Operations at Siaya Ufanisi Sacco have been negatively affected as the county government is yet to remit Ksh3.6 million it owes.
Speaking during their recent Annual Delegates Meeting (ADM), Sacco chairman Tom Adero noted that despite improved remittances by the current county government, the issue still needs to be addressed since deductions are inconsistent and there is no communication from the government.
“Between August to December 2022, the delay in remittances has negatively affected the Sacco’s loaning process. Due to delayed loan deductions, the society lost Ksh206,212 and Ksh163,002 in terms of loan repayments and interest on loans respectively,” he regretted.
Nevertheless, the Sacco’s loan portfolio increased from Ksh18,057,504 in 2021 to Ksh19,703,500, a growth of 9.1 per cent. Loans recovered stood at Ksh15,638,797 as at December 2022.
The Sacco is predominantly patronized by employees of the County Government of Siaya, though it is open to the public.
Plans are underway for the Sacco to open a new office in Siaya town to help bring services closer to members from the region. The head office is located in Bondo town.
By Erick Nyayiera
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