Kivuli housing cooperative society gets certificate of operation

Kivuli housing cooperative society has finally been awarded a certificate of operation by the government following an earlier application.

The certificate was given out to the members by the Kisumu Central sub-county cooperative officer Philip Akama, who attended the society’s first general meeting at Atela grounds in Sondu, Nyakach Sub County.

Speaking during the meeting Akama, urged the members to ensure the cooperative grows in leaps and bounds.

Earlier, Akama presided over the election of new office bearers who were picked by affirmation through proposals and secondment.

During the function Joseph Otieno was picked as the new chairman while the position of treasurer went to Stella Ogew.

Robert Mwoma secured the position of secretary while the post of vice chairman landed in the hands of Kevin Jaoko.

Ogew told the members that they will be operating on a turnover of Ksh 970,000, estimating total deposits at the end of the year at Ksh4,800,000  while share capital will be 10,000,000 as plot fund estimated at 3,500, 000.

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Ogew said they expect membership to be at 400 by the end of this year.

On estimated income she said members fess will be 400,000, while fines will rake in Ksh70,000

She said uniform sales will bring in Ksh400,000 while subscription fee will rake in 100,000/-.

The Sacco’s expenditure was estimated to be at Ksh711,000 with net surplus at Ksh259,000.

Members proposed that they can peg on their borrowing at Ksh 1Billion while they will be dealing with both the cooperative bank and the national housing cooperation.

By Fredrick Odiero

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