By Kiptanui Rutto.
The Meru-based giant Imenti Sacco, has recorded a 20 per cent increase in Turnover from Sh 33.8 million in 2015 to Sh 40.6 million at close of financial year ended 31st December, 2016.
The Society which boasts of over 4,700 members in Meru County also recorded an increase in its Share Capital to Sh 21.4 million in 2016 from Sh 19.3 million in 2015, representing a 10.8 per cent increase. Loans disbursed to members increased from Sh 117.4 million to Sh 148 million during the period under consideration. Members’ deposits rose to Sh 199.2 million in 2016 from Sh 168.5 million in 2015, an 18 per cent increase.
“I urge members to make proper use of borrowed funds only for intended purposes so that your businesses or lives can be transformed,” said Eliud Nkuubi Marete (pictured), Chairman of the Board of Directors- Imenti Sacco Society Limited.
He made the remarks recently during the Society’s 45th Annual General Meeting (AGM), held in Meru Town on 26th April, 2017.
Sacco CEO, Mbaabu Mutwerandu said: “ We have introduced a product for small business owners in a bid to have everyone on board.”