By Asa Maina
One of the youngest Saccos in Nyeri County has paid out dividends at 4 percent and interests on deposits at 6 percent.
Nyeri South Traders Sacco’s dividend payout was, however, a drop compared to 10 percent paid out in 2020 and eight percent in 2019, which was attributed to the challenges of the Covid-19 pandemic.
Previously, it had also paid out a dividend of 10 percent in 2017 and 4 percent in 2018.
The five-year-old Sacco was registered in December 2016 and was holding its fifth Annual General Meeting this year at Stephano Gardens in Othaya.
Chairman Joseph Wanjohi said it has registered growth since 2017 when it had a members’ deposit of Sh.650,000, which grew to Sh.4 million in 2020 and Sh.5.5 in 2021.
Its share capital grew from Sh.446,000 in 2020 to Sh.460,000 in 2021, while loans issued to members rose from Sh.3 million to Sh.4.6 million and membership doubled from 52 in 2016 to 100 today.
“The Sacco has a membership of small entrepreneurs and is aimed at pooling and mobilizing resources to offer loans to members. This enables them to expand their businesses in the county and beyond,” said Wanjohi.
The Sacco primarily draws its members from Nyeri South Sub-County, mostly from small scale traders and Jua Kali artisans.
It was formed by mechanics and other small traders from Othaya constituency, also known as Nyeri South Sub County, Nyeri County.
It began as a welfare group and registered as a Community Based Organization with social services under the name New Vision before transforming into a Sacco.
Wanjohi said the formation of the Sacco enabled mechanics, who were not saving previously, to embrace the saving culture.
Nyeri governor Mutahi Kahiga, who graced the occasion commended the Sacco through its management for the continued display of resilience and strength amidst tribulations and challenges.
