By Erick Nyayiera
Operations at the Siaya Ufanisi Savings and Credit Cooperative Society Limited have been adversely affected as the County government is yet to release the over Sh4.4 million owed to the Sacco.
The Sacco had been branded from the Bondo County Council Employees Sacco to cater for the staff being absorbed by the County government of Siaya from the defunct local authorities.
Siaya County government has failed to release the monies to the Sacco accrued from the month of March 2021.
Chief Financial Officer James Ogwel regretted that their numerous attempts to ensure the release of the monies continues to bear no meaningful fruits as the county leadership insist that they do not have the funds and that the little resources at their disposals have been channeled to other development matters and salaries.
“We have not received the money from the county government which we should give as loans to our members, they (County leaders) keep on telling us that they haven’t received money from the national government yet these are supposed to be deductions from members’ salaries which are up to date,” wondered Ogwel.
He stated that the Sacco has a loan backlog of over Sh3 million and that members have become depressed since it’s taking a longer time to secure loan services for needs such as school fees and other economic ventures.
“The main purpose of the Sacco is the mobilization of savings for members and get loans in order to improve their welfare and those of their families and to invest on behalf of our members but without the resources we cannot do much,” Ogwel noted.
Ogwel however acknowledged the Siaya County Assembly which he said were up to date in remitting members deductions. The Members of County Assembly in Siaya are all subscribed to the Sacco.
The other Siaya Ufanisi Sacco membership is largely drawn from the employees of the Siaya County government.
However in 2014, they amended the Sacco by-laws to open a common bond and have over 250 members currently. The Sacco also has membership from other counties like Kisumu.
The Chief Financial Officer outlined that as a Sacco they are striving to build a stable financial base which will be able to increase the volume of output of the society and diversify products as well as improving and maintaining a healthy liquidity ratio and also most importantly be able to increase the level of surplus to the society.
“We have also been able as a Sacco to educate our members on the sacco industry related issues to make them able to make sound borrowing and investment decisions but majorly encouraging savings which has the potential to empower them socio-economically,” stated Ogwel.
