Tower Sacco recently held a Special General Meeting to review the Society’s performance in the past eight months and to present the budget for the next financial year.
Sacco Chairman Peter Mainah Ngugi said the Sacco recorded increased membership to 216,382 by August 31, 2023 compared to 188,115 in the same period last year.
During the period under revenue, share, capital and deposits increased by 18 per cent with a total amount of Ksh.18, 213, 714, 624 compared to Ksh.15, 427, 629, 191.
He also mentioned that the board had approved a budget of Ksh30 million to construct an office block in Maralal town in which the ground breaking ceremony was held on June 6, 2023 as they anticipate it to be complete within a period of six months.
Ngugi further highlighted that the newly constructed head office in Olkalau was inaugurated on April 26, 2023 by the Prime Cabinet Secretary Musalia Mudavadi.
He also mentioned that in the Sacco Societies Regulatory Authority annual supervision report for 2022 published in August this year, the Sacco was ranked position 8 out of 176 Deposit Taking Saccos nationally in terms of total assets.
Ngugi additionally mentioned that the board and the management are till focused on achieving an asset base of Ksh30 billion by 2026 as the Sacco celebrates its 50th Anniversary.
By Viola Chepkemoi
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