By Azael Masese.
Stake Sacco Society Ltd members can now apply for loans online, an exercise that seeks to enhance the loan application procedures, the Board chairman Nyamatiko Maroa (pictured) has said.
During the 23rd Annual Delegates Meeting (ADM) held at an Isibania hotel, Maroa urged the delegates to sensitize members on the benefits of digital lending and increased savings as well as patronizing the Sacco’s products.
“Educate members on cheaper interest rates advanced by the Sacco compared to banks. We now have a platform and members need not to go to the banking hall to get the service,” he said.
Moroa said the Sacco has endured a tough economic environment to register improved growth for the financial year that ended as at 31st December 2016.
Amid capping of interest rates and delayed loan repayment from the teachers’ employer, share capital grew from Sh11 million in 2015 to Sh14 million in 2016.
During the ADM, delegates approved a proposal by the Board for a 5.6 per cent payout on dividend and interest on rebates.
“This is a commendable achievement since members did not earn dividends during the 2015 fiscal year,” said Maroa.
During the year under review, interest on members’ deposits increased from Sh 6.24 million in 2015 to Sh6.35 million in 2016.
Membership grew from 3,594 in 2015 to 4,360 in 2016 translating into increased members’ deposits from Sh131.5 million in 2015 to Sh133.5 million during the year under review.
Core capital rose from Sh21.7 million to Sh25 million in 2016. Loans given out reduced from Sh101 million in 2015 to Sh 97 million in 2016.
The Society’s improved performance, noted Maroa, is a sign of increased confidence on the Sacco.
“We remain committed to growing shareholder value and at the same time growing the core and institutional capital within the minimum threshold set by the regulator,” said Maroa.
This, he observed, will require a lot of sobriety and determination from the members who were also urged to keep politics out of the Society’s affairs.
Stake Kenya Sacco Limited is the only survivor from those Societies that broke away from Sonyaco Sacco in the 1990s, with politics and mismanagement playing a big hand in their downfall.