Bondo Teachers Sacco Society celebrates 20 years in existence, boasting of nearly 2,000 members.

Members of Bondo Teacher Sacco Society Limited follows proceedings during its 20^th AGM held in Bondo Town yesterday-Photo By Dickson Odhiambo.

By Dickson Odhiambo.

 April 12, 2018.

Bondo Teachers Sacco Society celebrates 20 years in existence, boasting of nearly 2,000 members.

THE GIANT Bondo Teachers Savings and Credit Cooperative Society Limited {BTSSL} which has been in existence for the last 20 years have celebrated its achievement for the two decades it has existed.

The Sacco which now boasts of nearly two thousand members both from Bondo and Rarieda Sub-Counties in Siaya County was established in 1999 to cater for the welfare of teachers within the then two Districts now two sub-counties that is Bondo and Rarieda.

Situated in Bondo Town and located at Mwalimu Center, the SACCO now boasts of having its own premise known as Mwalimu Center which now houses its offices thus saving it from paying monthly rent as it used to be before.

The Mwalimu Center is a project by the SACCO members that was mooted in the year 2009 when it acquired a plot and it moved in the year 2016 when it occupied the building.

The Sacco’s Chairman Everline Otieno says the Sacco has come a long way to achieve the much it has within a period of 20 years.

Otieno who took the reins of its leadership last year says it has not been a walk in the park for the sacco to realize some of its goals.

“As we celebrate the 20^th Annual General Meeting this April 11, it is our pride to go through the memory lane which takes us back to November 29, 1999 when this society came into being through registration by the Registrar of Cooperative Society. We have come this far and for all the achievements, we have our dear members and partners to count on,” says the Sacco Chairman.

She adds that the society realized 2.5 percent increase in share capital to Kenya shs 9,974,550 from 9,731,675 as at December 2016.

Otieno says in terms of members deposit, there has been an increase of 6.5 percent was realized at Kenyan shillings 99,443,102 as at December 2017, adding that this is up from 93,317,916.

She says the Sacco’s Board of Directors now appeal to its members to consider voluntarily enhancing their deposits to create a strong capital base for the society, adding that there should be a minimum contribution of shs 2,000 from every member per month but not shs 1,000 as witnessed currently.

The chair adds that the high demand for funds in all the cases necessitates going for external borrowing, adding that the cost of these external funds affects the bottom line negatively.

She says the Sacco has put in place various policies required by law so as to enhance its operations, adding that these include saving and credit policy as well as human resource policy.

Others include risk management, Election, investment, business, procurement, Governance and Leadership policies.

The chair adds that the Sacco has engaged a supplier of a new system for its operations that will meet the requirement of the Saccos Regulatory Authority {SASRA}.

She says the new system will improve members’ registry as well as improving mobile banking services which will enable its members to easily make deposit contributions and withdrawals via their mobile phones.

“This new system will also enable our members to access online banking services offered by the society through and online portal. It will also give instant SMS/email alerts on members mobile phones on any transaction carried out on their accounts,” the Chairman says.

Siaya County Co-operative Commissioner Vitalis  Oketch has lauded the Sacco for its achievement.

Oketch says the new Board of Directors led by its Chairman has done tremendous work since taking over last year on April 29.

“I urge you to make Bondo Teachers Sacco a role model to the Co-operative movement in this County. You are expected to set pace and even outperform other societies in this county,” Oketch says.

The County Co-operative Commissioner has reiterated his office full commitment to work closely with Bondo Teacher Sacco Society Limited, adding that his department is also committed to improving the co-operative movement in Siaya County.

He has called upon the Bondo Teachers Sacco Society to prepare itself for the stiff competition in the financial sector.

Oketch urges the Sacco Societies within the County to explore the seventh principle of co-operatives that encourages giving back to the community.

Meanwhile, three Directors have been elected to serve in the Board of Directors of Bondo Teachers Sacco Society Limited for a period of three years.

The directors were elected yesterday during the Society’s 20^th Annual General Meeting held at CDF Hall in Bondo town.

The three Directors are Joseph Ong’ech from Usigu Division, Tom Mboya and Everlyne Abong’o from Maranda and Rarieda respectively.

Also elected to serve in the supervisory Committee is Everline Oduor from Usigu Division.

They have been elected on a rotational basis election and will serve for a period of three years.

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