By Kamundia Muriithi
A co-operative that was started by Jua Kali artisans and small scale traders in Runyenjes town of Embu County now plans to start offering Front Office Sacco Activities (FOSA) to meet increasing needs of its members.
Started 10 years ago with an initial share capital of Sh237,000, the Focus Sacco Society has grown considerably and now has savings of Sh17 million.
Sacco Chairman Rev Linus Muriithi said they resolved to start FOSA services, having set aside Sh10 million deposit as a requirement by the Sacco Societies Regulatory Authority (Sasra).
Speaking during the Sacco’s annual general meeting, Rev Muriithi said they are in the process of registering for FOSA aiming to operationalise it by next year, an achievement that will diversify the transactions to members in savings and lending.
He revealed the plans to start FOSA is envisioned in the Sacco’s 2017-2019 strategic plan.
Sacco official Ceasar Munyi said the dedications by the members to save and invest has enabled the Sacco to post a profit despite turbulent times in 2017 when political events took centre stage.
“We ran Focus Sacco apolitically. The membership is cosmopolitan drawn from different Kenyan communities. We were not affected by the political happenings last year,” he said.
The Sacco made a profit of close to Sh2 million and issued a dividend of 11 per cent on member’s savings.
Formerly known as Runyenjes Jua Kali Sacco, the Sacco membership currently stands at 1194.