Page 37 - Ramco JO SACCOStar _Vol 50.indd

FINANCE AND INVESTMENTS
Hazina SACCO
maintains
RESILIENCE despite
economic challenges
Hazina SACCO CEO Mr Okungu
By Erick Maranga
Hazina SACCO maintained resilience despite the
economic turbulence and poor management which
has edged out several SACCOs from the financial
industry.
According to officials, the SACCO prides in being among the
leading co-operatives in the country, maintaining a healthy
liquidity.
Speaking during the 36th Annual Delegates Meeting (ADM)
Hazina SACCO Chairman Evans Kibagendi attributed the
SACCO’s growth to concerted efforts by the leadership and
staff.
Mr Kibagendi noted that the SACCO’s asset base and
return on investments have grown, improving the SACCO’s
competitiveness.
“Despite the changing environment, the SACCO has a clear
structure, a good plan and a solid operating foundation. We are
therefore confident that we will remain competitive in the sector will roll out a mobile loan product dubbed Flash Advance
and realize our collective goals as espoused in our vision and
mission,” he noted.
Mr Kibagendi announced that during the 2019 fiscal year the
SACCO’s total assets grew to Sh8.5 billion from Sh7.4 billion
in 2018.
Hazina SACCO’s loan book stood at Sh6.7 billion in 2019
compared to Sh6.1 billion registered in 2018.
The SACCO’s BOSA deposits increased from Sh5.4 billion
registered in the previous financial year to Sh6.1 billion in
2019.
Hazina SACCO Chairman Mr Evans Kibagendi
“This represents 13.6 per cent growth which is a positive
indication that both new and existing members have a keen
interest in growing their deposits,” said Mr Kibagendi.
As at the close of 2019, the total held at FOSA was Sh348.7
million up from Sh283.8 million in 2018.
Mr Kibagendi noted that the SACCO’s total revenue grew to
Sh999 million in the current financial year from Sh905 million
posted in 2018.
During the year under review, the SACCO’s share capital grew
from Sh293.4 million recorded in 2018 to Sh284.5 million
realized currently.
Hazina SACCO announced a dividend of 20 per cent on share
capital, an interest of 10.6 per cent on deposits.
Mr Kibagendi noted that the SACCO successfully drilled a
borehole which now supplies enough water and sooner or
later they may commercialize the project through the sale of
water to generate more income into the Society.
Hazina SACCO CEO Dickson Okungu announced that the SACCO
which will target members whose salaries are not processed
through FOSA.
During the ADM, long-serving Chairman Peter Bwombuna
retired after serving in the SACCO for 30 years.
Many may wonder how the SACCO which has been in existence
over the last 3 decades still happens to run and operate
smoothly without any financial challenges or leadership
wrangles.
That might not be the case, founded over 30 years ago, Hazina
SACCO’s existence has not been smooth sailing as it was at the
verge of collapsing in the early 1990s. A change of leadership
saw the SACCO turn around its fortunes growing to its present
status.
Prudent management has since started paying off, the SACCO
was among best performing in financial management in the
public sector based SACCOs during the 2018 Ushirika Day
Awards.
The construction of multi-million modern office block without
any external borrowing last year (2018) saw a good number
of SACCOs thronging to the SACCO’s headquarters for
benchmarking.
SACCO Star Magazine | 35