By Kiptanui Rutto.
Sheria Sacco members have been urged to aggressively recruit more members in order to retain its portfolio as one of the most vibrant societies in the Co-operative movement.
Chief Justice, David Maraga noted that the Sacco has won several accolades including Best Managed Sacco in Kenya and that he was proud to be associated with it as a member. Maraga made the remarks in a speech read on his behalf by Justice Philip Waki, during the Sacco’s 40th Annual Delegates Meeting (ADM) held at a Nairobi hotel.
The Society`s total assets grew from Sh4.12billion in 2015 to Sh4.40 billion in 2016, representing 7 per cent growth.
Despite the challenges in 2016, the Sacco’s revenue grew from Sh530 million the previous year to Sh575 million.
Consequently, Sacco Societies Regulatory Authority (SASRA) approved that the returns to members in the form of interest on deposits be 9.5 per cent, reflecting an improvement over the previous 9 per cent.
The Sacco’s Board of management had resolved to increase the minimum Share Capital holding for both class A and B members from Sh5, 000 to Sh 20,000 and Sh 2,500 to Sh 10, 000 respectively. However, by the end of 2016, only 844 members had complied with this requirement.
The resolution further gave the board an express authority to convert member`s deposits to shares so as to bring all members to the minimum of Sh20,000. The net effect of the conversion would be Sh84.4 million.
