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SACCO INDUSTRY WATCH

FARIDI SACCO POSTS GROWTH
DESPITE TOUGH FINANCIAL YEAR

By Dennis Onyango

From left; Paul Obuya SACCO treasurer, Robert Atedu former Honorary Secretary, The Society prides in having members
:DPELD0LFKDHOIRUPHU&KDLUPDQ1DWKDQ0XNKZHVR.DNDPHJD&RRSHUDWLYHR?FHU who consists of county Government
and Thomas Makeni Society external auditor. LHMHRSDQR@MCNSGDQBNTMSXRS@?
3GD
SACCO posted the highest interest on
Faridi SACCO continued to prove its the Society’s ability to serve its LDLADQRCDONRHS@SHM@MC
resilience by recording improved members well. HM

performance in the year 2017, with the total
@RRDSRHMBQD@RHMFAXEQNL*RG He added that, despite of the The SACCO was registered on 6th March
million in 2016 to Ksh 820 million in 2017. challenge, the Society continued 1977 as Busia Teso Teachers SACCO
The SACCO’s chairman Mr. Michael Wambia to disburse loans as required to its Society Limited, and later re-branded
attributed the growth to an increase in members. on 13th September 2014 as Faridi
members’ deposits. SACCO Society Limited. It was formed
In attendance, Co-operative to promote thrift amongst its customers
Wambia added that the SACCO’s turnover Alliance of Kenya CEO Daniel AX@?NQCHMFSGDL@MNOONQSTMHSXENQ
FQDVSN*RGLHKKHNM@FQNVSG Marube, applauded the SACCO accumulating their savings and thereby
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on its performance and managing creating a source of funds for providing
without external borrowing. He @?NQC@AKDBQDCHSSNHSRBTRSNLDQR

“This resulted in improved capitalization also advised the SACCO to embrace
with increased surplus and injection of ICT audit in order to reduce or to The SACCO participated in the national
capital by members’ deposits going up curb situations like system hacking. Ushirika awards and they were honored
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million. In addition membership increased
EQNL@SSGDDMCNESNHM Best in credit Management Tier 4
@BBNTMSHMFENQ@FQNVSGSGD (2nd position)
said.
Best in Capitalization SACCO Tier 4
Speaking during this years Annual (2nd position)
General Meeting (AGM) held at Busia
Township primary school, Wambia said Best in Technology optimization
the capping of interest rates following the (3rd position)
@LDMCLDMSNEA@MJHMF BSQDCTBDC
loan interest rates unpredictably making
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Mr Daniel Masiga Faridi SACCO Chairman addressing members

SACCO Star Magazine |19