Tower Sacco’s share capital and deposits increased by over Ksh3 billion in the last eight months to move from position 8 to 5 in a pool of 174 deposit-taking Saccos.
According to Sacco Society Regulatory Authority (SASRA) in its Annual Sacco Supervisory Report 2023 which was released recently, the Sacco was ranked fifth under Large Tiered (Sized) DT Saccos by total assets.
In the report, the Sacco’s total Assets increased from Ksh19.57 billion in 2022 to Ksh23.23 billion, while the deposits increased from Ksh14.50 billion in 2022 to Ksh17.34 billion.
The Gross Loans increased from Ksh15.23 billion in 2022 to Ksh18.08 billion in 2023, while the net income within the review period rose from Ksh2.86 billion in 2022 to Ksh3.49 billion in 2023.
In a recently held special general meeting in Ol’kalou Catholic Church grounds in Nyandarua County, the Sacco Chairman Peter Mainah Ngugi noted that the unaudited half year results showed that a revenue of Ksh1,801,033,567 was realized by June 30, 2024 compared to Ksh1,469,925,279 in a similar period last year, reflecting a growth of Ksh331,108,288 (23 per cent).
At the same time, the society recorded a surplus of Ksh1,169,327,092 compared to Ksh975,059,565 on June 30, 2023, a growth of Ksh194,267,527 (20 per cent).
He said that the society has conducted a feasibility study to open other branches in Nyeri town, Thika-Makongeni and Mau Narok Mwisho wa Lami, which is in line with its strategic objectives for growth.
“The establishment of these branches was necessitated by demand by members, potential in the regions, and the overall society growth strategy to reach and serve more people,” he said.
He urged members of the Sacco to plan well and put the loans granted into productive and value-adding activities in order to improve their lives and that of future generations
“I urge you to continue sensitizing, educating and encouraging the people in our regions and beyond on the importance of saving and joining the Sacco,” he said, revealing that there was an upward fluctuation in lending rates in the financial sector, a fact that negatively affected the purchasing power of the people.
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The members were informed of a holiday account that facilitates exposure visits to various places within the country.
David Njoroge, Chief Officer (CO) in the Nyandarua County Government, called on members to support the Sacco leadership.
“Whenever you see an upward trajectory on numbers, it is through commitment and sacrifice and we need to support the Sacco team,” he said.
Dr Nelson Kuria, chairman CIC and the chief guest, called on members not to allow people to talk ill of their Sacco as it serves members and their dependents.
“When one plays around with the institution, they are messing around with the over 250,000 members and their dependents. Members should not allow detractors to have their way,” Kuria said, suggesting that the biggest asset of a financial institution is the trust and confidence bestowed by members, which Tower Sacco had built on to be ranked fifth in the country.
By Felix Wanderi
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