Page 38 - Ramco JO SACCOStar _Vol 50.indd
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FINANCE AND INVESTMENTS
NAROK GOLDEN CHANCE SACCO;
A GEM in making
Narok Golden Chance SACCO Board Members cutting
a cake to celebrate their 4th year since inception
Golden Chance SACCO Chairman Mr. Samuel Mwangi making his remarks during the Annual General Meeting.
By John Kiplimo the considerable growth of members’ affordable to many low-income earners
deposits. and groups in our Society. This makes the
Narok Golden Chance SACCO terms of joining the SACCO favourable and
has witnessed uninterrupted This, he said, led to the availability attractive to prospective members in the
growth over four years, of money for loans to members and community,” Mwangi said.
recording financial growth in total assets consequently led to increased revenue
up to a tune of Sh170.8 million by the from interests charged on loans So far, the Society has launched a
close of 2019, the recently released disbursed. Corporate Social Responsibility (CSR)
financial statements show. project to give back to the community
The SACCO reported growth in share wherein 2019, two needy and physically
Started as a self-help group in 2003 with capital to Sh63 million while the non- challenged students were sponsored for
only 12 members, the SACCO grew not withdrawable deposits increased to their secondary school education.
only in the size of its membership but Sh64.5 million by the close of December
also in terms of loan limit. 2019. Further, the Society was also honoured
for being the best SACCO in Narok
“I am proud to say that we have grown The Society acquired SACCO status County by the Narok Shirika County
the size of our membership over the years and license to operate Back Office Development Association during the
from 12 members in 2003 to a total of Services Activities (BOSA) from the State 2019 Ushirika Day celebrations held at
123 members at the end of the year 2019. Department for Co-operatives four years the County level.
We have also grown in terms of our loans ago and has continued to transform the
disbursed to members from as low as livelihoods of its membership, majorly The Co-operative seeks to enhance its
Sh10, 000 to Sh10 million by the close farmers in Narok County. core business of savings and loans to
of the 2019 fiscal year,” said Mr. Samuel members by harnessing technology to
Mwangi, the SACCO’s Chairman. The Chairman said that the Society venture into mobile banking. Meanwhile,
has since opened its membership to a five-year strategic plan is in the
Further, the minimum monthly interested members and qualified pipeline to drive the financial success of
contribution per member has been groups wishing to patronise the Society’s the Society and ensure good governance
increasing over the years from Sh50 in products and services and willing to and accountability.
2003 up to minimum savings of Sh2000 operate under the laid down SACCO by-
by the end of 2019. laws. The SACCO has also promised to put
mitigation measures in place to curb the
Mwangi attributed the remarkable “Through a Special General Meeting held rising default rate on members loans that
growth of the Society to increase in 2019, our review committee adjusted currently stands at 20 per cent.
membership recruitment drives that saw our membership fee such that it will be
36 | SACCO Star Magazine
