Page 26 - SACCOStar Mag Vol 46 Press_txt.pdf

SACCO NEWS
Impressive Growth for Qwetu SACCO as
Assets Grow to Kshs 1.7 Billion
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Qwetu SACCO entered into a partnership agreement
4wetu SACCO assets grew
to Kshs 1.7 billion in 2018
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AHKKHNM HM “The agricultural sector has received a
2017, an increase of 11.4 per cent. The
achievement is attributed to delegate’s
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and continued education on existing
members.
Addressing jubilant delegates during the
Qwetu SACCO Annual Delegates Meeting
(ADM) in Wundanyi, Taita Taveta County,
chairman Alfred Mlolwa underscored
the need for members to capitalize their
dividends and increase savings in order
to secure higher loans.
“After a thorough look at the current
situation facing the membership
following various legislations especially
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dividends, which was increased to
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of directors decided to suspend the
plowback for the time being. Members
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are nevertheless, advised to voluntarily
plowback their dividends or interest on
long-term deposits,” he said.
The Society’s membership grew to
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in the year 2017 representing a growth
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deposits grew to Kshs 1.2 billion in the
24| SACCO Star Magazine
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year 2018 compared to Kshs 1.09 billion
in 2017, representing a 17.8 per cent
growth. Mlolwa said loans and advances
also grew to Kshs 1.3 billion up from
Kshs 1.18 billion, translating to an 18 per
cent increase.
Further, he disclosed that the SACCO Mr. Alfred Mlolwa, Chairman Qwetu SACCO
with several agricultural sector actors the need of risk management service
to ensure that the Society gets more in insuring loans. He challenged
customers from the fast growing sector. the Society to embrace Information,
Communication and Technology (ICT) as
lot of attention in Taita Taveta especially well as digital marketing, to widen their
with regards to horticultural products service network. He also pointed out
for export in Taveta Sub County. The fact SG@SRSQDMFSGDMHMFSGD2 "".rR?M@MBH@K
that this sector has complete value chain base would improve the wellbeing of its
actors from production to market, has members.
guaranteed farmers a source of income.”
In 2017, Qwetu SACCO was declared
On the SACCO development agenda, among the top SACCOs nationally in
Mr. Mlolwa revealed that the SACCO risk management as well as the most
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fencing had commenced. Qwetu SACCO was done by the National Council for
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pointed out that the Society was intent a clear indication that Qwetu SACCO
on encouraging more members to invest was operating on a sound management
in the SACCO on long term deposits footing and a worthwhile investment
which is the cheapest form of capital. partner.
“Today, we shall reward individuals
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best in the year under review, including
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Kaba. He further urged delegates and
school heads to consider the Society’s
Taita Taveta Mwalimu Bookshop in
supplying stationaries to schools.
He said the bookshop department is
competition from other
revealed that direct
supply of books to schools
by the government greatly
reduced its general sales.
Also present in the Annual
Delegates Meeting was
the chief guest, Renson
Ndoro, chairman Imarika
SACCO, who emphasized