The Invest and Grow (IG) Sacco, based in Kakamega County on Wednesday February 28, 2024 reported a 2.5 per cent jump in 2023 net profit. The net profit of KSh1.91 billion for last year compares with a profit of KSh1.86 million a year earlier.
The Sacco intends to enroll more members to channel their income through Front Office Service Activity (FOSA) in order to leverage a wide range of products E-loans and Empowerment loans.
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The society has an active membership of 26,796, of whom 15,569 are FOSA earners.
According to a financial statement published in a local daily on February 28 and approved by Annual Delegates Meeting (ADM) held on February 27 at a Kakamega hotel, it recorded an increase in its asset base from KSh12.9 billion in 2022 to KSh14 billion in the year under review.
Speaking during ADM, the Saccos’ chairman Kennedy Keya said the uptake of loans arose as a result of the review of Saccos’ credit policy that enabled more members to access affordable loans.
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The chairman added that the loans disbursed in 2023 increased by 3 per cent to KSh8.79 billion from KSh 8.53 billion in 2022.
The Commissioner of Cooperatives, David Obonyo, who was the chief guest, said that the Sacco is one of the leading in Kenya as a result of ‘good leadership and avoiding external borrowing’.
“IG Sacco has enough liquidity to meet its financial obligations and has embraced technology thus enhanced efficiency and effectiveness in service delivery,” Obonyo said.
By Sacco Review Reporter
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