Machakos Cooperative Officer Mr Joe Maina . File Photo.
Machakos Cooperative Officer Mr Joe Maina . File Photo.

Societies urged to improve share capital, deposits

By Azael Masese

Savings and Credit Co-operative Societies in Machakos County have been urged to conduct aggressive marketing campaigns to increase their business volumes.
County Co-operative Officer Joe Maina  noted that critical among them is to improve on their share capital and deposits.
Despite the societies’ closeness to Nairobi and the commercial opportunities it presents, almost all of them are yet venture outside the county.
“Besides conducting education to recruit new members, they should seek ways to see that members are loyal to patronise the societies’ products and services,” he advised.
Speaking during Universal Traders Sacco Annual General meeting at Machakos Golf Club, Maina said poor saving culture is holding back the region’s potential.
“It is through intensive education campaigns by the societies that they will be able to stay financially stable and conduct meaningful business,” he advised.
With these efforts, he remained optimistic that a saving culture will be inculcated in the society to ensure that the societies grow.
Besides aggressive marketing campaign, he called on the respective boards to respect any recommendation made by the supervisory committee on governance and business operations.
“The board should respect any suggestion proposed by the supervisory committee as aimed at improving the societies’ operations.”
He also said the government is working on a programme to ensure there is good governance among the players in the sub sector.
John Malika, a founding member of Universals Traders Sacco blamed lack of commitment by society members as the main reason for their stagnation.
He blamed this on lack of patronage by region’s residents towards the societies and when they borrow, they do not repay on time.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

x

Check Also

Vincent Chisaka Kenya Bankers Sacco National Chairman

High loan default rates hit Saccos

Defaulters to lose property in stringent loan recovery measures By Jackson Okoth Deposit-Taking Saccos have ...

%d bloggers like this: