Kisumu Teachers Sacco Celebrates 40 years of existence.

 Patrick Okoti{2nd left} is awarded as the highest contributor to the Kisumu Teachers Sacco since he contributes to shs 30,000 every month as a member of the Sacco.The Sacco Celebrates 40 years of existence-Photos By Dickson Odhiambo.

By Dickson Odhiambo.

     

 May 2, 2018.

Kisumu Teachers Sacco Celebrates 40 years of existence.

THE Giant Kisumu Teachers {KITE} Savings and Credit Cooperative Society Limited has this month celebrated 40 years since it was established.

The Sacco that was first established in 1977 and held its first Annual General Meeting in 1978 has withered many storms to celebrate its 40^th year in existence.

The Sacco’s Chairman Tom Onyona says the Membership of the Sacco has grown steadily since its establishment, adding that currently the membership stands at 6,980.

Addressing the Sacco Members during its 40^th Annual General Meeting held at the Kenya National Museum’s Kisumu Ground recently, Onyona said it has continued to register growth and increase in its performance.

“Our Asset base as at the end of December 2017 was 810 million as compared to 731million in December 2016 and this represent an increase of 79 million,” the Chairman says.

He says the Sacco has been steady because it has been able to retain teachers who have retired as its members as well as recruiting the youth to become members.

He adds that as a result of this, their deposits grew from 588 million in 2016 to 624 million in 2017.

Onyona says after the Sacco acquired a new software known as vanguard, members have confidence since the new system has been able to greatly increase security of their funds, efficiency in service delivery and enhanced communication with members.

      Chairman of Kite Sacco address the delegates during its 40th AGM held in Kisumu Recently.

 “The Sacco has also introduced a new mobile banking platform called Pesa Pepe which has greatly enabled members who car from far places to easily access their money wherever they are and this has been a great success,” the Chair says.

The Sacco has also been able to introduce new products for its members that seems to have helped in maintaining them.

These include M-KITE Loan which is accessed through mobile phones on the mobile banking platform, repayable within a month.

Other new products are Jiinue Loan which its eligibility to access is share deposits and guarantors; up to a quarter of latest net pay and its recovery period are 18 months.

AKIBA Savings Account  with an opening balance of shs 5,000, operating balance of shs 5,000, interest of 3 percent per annum, withdrawal once after every 14 days with no extra charges apart from normal withdrawal fees is also a number new product which the Sacco has come up with.

The chairman adds that the Sacco has put in place a five-year strategic plan running from the year 2017 to 2021, adding that it includes Membership growth, financial mobilization, prudent management and investments.

He further says the Sacco has made very good progress in its re-branding.

“We have reviewed all our products and services, re-baptized some and introduced new ones, we have introduced a more efficient management Information System to ease service delivery and we have opened our common bond to people who are not teachers among us,” the Chair adds.

       KITE Sacco Chief Executive Officer Allan Kawa addressing the delegates during its 40th  AGM.

The Sacco’s Chief Executive Officer Allan Kawa says the Sacco has made tremendous growth in terms of its members and assets.

He says the Sacco managed to purchase two parcels of the land at Kanyakwar area within Kisumu and another one within the former Kisumu Municipality at Railways.

He says the Kanyakwar Land is about ten acres plot that is a prime land which if sub-divided can give about 90 plots, adding that this is one of the biggest achievements of the Sacco since its establishment.

Joseph Oganga who is a former Chief Executive Officer of the Kisumu Teachers Sacco Limited has urged its members to help in safeguarding the interest of the Sacco for its steady growth.

He urges members of the various saccos within the county so as to be able to stick to their Saccos.

“I want to urge Members of various Sacco to safeguard their own home grown Saccos so as to be able to develop,” Oganga says.

Kisumu County Cooperative Officer Zepheniah Osok has advised Members of the various Saccos within the County to help them develop, adding that they should never talk ill of their own Saccos.

“Members of the Saccos should help in marketing their Saccos for them to develop but should not talk ill of them and this may kill the morale to develop,” Osok says.

   Delegates of Kite Sacco follow proceedings during its 40th AGM held in Kisumu recently.

  

Former Saccos Regulatory Authority {SASRA} Chief Executive Officer Carilus Ademba who was the Chief Guest during the AGM said it is prudent if members of the Saccos start engaging in ensuring that they make savings to their saccos other than from the salaries.

Ademba told those saving in saccos to start making a lot of sacrifice in order to make saving from other sources.

Ademba who is now the County Executive Committee {CEC} Member in charge of Trade, Industrialization and Enterprise Development in County Government of Homa Bay has urged the sacco members across the Country not to only make saving from their salaries alone.

“I want to urge Sacco Members from various Saccos across the country to start embracing the culture of saving from other sources of income other than their salaries they earn after every month,” he says.

Ademba says by doing so, it will help in boosting the savings from sacco members.

He says that after overseeing the process of registering KITE after complying with the Saccos Regulatory Authority’s requirements, he is happy the Sacco has made tremendous growth.

During the AGM, KITE Sacco managed to award some of its members in various categories that include the most self-committed Members as well as the highest contributor among others.

Oloo Oriko, a member of the Sacco and the Security officer from Riley Falcon Security Services manning the Sacco’s premise was awarded as the most self-committed Member while Patrick Okoti was awarded as the highest contributor to the Sacco since he contributes to shs 30,000 every month as a member of the Sacco.

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