IG Sacco in Western Kenya gives more than shs 800M dividends to its members
By Dickson Odhiambo
February 26, 2022
IG Sacco in Western
Kenya gives more than shs 800M dividends to its members
The Management of Invest and Grow Savings and Credit
Cooperative Society Limited have begun to give more than shs 800 Million to its
members as dividend in the year 2021.
The Sacco’s Chairman Kennedy Keya says this is an increment
from about shs 700 million in the year 2020 to more than shs 800 million in the
year 2021, adding that it is an increase of more than shs 100 million dividend
for members of the Sacco.
Speaking during this year’s Annual Delegates Meeting {ADM}
held in Kisumu, the Invest and Grow Savings and Credit Cooperative Society
Limited Chairman Kennedy Keya said the tremendous growth in the Sacco’s
dividend has occurred despite the challenges of the Covid-1 pandemic in the
country.
Keya says the total dividend and interest payable is now shs
844,589,501 for the year 2021 which will be given to the sacco’s about 40,000
members.
He says this year, the Sacco members have approved its
budget of over shs 2 billion, adding that this is now a great history for the
Sacco.
“This is an ambitious budget which the delegates have gone
through and approved it. It is well cutting across and appealing to all our
members to come and make good use of this great budget,” Keya says.
The chairman says the Sacco’s assets grew by 12 percent in
the year 2021 as compared to 10 percent in the year 2020 translating to shs
11.7 billion from 10.5 billion in 2020.
He adds that the income increased by 18 percent in 2021
compared to 0.2 percent in 2020 thus from shs 1.406 billion to shs 1.658
billion.
“This increase in income in attributed to the opening up of
the economy from the Covid-19 pandemic effects as well as diversifications,” he
says.
On the issue of the share capital, the chairman says it has
improved by 20 percent in the year 2021 which is shs 890 million from shs 742
million in the year 2020, adding that this is due to annual increment of share
capital by shs 4,000 per member as per the Sacco’s strategic plan.
“Non-withdrawable deposits increased by 9 percent in 2021
from 7 percent in the year 2020 thus to shs 5.4billion from shs 5.1 billion in
2020 due to consistent contribution of deposits by members,” he further says.
IG{Invest and Grow} Savings and Credit Cooperative Society
Limited which is a licensed deposit-taking Sacco by Saccos Regulatory
Authority{SASRA} under the Saccos Societies Act of 2012 was formed in 1977 and
registered as Kakamegaa Teachers Sacco with a paltry membership of 115.
Through visionary leadership, committed members and staff,
it has undergone tremendous transformation and developed its rich history over
the years.
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