Page 34 - Ramco JO SACCOStar _Vol 50.indd
P. 34
FINANCE AND INVESTMENTS
Big boost as TABASAMU SACCO ASSET
BASE hits SH724 MILLION
Left:
Tabasamu
SACCO
Chairlady,
Felista Mutisya
and Chief
Executive
Officer Geoffrey
Sitati
Right:
Abdalla
Jamanda ,
Tabasamu
SACCO
supervisory
board member.
TBy Solo Junior an increase of 24 per cent while Governor Salim Mvurya Addressing the
abasamu SACCO has registered members total deposit increased from members at the Kwale culture center hall.
growth, with its asset base hitting Sh421million in 2018 to Sh481million
Sh724 million in 2019 attributed in 2019, representing an increase of 14 only secure small loans. I urge members
to prudential financial management, per cent in the year under review. to pay their loans promptly to enable
loyal patronage and keen watch on others benefit. We will send names of loan
expenses. Currently, Tabasamu SACCO; the largest defaulters to the Credit Reference Bureau.”
SACCO in Kwale County has two branches the CEO added.
Confirming the growth to members - Ukunda Branch, Kinango Branch, and
during the 42nd Annual General main office at Kwale town. Kwale County Governor Salim Mvurya
Meeting (AGM) Chairlady Felista Mutisya praised the SACCO for transforming the
said the Society recorded a turnover “The Society is introducing mobile banking lives of residents of Kwale County.
of Sh127 million in 2019 from Sh104 to serve members and the general public.
million in 2018. I urge members to co-operate fully and He said the County Government shall
remain united and patronize the Society offer all kinds of support to enable
“This is an increase of 22 per cent. The to enable it to offer quality service to change the economic well-being of its
bigger contributor was interest on loans members,” the Chairlady pointed out. members.
and advances,” Ms Mutisya said during
the meeting held at Kwale culture hall in Tabasamu SACCO membership increased “The government will guarantee loans to
Kwale County. from 4,746 to 5,226 for the year 2019, small businesses especially development
recording an increase of 480 members. loans to those engaged in agri-business
Net loan portfolio in 2019 stood at as well as youths and women groups,”
Sh304 million compared to Sh271 According to Chief Executive Officer Mvurya promised.
million in 2018. Geoffrey Sitati, the Society has laid
strategies to maintain steady growth. The Governor urged all county
She said the Society has diversified its government employees to open a FOSA
product offering and has been improving He said the former Kwale Teachers’ account with Tabasamu SACCO and have
the living standards of its members. SACCO is one of the vibrant Society in their salary channelled through the
the coast region, offering quality services SACCO.
The Society declared an interest on to members and the general public in a
members deposit at 3 per cent and on professional manner. Tabasamu SACCO opened its common
share capital at 10 per cent, further bond allowing members from other
challenging the members to plough Sitati said the Society has invested in professions.
back their returns to strengthen the various activities like Front Office Service
SACCO. Activities (FOSA) and mobile banking.
Ms Mutisya confirmed that the Society’s “Majority of the members have developed
share capital grew from Sh32million in a culture of borrowing instead of saving,
2018 to Sh40 million in 2019 recording a trend which will eventually lead them to
32 | SACCO Star Magazine
