By Dennis Bett
Giant Baringo-based Boresha Sacco’s active membership hit 71,088 by the year ending December 31, 2021, up from 60,656 in 2020; a clear indicator of rising fortunes of the vibrant society.
Speaking during a recent education day for members at Sacco headquarters in Eldama Ravine, Sacco CEO Jacob Mengich said there was an improvement in loan collection and recoveries with Portfolio at Risk (PAR) reducing from 15.78 percent to 11.64 percentagainst the standard ratio of 5 percent.
Mengich encouraged members to keep their accounts active at all times to ensure compliance with Unclaimed Financial Assets Authority (UFAA) guidelines.
The society’s total assets topped Shs.8.9 billion from Shs.7.9 billion in 2020, representing a growth of 13 percent. The Sacco is projecting a growth to 13 billion by the year 2025.
According to the CEO, the society’s savings and deposits have grown to 6.2 billion up from 5.4 billion in 2020.
He said the society raised dividends on members’ deposits to 9.5 percent up from 8.5 percent, saying they were expecting to reach 10 percent in 2022.
The CEO revealed that the Sacco hosts top savers for breakfast every two years and since they began the recognition in 2015, the number of members who have saved over Shs.1 million in share capital and deposits has grown from 13 to 170 by December 31, 2021.
Among the issues which featured prominently was the building of the multi-million shilling Marigat Plaza and rewarding of retired members of the Sacco.
Members unanimously resolved to contribute Shs.10,000 to start the construction of the Marigat Plaza estimated at Shs.107 million. They settled on the option to remit Shs.200 monthly which will facilitate the process.
The society is boasting 45 years of success in service delivery within the cooperative movement. Members’ lives have greatly changed through property and home loans, while others have chosen to pursue education or start businesses.