By Munene Maina
Kingdom Sacco has joined Tier 3 category of medium Saccos.
The Sacco registered growth in asset base to Sh1.116 billion by close of 2017 to move up from Tier 4 category of small Saccos.
It registered positive performance in the year despite various challenges arising from the political and economic environment in Kenya.
The society loan portfolio retreated marginally from Sh774.2 million in 2016 to Sh749.6 million in 2017.
Sacco’s non-withdrawable deposits grew from Sh522 million to Sh622 million during the year. Membership increased to hit 16,489 active members.
The Githurai based Sacco is seeking partnerships to deliver affordable housing to members through the Sacco’s investment company, Mensa Investments Limited.
The society is also enhancing its core banking system and support ICT infrastructure to boost efficiency.
Through partnerships with local and international development institutions, the Sacco will facilitate member empowerment and institutional growth.
During the 2018 Annual General Meeting, delegates approved payment of dividend on members’ shares of 11 per cent per share and interest on members’ deposits at the rate of 6.5 per cent.
Sacco’s total revenues grew from Sh85.2 million in 2016 to Sh9.7 million in 2017.