The Mediators Savings and Credit Society, presently controlling a share capital of more than Ksh8.3 million, has launched a major marketing campaign to expand membership and remain profitable.
According to a report by the chairperson of the Embu – based Sacco Catherine Nyambura, the ravages of the Covid-19 pandemic had a huge impact on members’ savings, loan borrowing, and repayments.
While making an assurance that the Sacco was showing improvement, the chairperson noted that the economic crisis brought about by the pandemic were slowly disappearing, giving the members hope everything will return to normalcy.
She explained that loan repayments and clearance of arrears affected a large number of borrowers, forcing the board to launch tighter measures to recover monies it was owed in a bid to put arrears at manageable levels.
Despite the immediate past financial crisis, the Sacco did not abandon its corporate social responsibilities (CSR) and was involved in the education of one needy child whose performance has remained good.
Nyambura disclosed that although the pandemic led to a drop in Sacco membership by four contributors, so far it has managed to comfortably meet members’ loan requirements and invest the surplus in fixed term accounts.
Sacco members pledged to be more committed to repaying their loans as stipulated in the Sacco rules and regulations, asking defaulters to commit their title deeds as collateral for borrowed monies.
By Robert Nyagah
