Jamii Sacco has recorded growth in gross revenue by 4 per cent in the year ended December 2023, rising from Ksh 657.8 million to Ksh 682.5 million.
Based on the good performance in this and a diversity of other parameters, the board paid out dividends on share capital and savings at the rates of 13 per cent and 10 per cent respectively.
During the year under review, the Sacco assets grew to over Ksh5.73 billion from Ksh5.44 previously, thus maintaining its Tier 1 status as per the regulator’s categorization.
The growth in total assets is a demonstration of the board and management’s commitment to take the Sacco a notch higher as set out in the SMP 2021-2025. This year, it is focusing on surpassing the target of Ksh6 billion.
This was revealed by the Sacco National Chairman Harrison Katoni during the Annual Delegates Meeting (ADM) held at the headquarters in Nairobi’s South B.
The annual report revealed that the Sacco share capital grew to Ksh339.64 million from Ksh292.24 million over the review period, which is an increase of 16.22 per cent.
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The marked growth was attributed to the member contributions in addition to the new rate approved during the 2023 Annual General Meeting (AGM).
“The Board of Directors and management have implemented the resolution to grow the share capital by 100 per cent. The growth in share capital is critical to the Sacco,” the chairman said, appealing to members through delegates to meet their minimum share capital threshold in order to enhance their returns.
During the year under review, the Sacco also recorded growth in deposits and savings to Ksh3.87 billion from Ksh3.66 billion in 2022, which is a growth of 5 per cent .This was as a result of efforts of the leaders to improve the Sacco liquidity.
The Jamii Sacco FOSA savings also grew to Ksh503.5 million from Ksh499.7 million, an increase of 0.7 per cent.
The chairman said that despite the difficult economic times, members continued to demonstrate a high level of resilience and commitment by patronizing products and services.
“I wish to emphasize to all members to increase their individual monthly deposits and FOSA savings so as to benefit from savings build up, qualify for higher loans, improve self guarantorship, and enjoy good returns from interest rebates,” he said.
The Sacco adjudicated and disbursed loans to members totalling to Ksh2.151 billion in 2023 compared to Ksh2.115 billion in 2022, a growth rate of 1.7 per cent.
The net loan book at the end of the year was Ksh3.97 billion compared to Ksh4.01 billion in 2022, a slight decline of 1 per cent, which was attributed to enhanced recoveries.
The Sacco Chief Executive Officer (CEO) Daniel Achieng’ asked members to patronize the Sacco products in order to grow its loan book, challenging them to be aware of the products and services on offer, which are affordable.
Members were urged to voluntarily increase their share capital beyond the minimum threshold of Ksh20,000.
The Sacco implemented the Strategic Management Plan 2021 -2025, leading to membership growth through trainings, delegates’ engagements, and referrals. The Sacco recorded a membership net growth of 753.
To mobilize more members, the Sacco has embarked on aggressive marketing through digital platforms. Among these are carrying out feasibility studies with a view to have satellite offices, automation of processes, implementation of the customer relationship management (CRM) system, establishing county level recruitment, and use of social media to popularize products and services
By Obegi Malack
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