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SACCO INDUSTRY WATCH

THE NOBLE SACCO POSTS 12%
GROWTH IN MEMBER DEPOSITS

UChief Guest Esther Mutai making her remarks during The Noble SACCO Annual Delegates Meeting
asin Gishu based The Noble “The member’s interest on deposits and Teacher’s SACCO saw its membership
SACCO continued to post dividend on shares increased from the exhibit a growth of 11.70% from 7,932 in
an exemplary performance previous year’s Ksh 133.36 million to Ksh 2016 to 8,860 in 2017.
with its member’s deposits 116.28 million, representing a 14.69%

recording a growth of 11.54 increment,” Rono said. In addition, the financial institution posted

% to stand at Ksh 1.05 billion from an income augmentation of 6.12 % to Ksh

previous year’s Ksh 991.20 million. He added that the society’s microfinance 277.47 million from the previous year’s

savings recorded an increase from Ksh Ksh 261.46 million.

The share capital grew by 65.98% to 17.56 million to Ksh 19.99 million, a

stand at Ksh 77.06 million from Ksh growth of 13.38% while the agribusiness In order to stay afloat in a sector full of

45.34 million in last year. account grew by a stunning 225.19% to competition, the SACCO strove to unveil

David Rono, the SACCO’s chairman stand at Ksh 2.57 million from previous innovative products, processes and

said the growth was buoyed by the year’s Ksh 791,140. services, designed to meet the raising

institution’s members who patronised demand from members. The Co-operative

the SACCO’s products and services. “16,117 members applied for loans in the society partnered with a tech company

year under review against the previous and Safaricom to come up with M-Noble

Speaking during the SACCO’s ADM held year’s 15,256, which represents 5.64% advance, a mobile money application.

at Uasin Gishu primary school hall in increase,” he said.

April this year, Rono said the notable Members were implored to take on the

performance of the society resulted This consequently led to an increment of Annual General Meeting in order to

to increased member’s interest on the loan portfolio to Ksh 1.46 billion from facilitate achievement of the society’s

deposits and dividend on shares. a total of Ksh 1.12 billion in 2016. goals by making well-researched and

The SACCO formerly known as Wareng feasible contributions.

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