The Market Day Traders Savings and Cooperative Society has become the youngest to hold an Annual General Meeting (AGM) this year.
The fast growing Sacco which is barely one-year-old has surprised players in the cooperative industry due to its fast paced growth in the fast changing trends within the sub sector.
According to the Chairman Mr Francis Oduor, the Sacco has a total membership of 263 members and intends to realize even better tidings moving forward.
Speaking during Sacco’s AGM at Aram Market within Rarieda Constituency, Siaya County he said the society’s share capital amounted to KSh684,000 and they intend to enrol more members to join the movement.
“I ask our new members who have not met the requirement of a minimum share capital of KSh3,000 to try and join the rest as we travel this journey of developing together,” he said.
He further enumerated that during the year under review, the total members deposits stood at a total of KSh5,939,113 while in the same period, the chairman said their total loans stood at KSh7,662,692 and deposits were KSh5.9 million.
He added that said liabilities were KSh7.3 million while assets were KSh7.8 million with total expenditure standing at KSh437,590.
Mr Oduor (pictured below) asked members to ensure they pay Sacco funds directly to the Sacco accounts through Paybill Number 400200 then Account Number 202030 noting that only payments made through the bank will be recognized.
According to the Cooperative Act, Oduor said their interests generated will not be shared as it used to be previously but only done by the end of the year as directed by the Sacco auditor.
The chairman said they have reduced office management contribution from KSh2,600 per team to KSh2,000.
“This is due to our increase in membership hence making it easy to generate enough funds for our Sacco management. We therefore advise our members to bring more family and friends to join. This will even make it easier to reduce the management fee further,” he said.
He further indicated that they encourage members to embrace a saving culture in Hekima Savings to enable them meet their goal by achieving what could have been difficult to get. “We again advise them to be serious with their life by investing wisely and avoid misuse of lifetime opportunities.”
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The Sacco has not been left behind in spiritual matters since the Church Department has done a commendable job since its inception advising more members to join and participate in church activities.
He further highlighted that the Society has acquired an office in Akala Market, a Saloon Car for Sacco management and also income generation through hire services and also a Generator with lighting system. He therefore encouraged members to promote the vehicle and the lighting system in order to generate more revenue to the Society.
He further revealed that some of the future plans include acquiring a van for transport business, saying, “This will generate more funds into the Sacco accounts hence increase loaning opportunities to more members.”
Oduor also pointed that they have identified Felix Oketch and Company Advocates as their legal advisor and encouraged members to seek their services in case need arise.
Talking about their background, Oduor said the Sacco started as a merry-go-round among five business friends who sat down to deliberate on how to assist one of them who was financially pressed and could not smoothly run his business.
The Sacco has expanded its wings and accommodated other traders in markets within and outside Siaya County who move from one market to the other on market days. Out of 263, only three are dormant members.
“I ask you to continue with your active participation to help in strengthening and growing of our Sacco,” he said and added, “One of the challenges is high demand for loans against a low capital base”
Oduor said the Sacco encouraged members to maintain their spirit of togetherness, love and asked more members to join and practice the Motto of the Sacoo: “Developing Together”.
On his part, Cooperative Bank Kisumu Branch Manager George Odiyo lauded the Sacco for its unyielding commitment and foresight and promised to work closely with the management in coming up with new products such as insurance and medical cover.
The Siaya County Cooperative Auditor Calvin Ouma said the audit evidence is sufficient and appropriate to provide a basis for audit opinion.
Ouma said the financial statements of the Sacco gives a true and a fair view of the state of the society’s financial affairs as at December 31, 2023. The results of its operations and cash flows for the year ended in accordance with the International Financial Reporting Standards and the requirements of the Kenyan Co-operative Societies Act.
As required by the Kenyan Co-operative Societies Act, Ouma said the that the financial statements are in agreement with the books of account kept by the society and that, based on our audit, nothing has come to his attention that causes him to believe that the Society’s business has not been conducted in accordance with the provisions of the Co-operative Act, and any other resolutions made by the Society during AGM.
Also present was Rarieda Sub-county Cooperative Officer Mary Akoth (pictured above) t any form of losses.
By Fredrick Odiero
