partnership with Safaricom, members
will soon benefit from our digital
The Elgeyo Marakwet County based products including advances, to be
obtained at the comfort of one’s locality,”
society posted growth despite Speaking during the 21st Annual Biwott revealed.
the general reduction in the Delegates Meeting, Kiprop said that the The SACCO resolved to hold more
education sessions for its members, to
country’s Gross Domestic Product SACCO experienced a loan backlog more inform them on their role in the growth
and development of the society, to
(GDP), caused by domestic and so on development loans given the high mobilize savings and to sensitize them
on the challenges facing the co-operative
international restrictions and an loan demand. movement in the country.
Come 2019, the society is set to retain
inflation that averaged at 7.5% 50% of interest, contribution to be
hoisted to 10% of member’s basic salary
during the third quarter, according to “The society’s deposit increased to Ksh and will increase Security Retirement
Fund (SRF) to Ksh 500 from the current
Kenya National Bureau of Statistics 615 million against Ksh 598 million in Ksh 300.
Quarterly GDP report. 2016, decoding a 3% rise,” he said. The chairman further urged members to
authorize the board to analyze and revise
The society issued loans of up to Ksh The society, formerly Marakwet Teachers the society’s rates to cushion on future
439 million representing a 25% rise SACCO, met all other requirements by risks arising from the same, given the
from Ksh 351 million in 2016. SASRA on minimum ratios apart from society’s stake at commercial banks in the
liquidity ratio, which needed to be 15% country in response to the government’s
“Due to the establishment of of the current deposits. interest rates review.
a reconciliation section and
automation at Teacher’s Service Haron Biwott, the society’s CEO Smartlife SACCO Chairman, Francis Kiprop
Commission, our statistics show that encouraged members to heed the
the returns from employers due counsel of the society’s leadership and SACCO Star Magazine |33
to loan and share deductions rose the laid policies on loans going forward
estimably,” Francis Kiprop, the SACCO for increased revenue.
chairman said.
