By Ndichu Kamau.
Biblia Savings and Credit Co-operative Society (SACCO) posted good results in 2016.
Speaking during this year’s Annual General Meeting (AGM), Sacco chairman Mr. Walter Aoko said this had been attained despite the challenging economic environment.
He said the year 2016 was difficult economically but the Sacco worked hard and was sailing in the right direction.
The Sacco paid its members 9 per cent dividends on shares and 7.6 per cent for interests on deposits. The sacco which was started in 1976 by employees of the Bible Society of Kenya and United Bible Society has since grown its membership and products portfolios.
Guided by the vision of being a model Sacco empowering Christians economically, the Sacco has acquired its own offices at Kamirembe place in Kilimani, off Ngong Road.
Biblia Sacco embrace core values such as; The Lordship of Jesus Christ, Integrity, Accountability, Transparency, Honesty and Team work.
The sacco projects to draw income by renting out an extra space at the premises as plans are underway to open a FOSA.
Members were urged to increase their share capital from 6,000 to 10,000 to improve liquidity and capital base which are mandatory for FOSA licencing by SASRA.
Capital inadequacy and Information Management System requirements have hindered the sacco from opening the FOSA section.