By Dolrose Awuor
South Nyanza Teachers (Sonyaco) Sacco Society Limited has been hailed for the gallant performance it has recorded so far.
This was attested to by the two per cent dividend declared to members by the Society Chairman, Roscheus Otete during the Sacco’s AGM held recently at Sonyaco Hall in Homabay.
Speaking during the function, Homabay County Executive Member for Trade and Industrialization, Professor Tom Ogada appreciated the rate at which the society has grown stability in its operations thus far without borrowed funds and no loans outstanding. The Sacco has also managed to pay all retired teachers their dues.
Prof Ogada expressed the County Government’s willingness to support the Society’s development noting that Government would sponsor development of its 5 year strategic plan.
Presenting the Society’s annual report, Otete expressed gratitude to members and stake holders for the Society’s sterling performance. Sonyaco Sacco gave out Sh 4,529,000 as loans to members for development, school fees and emergencies.
All Sonyako members are entitled to a payment of Sh 30,000 to the family in the case of one’s demise. All those covered are required to pay Sh 120 per month to a risk fund. All the Sacco branches are computerized and interlinked.
Figures indicate that the Sacco paid out Sh 600,000 as benefits to retirees. The Society plans to increase this amount to 20 per cent of one’s savings.
“I appeal with members to dialogue as a way of resolving any disputes instead of moving to the Court- where the litigation process is expensive and time consuming.
Otete disclosed that the Society will comply with all regulations by Sacco Regulatory Authority and draw a new strategic plan as it seeks to open a FOSA wing. The Sacco also plans to do capacity building for its staff so as to meet requirements of a competitive business environment.
In attendance was Homabay County Commissioner, Antipus Ngete, DCO Migori, Amisi Opondo, DCO Homabay Jared Apuko among other dignitaries.