Page 41 - Ramco JO SACCOStar _Vol 50.indd

FINANCE AND INVESTMENTS

These payment percentages, according
to the Chairman, are subject to review
to ensure that they are correspondent to
the SACCO’s strategic growth plans.

On the future development front, several
projects in the form of ICT adaptation
and product and service advancement
are in the pipeline, which the Society is
determined to accomplish by the end of
the current fiscal year.

These include rolling out of agency
banking to improve customer service
delivery, adoption of 3600 salary
processing, provision of low mortgage
scheme and sharia-compliant services,
and instant ATM card services, previously
proposed but encountered uncertainties
in the actualizing stage.

Chief Guest PS Ali Noor Ismail making remarks during Stima SACCO ADM. The Society has joined the expansive
network of Pesa Link, reviewed interest
He said that the ministry has improved grow its balance sheet to be second in on most of its loan products, as well as
services to allow online SACCO the country. revamped Mpawa banking platform.
registration in the country.
On this, the Society proposed Sh2.35 In addition, Stima DT-SACCO is currently
Meanwhile, a growth of 6 per cent was billion as dividends and interest on the best in Financial Reporting according
recorded in pre-tax surplus, that stood members’ deposits in 2019. According to the 2019 FiRe Awards promoted by
at more than Sh1 billion in December to the SACCO, members were to get ICPAK and Capital Markets Authority
2019, up from Sh972 million a similar dividends at the rate 14 per cent on their and the Nairobi Securities Exchange. It
period in 2018. fully paid shares and 10.5 per cent on has been able to update all its financial
deposits as at December 2019. books of accounts to the latest requisite
Deposits grew by 14 per cent to stand international financial standards.
at Sh28.3 billion by the close of 2019,
unlike Sh25 billion recorded in the
previous year.

Share capital posted a similar growth
curve to stand at Sh1.8 billion in
2019. This was attributed to rigorous
membership drive that was carried out
combined with major brand improvement
during the year under review.

“Our lending was boosted greatly by
the availability of adequate liquidity
experienced in 2019, which was due to
a combination of factors among them
improved deposits by members,” said the
Society’s Chief Executive Officer Mr Chris
Useki.

The loan book increased by 15 per
cent to stand at Sh28.6 billion in 2019
compared to Sh24.9 billion reported a
year earlier.

The combination of the growth in Stima SACCO Chairperson Rebecca Miano making her remarks during the ADM.
share capital, deposits as well as loans
disbursed to members saw the society

SACCO Star Magazine | 39