Page 32 - Ramco JO SACCOStar _Vol 50.indd
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FINANCE AND INVESTMENTS
Mombasa Port SACCO “The Society’s active membership grew
records Sh736 million by 501 in the year 2019. The board and
management will ensure achievement of
member recruitment targets as per the new
Strategic Plan year 2019-2023,” he noted.
turnover The SACCO’s journey that started 53
years ago with a handful of members now
stands as a sizeable figure in the Kenyan
co-operative movement.
The SACCO targets to recruit
16,800members by the year 2023. In
the corporate social responsibility, the
Society sponsored two of its member’s
standard eight best-performing pupils.
Mombasa Port SACCO is targeting to
increase loan uptake among its members
in a bid to achieve the growth projection.
The institution also boasts of its insurance
reserve of Sh106 million in its financial
statement which is an accumulation of
insurance deduction from member’s loan.
Mombasa Port SACCO Chairman Mr Jakaya Konde and Chief Executive Officer Dedan Ondieki follow The Chairman revealed that in the 2020
proceedings during the Annual Delegates Meeting budget, the Society has allocated more
funds to educate members on financial
By Solo Muingi growth.
“The board has been continuously
Mombasa Port SACCO has Sh2.4 billion to Sh2.8 billion signifying a conducting members’ education with a
posted a 16 per cent growth 16 per cent growth,” Jaka said. view of having an enlightened membership.
in turnover for the year ended In the budget for the year 2020, more
December 2019, the SACCO’s recently The total assets base recorded a 14 per resources were allocated to train our
released financial statements show. cent growth from Sh5.3 billion in 2018 members,” he said.
to Sh6 billion in 2019. Jaka further, asked members to continue
The SACCO’s turnover increased from supporting the Society by taking the
Sh631 million in 2018 to Sh736 million The SACCO was ranked among the best role of marketing the SACCO to potential
in 2019. SACCOs in the country. In 2019, Mombasa members.
Port SACCO was awarded as the best in
Addressing an Annual Delegates Meeting capitalization among employer-based A section of delegates follow proceedings during the
at the SACCO’s office, the SACCO’s SACCO’s tier 1 during the Ushirika Day Annual Delegates Meeting
Chairman Alfred Jaka revealed that awards.
the SACCO also recorded a 16 per cent
growth in FOSA operations during the In the Mombasa County awards, it
period. was also feted as the best insured co-
operative, highest in returns on assets tier
Jaka said the SACCO’s proposed 1 and best SACCO of the year in Mombasa
dividends to members for the year County. The SACCO has retained top
amounts to Sh36.7 million, an equivalent positions for three years in a row.
of 20 per cent of members’ share capital.
Also, Mr Jaka urged members to market
“The Society’s growth in loans was average, the SACCO’s products and services,
increasing from Sh3.5 billion in 2018 to increasing the SACCO’s visibility in
Sh3.9 billion in 2019 translating to 12 Mombasa, given the city’s regional and
per cent growth. Deposits also grew from historical significance.
30 | SACCO Star Magazine
