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Sunday, 30 Apr 2017 15:03 EATbmulu@kenyafreepress.com
The chairman of the Best Rock Savings and Credit Cooperative Society Limited in Kitui County, Francis Muli Kithae, has announced that the society has achieved the Sh10 million mark required by the Sacco Societies Regulatory Authority (SASRA) to be considered for the front office services.
"The society’s management board in partnership with the ministry concerned and our development partners will work on this issue to get this very important service. And the members will be briefed on the progress in due course,” Mr Kithae said, adding. “During the year under review, the society managed to open a new branch in Mwingi Town, and we are planning to open a satellite office in Mutomo District this year (2017) or 2018 if plans go as per schedules".
Mr Kithae said that the Mwingi branch to-date has recruited 105 members, with loans granted to some 12 members totaling to Sh1,310,000. The cooperator was speaking to hundreds of members during their society’s 5th annual general meeting held at the Kitui British American Tobacco (BAT) Grounds in Kitui Town recently where the Kitui County Trade, Industry, ICT and Cooperatives Development Minister, Jonna Mwinzi, was the chief guest.
The chairman said that the society operates under the principle of open and voluntary membership and draws its members from the business people and salaried people from Kitui County and its environs. The society leader said that by December 2016, membership stood at 2,662 members. “The membership growth has grown steadily in the last three years - jumping from 1,237 members in 2014 to 2,045 in 2015 and 2,662 in 2016.
Mr Kithae also announced that the society’s share capital had grown from Sh6,857,958 in 2013 to Sh13,201,765 in 2016. “The members are encouraged to save more even when they have been given loans. Our capacity to give out more loans depends on the size of the members deposits,” the society leader said.
He announced that in 2016 their development partners helped them revise their strategic plan which was elapsing in April 2016. He said the new plan runs up to 2020 and that it is expected that matters captured in the new plan will propel the society to another level if implemented to the latter. “Our partners also helped the sacco review and improve on other important policies like the human resource policy with now the increment of staff level and other services the society is achieving. These policies will help as guides and reference documents ,” he added.
He said that as has been the trend, the loans to members has been on a steadily growth. “And this grew from Sh57,946,443 in 2015 to Sh81,835,282 in 2016, a growth rate of 41 per cent,” he announced. On the maximum borrowing power, Kithae said: “The management recommends that this meeting approve the maximum borrowing power of Sh60 million be retained.”
Addressing the function, the Kenya Union of Savings and Credit Cooperative Society Limited Marketing Executive, Lydia Njiru, highly praised the Best Rock Savings and Credit Cooperative Society Limited’s management committee and the members because of their good leadership. She said KUSCCO, which is the umbrella organization for all saccos in Kenya, started as a FOSA.
On his part, Mr Mwinzi said that the Best Rock Savings and Credit Cooperative Society Limited has the potential to become a major sacco. The minister said that the sacco with its Mwingi branch are both being run professionally and are doing well. The function was also addressed by the Kenya National Chamber of Commerce and Industry (KNCCI) Kitui County Chairman Duncan Kisilu Singi and Lower Yatta District Cooperatives Officer Leonard Juma Syengo among others.
Boniface is a contributing reporter for the Kenya Free Press based in Kitui County