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.
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