Kisii County Director of Cooperatives Pamella Mercy has asked cooperatives to amend their by-laws to embrace virtual services and comply with the Cooperative Societies Act.
Speaking at Kisii Agricultural Training Institute during Gusii Youth Bunge Sacco ADM, the director pointed out that the advent of the Covid-19 pandemic forced some Sacco employees to work from home due to restrictions on movements and associations, but that the move was not anchored on any by-laws.
She urged the youth to form subsidiary companies within the Sacco, secure loans and seek tenders from government institutions to boost their incomes and standards of living.
“I advise you to acquire skills in ICT, plumping, carpentry and other fields. It will enable you get contracts and be self-employed,” she said.
She lauded the youth for securing loans from the Sacco and venturing into income generating projects, adding that it had created jobs for them and increased their earnings.
The director urged the Sacco members to continue investing in Cooperative Insurance Company (CIC), arguing that the company offers low interest rates compared to other financial institutions.
Sacco chairman Asha Moronya said the Sacco, whose membership has hit 6,800, made a profit of Ksh10 million last year and has a capital base of Ksh70 million.
She said the Sacco charges 1 per cent interest on loans.
“Last year, the Sacco disbursed loans worth Ksh53 million,” she revealed, noting further that plans were underway to open a branch in Nyamira County.
The chairman said the Sacco’s management is consulting experts on the requirements of SASRA before it opens a Front Office Service Activities (FOSA).
He said the Sacco’s Ksh10 million surpluses received in the past year will be paid out as dividends to members.
By Emmanuel Gwakoi
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