Page 26 - Ramco JO SACCOStar _Vol 50.indd

FINANCE AND INVESTMENTS

POLICE SACCO GROWS
in all areas of OPERATION

Kenya Police SACCO Chairman Mr. David Mategwa displays the SACCO's strategic plan during the event. Looking on is Cabinet Secretary Hon
Peter Munya, Principal Secretary Ali Noor Ismail and Kenya Police SACCO officials.

CS Hon Peter Munya with Kenya Police SACCO leadership and invited guests during the ADM.

By James Mukui “2019 was not easy for financial institutions nationally.
Nevertheless, the Society managed to score highly in all growth
Kenya Police SACCO continued to soar by reporting areas and registered increased returns in all investments
growth in all areas of its operation, the SACCO’s undertaken,” Mr Mategwa said.
financial statements show.
According to the Chairman, the management team premiered
This was revealed during the SACCO’s Annual Delegates its efforts in the provision of custom made and inventive
Meeting at a Nairobi hotel, attended by Hon Peter Munya, business solutions, leveraging on technology, investment
Cabinet Secretary, Ministry of Agriculture, Livestock, Fisheries on contentious staff development programs, promoting a
and Co-operatives, Principal Secretary Mr Ali Noor as well as conducive work environment for its staff nationally, and
Deputy Inspector General of Police Mr Edward Mbugua. creating an organizational culture that enhances performance.

The Society registered 20 per cent growth in total assets to Because of these efforts, he said, the SACCO’s revenue
Sh34.8 billion in 2019 from Sh28.9 billion the previous year. increased by 21 per cent by December 2019 to Sh5.8 billion
from Sh4.5 billion a similar period in 2018.
Similarly, member deposits grew by 15 per cent to Sh19.5
billion in 2019 from Sh17 billion in 2018. Loans and advances Mategwa implored delegates to encourage the membership
to members registered a growth of 21 per cent to Sh29 billion at their respective areas to continue patronizing the SACCO’s
in 2019 from Sh24 billion in 2018. products and services which will translate to higher profits
and consequently better share in terms of annual dividends
Speaking during the ADM, the SACCO’s National Chairman, on shares and interest on deposits to members. This will
Mr David Mategwa, whose term had expired according to the also lower the cost of loans to members and better terms of
law and the society’s by-laws, but was re-elected unopposed servicing the same.
attributed the remarkable growth to the efforts by staff,
management and the membership.

24 | SACCO Star Magazine