Jumuisha Sacco Society Limited in Bondo and Rarieda sub counties have witnessed remarkable achievement and growth amidst glaring challenges of the tough past year (2024).
Sacco chairperson Everline Otieno speaking during the 25th AGM in Bondo town disclosed that the society has been resilient to weather the numerous trials and strived to offer the best services to its members.
“The past year has been a pivotal one for our cooperative. Despite the high number of emerging issues and trends in the cooperative industry, our society has been firm with the growth and achievements. Our financial performance has been encouraging, reflecting the collective efforts of every member,” she stated.
According to the chairperson, a notable milestone include improved efficiency in loans disbursement to members, enhanced payout to members who are bereaved including better utilization of technological advancements in bulk payment to members.
“Membership grew by 2.8% demonstrating increased awareness and confidence in the cooperative’s services among potential members. Total deposit savings grew by 1.4% (over Kshs. 1.6 million) compared to the previous year reflecting members’ strong commitment to savings and trust in Jumuisha Sacco’s financial stability,” she noted.
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She also revealed that the overall loan disbursement recorded a growth of 21.2% (over Kshs. 24 million) underscoring their dedication to providing timely and accessible credit to members despite challenging economic conditions.
Otieno also revealed that payments under the funeral sustenance fund increased by 12% showing the growing support extended to bereaved members during difficult times.
As part of the society’s ongoing efforts to enhance the range and value of services, the chairperson highlighted initiatives and products that were introduced which includes; solar floodlight loans to help members acquire solar floodlights for better security and energy efficiency, water tank loans to enable members purchase water tanks for domestic, agricultural or business use including enhanced funeral sustenance fund to further support members during difficult times
“We have also revamped our FOSA services to meet the evolving needs of our members. Over the years, we have developed innovative, customer focused solutions and products that empower our members to access loans even within the constraints of the employer’s one-third policy. The recent improvements to our FOSA reflects our dedication to providing seamless and accessible services,” she pointed out.
By Erick Nyayiera
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