By Tindi Kuchio
IG (Invest and Grow) Savings and Credit Co-operative Society Limited members have been urged to buy more shares in the Sacco when their salaries are increased.
Speaking during the Sacco’s Special Delegates Meeting at Golf Hotel in Kakamega recently, Kakamega County Co-operative Commissioner, Nathan Mukhweso said this will increase the Sacco’s share capital and hence enable it generate money to fund its activities instead of borrowing from commercial banks.
“The Sacco has FOSA, why don’t you take advantage of it and channel your salary through it so that you earn your money through the Sacco. There are so many people who come from this region but live abroad. Kindly work on a marketing strategy to tap money from the diaspora population,” he advised.
Mukhweso also urged the Sacco’s management to take advantage of online marketing platforms to reach a wider audience.
He thanked the current Sacco management team for steering the lending body to greater heights of prosperity.
“I am aware that when the current team took over the management of the Sacco in 2003, the Sacco’s assets were worth Sh 800 million but now the asset base has gone up to over Sh 7 billion,” noted Mukhweso.
Challenged by the delegates to open more branches, the Sacco’s Chief Executive Officer, Peter Anjeyo Vuhya reminded them it was a requirement of the Sacco Societies Regulatory Authority (SASRA) that when opening another branch, one does not only look at the number of members, but also viability of that branch.
Vuhya informed the delegates that renovation of the IG Plaza was now complete and plans were underway to move the Sacco offices to the new wing. He further noted that the Sacco’s Board of Directors was in the process of fencing the Plaza and installing CCTV cameras in order to assure tenants of the security of their property.
The following resolutions were adopted during the Special Delegates Meeting;
1. The Sacco’s operating budget for the year 2018 of an income of Sh 1, 330, 586, 880 against expenditure of Sh 449, 200, 661 with a net surplus of Sh 881, 386, 220 was unanimously approved.
2. The Sacco’s investment budget for the year 2018 of Sh 306, 800 and capital expenditure budget of Sh 95, 000, 000 for 2018 were unanimously adopted and approved.
3. The Sacco’s Strategic Plan for 2018 -2022 was also unanimously adopted and approved.
4. The newly elected Director for Shinyalu/Ikolomani/Ileho and three other delegates were confirmed into their positions.
The Special Delegates Meeting was attended by the Sacco’s Board of Directors led by the Chairman Kennedy Lidanya Keya, the Sacco’s staff members, trade unionists and all delegates as per electoral areas of the entire nine electoral areas that comprises IG Sacco sphere of operations. The electoral areas include; Butere/Kwisero, Shinyalu/Ikolomani/Ileho, Lugari/Matete/Likuyani, Tiriki, Kabras, Mumias/Matungu/South Wanga, Municipality/Lurambi/Navakholo, Vihiga/ Sabatia/Chavakali and Emuhaya/Luanda.