Hazina Sacco Chairman Evans Kibagendi has opposed the introduction of a levy on cash deposits held by Non-Withdrawable Deposit-Taking Saccos by the Sacco Societies Regulatory Authority (SASRA) beginning January 2024.
Kibagendi will greatly affect the revenue of Saccos as a whole, and the savings of individual members who are ideally the owners of the Saccos.
“When there is any levy imposed on Saccos, definitely the funds reduce. Therefore, at the end of the day, you will find that the Sacco administrative and operations costs will go higher,” he said.
Kibagendi made the remarks while speaking at Tutu Primary School in Ndeiya, Limuru sub-county, during the handing over of a Ksh500,000 boys’ ablution block built courtesy of the Sacco’s Corporate Social Responsibility (CSR) initiative.
He said that Saccos are ready for discussions with the government to find a harmonious solution to ensure every move adds value to Saccos and the country’s economy.
CEO Dickson Okungu echoed the sentiments while acknowledging the Sacco’s ratings by the regulator, attributing the good standing to prudent leadership.
Area Sub-county Director of Education, Mwangi Ndeiya, said that as the Ministry of Education, they appreciate the support given by the Sacco through improving facilities in schools.
“We appreciate all stakeholders who support the ministry in the provision of facilities. This has come at the right time as the school had a shortage of toilets and it will provide an enabling environment for our learners to go through their education comfortably,” he said.
He called upon other well-wishers to emulate the Sacco as a way of complementing the government in its mandate of providing the necessary infrastructure in schools.
School Headteacher Nancy Njunge noted that the school had suffered a shortage of proper sanitation infrastructure but they have been bailed out by the Sacco, which also planted 500 trees in commemoration of the day.
By Felix Wanderi
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