By Enock Kipturgut.
Delegates of Skyline Sacco have approved to construct an ultra-modern plaza at a cost of Sh 100 million, to be situatedin Eldama Ravine to serve as the Society’s headquarters.
This resolution was arrived at recently when Skyline Sacco held a Special Delegates Meeting at Chambai Springs Hotel, Eldama Ravine.
At the meeting, delegates noted the huge amounts that Skyline Sacco has been paying for its rented offices in Eldama Ravine where the Sacco has been operating since inception in 2004.
“We have already acquired a piece of land in Eldama Ravine town where the Sacco’s head offices will be put up.
We are only waiting for the County’s Building and Construction Department to give its approvals before we begin construction work,” said William Borruet, Skyline Sacco Chairman.
He told delegates that the Sacco has already set aside Sh30 million in equity shares that it intends to use in financing the initial construction work.
“We intend to begin construction work by February 2017 after all the shares that we intend to contribute will have been paid for,” said Mr. Borruet.
Skyline Sacco has already launched a sensitization programme ahead of the Sh100 million shares drive after which the Sacco hopes to raise enough cash to finance construction of the Sacco plaza.
He said that the Sacco has formed Skyrise Holdings, an investment arm that will manage and supervise construction of the head offices.
“We are projecting to recruit17,000 members in 2017. This target can be achieved if we all join hands in members’ recruitment drives. We also need to tap into other markets using our competitive products and services,” said Borruet.
Skyline Sacco has seen its membership grow by 14,000 up from 43,000 in 2015 to 57,000 in 2016, an increase of 32 per cent.
“We have invested heavily in training of Board members, staff and delegates on prudent financial management while benchmarking with other successful Saccos across Kenya, by exposing them to ideas that can move the Sacco to the next level,” Mr. Allan Mitei, CEO of SkylineSacco told delegates.
He attributed growth in the Sacco to intensified education programme to members on how to best utilize the available products and services.
Mitei said Skyline Sacco has identified several projects that can be used to support dairy farming and increase milk yields, thereby increasing members’ earnings and their savings in the Sacco.
“The Sacco is using new technology to provide products and services to members, through acquisition of the required software. We have already repackaged our business to use mobile banking platforms and Point of Sale terminals for cash deposits and withdrawals and are not therefore keen on opening more physical branches,” said Mitei.