IG SACCO makes tremendous growth as its assets increases to 11 percent.

 The Chairman of Invest and Grow Sacco Kennedy Keya{R} address the delegates during this year’s Annual General Meeting in Busia Town-Photo By  Dickson Odhiambo

By Dickson Odhiambo.

May 7, 2018

IG SACCO makes tremendous growth as its assets increases to 11 percent.

THE Invest and Grow {IG} Savings and Credit Co-operative Society Limited has made tremendous growth despite challenges, the Sacco Chairman has said.

IG Sacco Chairman Kennedy Keya says due to resilience, the Sacco has recorded steady growth in its operations across board despite several challenges.

Invest and Grow {IG} Sacco is formerly the Kakamega Teachers Savings and Credit Cooperative Society.

Speaking during the Sacco’s Annual General Meeting in Busia Town, the Sacco Chairman said its assets grew by 11 percent in 2017 as compared 20 percent in 2016 thus to Kenya shillings 8,106,353,615 from 7,332,748,148.

He says the turn over or income has also increased by 17 percent in 2017 as compared to 19 percent in 2016 thus from Kenya shillings 1,143,452,459 to Kenya shillings 1,341,798,042.

He says its share capital has improved by 5 percent in 2017, where Kenya shillings 363,268,505 in 2016 to Kenya shillings 382,449,866 in 2017.

Keya says the Sacco’s non-withdrawable deposits grew by 8 percent in 2017 as compared to 16 percent in 2016 thus from Ksh. 4,154,464,157 to Ksh 4,483,295,483 in 2017.

“From the above statistics, we will realize that the assets increased by 11 percent whereas share capital increased by only 5 percent, indicating a weak share capital base hence there is need for continuous building of the share capital base.

The chairman says the loan disbursement and portfolio by the sacco to its members has also improved in the year 2017.

He adds that its membership has also recorded a steady net growth from 18,739 members as at the end of 2016 compared to 20,763 in the year 2017, adding that over 2,000 new members has joined the Sacco in the last one year.

“FOSA patronage equally recorded steady growth during the year 2016 where FOSA salary earners increased from 14,225 to 16,396 in 2017, where as AKIBA scheme had 1,531 subscribers in 2016 as compared to 1,483 in 2017.We therefore humbly request our members to patronize AKIBA and FDR in large numbers,” the Chairman says.

Keya says the Sacco has managed to train its members across 32 venues within Kakamega and Vihiga counties and its neighboring sub-counties, adding that it has trained 10,510 members this year alone.

                        Delegates of the Sacco follow proceedings during its AGM held recently.

 Speaking during the AGM, the Kenya National Union of Teachers National Chairman Wickliffe Omucheyi who was the Chief Guest during the event profusely thanked the IG Sacco for its tremendous growth.

Omucheyi said the Sacco had undergone through turbulent times but has been able to wither storm and has made tremendous growth.

He said under the new leadership under Keya as its chairman, the Sacco’s membership has grown tremendously.

Omucheyi has encouraged the leadership of the Sacco to continue steer good leadership and take it to greater heights.

“I must commend the work done here at this Sacco by the current leadership since we have seen tremendous improvement that includes improvement in membership,” he said.

ENDS:

Delegates of the Sacco follow proceedings during its AGM held recently.