By Ken Langat.
Simba Chai Sacco Society Limited defied harsh economic times to post impressive financial performance in 2016.
According to the Society’s financial results for the year ended December 31, 2016, the Sacco registered an increase in net loans from Sh793 million to Sh968 million, a 22 per cent rise.
Membership of the Society whose main offices are situated at Brook in Kericho County also increased from 11,576 to 13,612 at the close of financial year under review.
Chairman Joseph Mibei attributed the sterling financial performance to growth in membership, good corporate governance and introduction of cutting edge products such as weekly loan products.
“This weekly loan product, introduced two years ago, has been well received by members. This product meets the short term financial needs of our members and is easy to access because it does not require an applicant to go through the usual long process,” he said.
Mibei made the remarks during the Simba Chai Sacco Annual General Meeting (AGM) at Kericho Primary School.
“Our loan disbursement rate to members was satisfactory. Savings by members also improved and the Board is exploring other opportunities that will enable the Sacco to improve service delivery to members,” he said.
According to Simba Chai CEO Wesley Ngeno, the improved financial performance was due to increase in membership and growth of business volumes as a result of increased disbursement of loans to members.