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FINANCE AND INVESTMENTS
THE NOBLE SACCO to pay SH183
MILLION in MEMBER PAYOUTS
The Noble SACCO Chairman Mr. David Rono reading his speech The Noble SACCO CEO Mr. Isack Maru addressing delegates during the
during the Annual Delegates Meeting. meeting.
By Alex Simiyu proceeds through our Front Office Services Activities (FOSA)
account to boost our income,” said Mr Isack Maru the Society’s
Members of the Noble SACCO are a happy lot after Chief Executive Officer.
the Board proposed increased payouts on their
interest on deposits and dividend on shares to The former Wareng Teachers SACCO formed more than 40 years
Sh183 million due to growth in income in 2019. ago has been able to sustain its lead in Uasin Gishu County as
a leading financial institution providing cutting edge products
The teachers-based Society released the financial statements and services that are tailor-made and affordable to members
and the 2019 annual report during the 40th Annual Delegates across the country.
Meeting (ADM) held in February.
In this breadth, noting the rate at which teachers were retiring
While releasing the report, the Society’s chairman Mr David from service and recognizing their management skills worth
Rono said that it took the concerted efforts of the well informed and investments potential, the Society rolled out a Fixed
and experienced management, esteemed members, dedicated Deposit facility.
staff, and key stakeholders in the Co-operative movement to
record impressive growth. So far, the plan has worked to the advantage of the Society, as
retirees remain loyal to the Society by continually patronizing
“Dear delegates, the growth of the Society in terms of shares, products and services, which according to Rono, has seen them
assets, deposits, revenue and loans has continued to improve, remain an impetus to the SACCO’s liquidity.
a clear indication of the dedication and support towards the
growth,” Mr Rono said. Meanwhile, the Society also recorded a growth of 9 per cent
in total loans disbursed in 2019, to Sh1.92 billion from Sh1.76
In 2019 the society recorded growth in assets to Sh2.28 billion billion a similar period in 2018.
from Sh1.96 in the previous year, representing a 16 per cent
growth. Also, the Chairman expressed gratitude while reporting that
the society had surpassed the regulator’s threshold of required
Similarly, the total income generated during the year, majorly standards in the key capital adequacy ratios.
from interests charged on loans to members stood at Sh406
million up from Sh344 million a similar period in 2018, According to Rono, the Society plans to enhance compliance
representing 18 per cent growth. to all operating requirements to be a pacesetter to the rest of
Co-operatives in the country and to sustain a good working
Deposits received from the membership during the year under relationship with its stakeholders including the government,
review also experienced a similar growth trend of 14 per cent the apex bodies and creditors.
from Sh1.49 billion.
Currently, the SACCO looks forward to developing advanced
The chairman urged the delegates to be good ambassadors of products and services powered by technology to remain afloat
the Society’s products and services, and talk to the members in a business environment with cut-throat competition.
from the regions they represent to recruit more people to join.
SACCO Star Magazine | 37
“I implore you to play a pivotal role in the recruitment of new
members, with emphasis on channelling salaries and other
