By Richard Shichangi.
Faridi Sacco, formerly Busia Teachers Sacco, has revealed that the Government capping of interest rates dealt a severe blow on its business and affected service delivery.
Micheal Ondinya Wambia, Chairman of the Board of Directors-Faridi Sacco told members that a volatile financial market slowed down Faridi Sacco’s business in 2016.
Wambia told the Sacco’s Annual General Meeting that the Society’s loan portfolio increased by Sh 124 million from Sh 368 million in 2015 to Sh 492 million in 2016, a 34 per cent rise.
The Faridi Sacco AGM was graced by Stanley Ongeti, Deputy Commissioner for Co-operative Development, Ministry of Industrialization, Trade and Co-operatives, Nairobi.
Cleophas Musundi Masinde, Faridi Sacco CEO said the society has already sourced new software, Vanguard Financial, to replace ASMAS.