By Washingtone Okellah
Busia Governor Sospeter Ojasmong was the top depositor in Busia County Assembly Savings and Credit Co-operative Society (Sacco) in the 2019-2020 financial year.
Despite challenges occasioned by the Coronavirus pandemic, the Sacco declared cash dividends of Sh500,000 that was shared by its 309 members.
SACCO chairman Gabriel Erambo released the results whle addressing members during the Society’s 6th Annual General Meeting (AGM) at Busia Agricultural Training Centre.
Assembly Speaker Bernard Wamalwa emerged the best saver in shares while the best recruiter for new members in the same period was Mr Erambo.
“When were elected into office on March 17, 2018 about 142 members had withdrawn but the number started growing and among the new members are 17 MCAs from Kakamega County, four from Bungoma and two officers from Kamiti Prisons,” the chairman said.
The Society paid out Sh17m as loans at interest rate of 1.3 per cent to members on reducing balance.
Among the challenges the Sacco faced were the non-recovery of Sh16.6m, which included Sh6.7m from loan defaulters and Sh9.1m financial impropriaty.
The Sacco has recorded tremendous achievements including registering Busia County Assembly Housing Sacco Society Ltd, purchase of a Sh12m executive bus which has to date generated income of Sh1.5m.
The County Director Co-operatives, Oscar Odaba underscored the need for the Society to have an electoral and nomination policy to streamline the process and avoid complaints.
Mr Odaba said a lot of education is lacking at all levels and cautioned Saccos against engaging in financial misappropriation, warning that the Anti-Sacco Fraud unit will not spare corrupt officials.
Erambo and his team including Florence Owuor (Vice Chair), Godfrey Balera (Secretary) and James Lwanyonyi (Treasurer) were re-elected unopposed.
Members include Pamela Wandera, Elizabeth Owuor, Sebastian Etyang and Elijah Mwaro.
Malaba Central MCA Bernard Papa is the new Supervisory Committee Chairman, taking over from his Malaba South counterpart David Kokonya.
The other member of the committee is John Adongo while Daniel Ote was elected unopposed as the Sacco spokesperson.
Photo: Busia County Assembly Sacco chairman Gabriel Erambo addressing the press after the AGM at Busia ATC recently
Picture by Washington Okella.
– County Director Cooperatives Oscar Odaba during the Busia Assembly Sacco AGM at Busia ATC recently
Picture by Washington Okella
– Busia County Assembly during the Busia Assembly Sacco AGM at Busia ATC recently
Picture by Washington Okella
