Page 40 - SACCOStar Mag Vol 46 Press_txt.pdf
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SACCO NEWS ?:GiG??ŽY>?ÐSGus
BIASHARA SACCO RECORDS FINANCIAL GROWTH
DESPITE NEW IFRS9 STANDARDS.
1
take services closer to members through
partnerships with commercial banks,
who will act as the institution’s agents.
This would thus enable members’ access
services where there are no branches.
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2 in ICT systems and infrastructure to
ensure members’ funds are secure, since
incidences of cybercrime are on the rise,
base growth from 79,970 to 97, 899, a especially targeting SACCOs,” he said.
22.4 per cent growth. The SACCO also “This will include carrying out annual
opened a new branch in Nairobi situated Information System Audit to determine
at La Jardine Hotel building along Ngara our exposure to attacks in terms of cyber
Road. security, as well as internet to branches
The chairman announced that early in the regular and genuine software updates,”
year, the SACCO reviewed its members’ he added.
3 loans features which included reducing He further reported that the board
the interest rate from 12 per cent to 10 would continue investing in capacity
Biashara SACCO grew to new heights per cent per annum on both Normal and building by participating in various
@RQD?DBSDCHMSGD2NBHDSXrR?M@MBH@K Jipange loans. “On the same note, the forums and workshops that address some
performance for the year ended maximum Normal loan a member can DLDQFHMF HRRTDR @CUDQRDKX @?DBSHMF
2018. The SACCO’s core capital grew FDS MNV HR ?UD SHLDR SGD !.2 R@UHMFR the cooperatives sector. These include
from Kshs 299.1 million in 2017 to Kshs instead of three times,” said the chairman. cybercrime, anti-money laundering and
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This he said was to attract more members how to mitigate them.
per cent growth. The total assets also rose to take up normal loans, as well as boost
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members’ deposits. The chairman further mentioned that the
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SACCO up-held the co-operative spirit
per cent growth. #DROHSDSGDD?DBSRNESGDHMSQNCTBSHNMNE by lobbying against the introduction of
IFRS9 standards, the SACCO maintained A@C K@VR @?DBSHMF SGD RDBSNQ SGQNTFG
Speaking during this year’s Annual dividends rates at 17 per cent and interest various forums organized by KUSCCO.
General Meeting held at YMCA hall in on members’ deposits at 11 per cent He cited the proposed Statute Law
Nyeri town, Joseph Njamuku, the SACCO respectively. “The new IFRS9 accounting (Miscellaneous Amendments (No.2)
chairman announced that the loan standards introduce the provision for Bill, 2018) which sought to introduce a
portfolio grew from Kshs 966.2 million to loan loss of one per cent to performing new class of membership called Social
Kshs 1.093 billion, representing 13.2 per loans,” Njamuku said. “The regulatory Impact Members. He reported that the
cent growth. CHQDBSHUD QDPTHQDR RDSSHMF @RHCD LNMDX amendment had been withdrawn, adding
for Non-Performing Loans (NPLs) from that it was not only punitive, but it also
“Loan disbursement rose from Kshs our surplus which has resulted in tighter broke the spirit of the co-operative
1.024 billion to Kshs 1.218 billion NODQ@SHNM@K DMUHQNMLDMS @?DBSHMF NTQ movement.
representing 19.3 per cent growth. The performance,” he added.
net surplus rose from Kshs 88.7 million
to Kshs 100.2 million representing 13 per To promote further growth of the SACCO, PHOTO CAPTIONS:
cent growth,” he said in his report. Other Njamuku said, the Society will roll out PIC 1: From Left: Biashara SACCO Vice Chairman
notable achievements included customer agency banking services. This will to :LOVRQ0XULXNL&KLHI([HFXWLYH2?FHU5RVH
Kimaru, Chairman Kamau Njamuku, Honorary
Secretary, Esther Ngima and Treasurer Dr.
Macharia P.M
PIC 2: Members follow proceedings during the
AGM recently
PIC3: Biashara SACCO’s Board of Directors
3,&5RVH.LPDUX&KLHI([HFXWLYH2?FHU
Biashara SACCO
4 PIC 5: Biashara SACCO Chairman Mr. Kamau
38| SACCO Star Magazine Njamuku
6 PIC 6: A member responds during the SACCO’s
Annual General Meeting (AGM)
