By Ndichu Kamau.
Githunguri Dairy and Community (GDC) Sacco has widened its revenue base through ventures that will see it generate more income. GDC Sacco now has an Insurance Agency catering for Life and General insurance products, has a Paybill Number and Mobile services (GDC Spot Cash) that allows members to pay their loans, increase deposits and shares at their convenience; Pension and Salary Code which will enable the Society generate more revenue and provide bigger and better services to its members. GDC Sacco hopes to ride on Agency Banking platform to reach more members and penetrate to more counties within the Country.
The Society plans to leverage on Technology based products as opposed to opening new branches. Pensioners and the salaried members can now get their dues through the GDC Sacco using the Salary and Pension Code 99158. GDC Sacco has also enhanced its mobile banking offering where members can now repay their loans or buy shares through the mobile phone, using Paybill No. 639498.
Membership has risen to 20,746 as at 31st December, 2016 compared to 18,860 in 2015. Income improved to Sh181 million compared to Sh140 million in 2015. Loan book stood at Sh933 million in 2016 compared to Sh666 million in 2015. Its Loans portfolio expanded by a massive 40 per cent. Members’Deposits increased to Sh575 million from Sh438 million in 2015. The Sacco has an asset base of Sh1.2 billion in the same year compared to Sh944 million in 2015.
The Board of Directors declared dividend at the Annual General Meeting held at Githunguri Stadium on 25th March, 2017. The Share Capital rose to Sh96 million from Sh83 million in 2015. Members got dividends on Share Capital at 9.7 % compared to 9.5% in 2015. FOSA shares 8 % compared to 7% in 2015. Interest on Members Deposits was 4.3 % compared to 4 % paid out in 2015. The Society has set its borrowing power to Sh50 million.
The Sacco’s motto: ‘Pamoja Twaweza’ resonates well with membership growth experienced over the years resulting in good attendance of the AGM and the education forums organized throughout the year to sharpen members on Personal Financial Management, thus the increased loan uptake. The Sacco Board of Directors Chairman, Mr. Kiiru attributed this growth to the cordial relationship between the Sacco members and industry stakeholders.
In 2016, GDC Sacco was awarded for being the second best in Governance (Large category) and also the Best in Deposit Mobilization in Kiambu County. KUSCCO also awarded the Society for being their best partner.
The Sacco achieved its 2016 Strategic Plan targets by August, 2016 which was attributed to good support from the members, qualified and professional staff and good governance from the Board members.
Through its subsidiary, Pambazuka Housing Co-operative Society, the Sacco has been able to improve the Socio-economic status of its members by purchasing affordable land for the members through GDC Asset Finance Product. The Housing Co-operative is now at its 4th Phase.