By Erick Maranga
Ubinifu Credit and Saving Co-operative Society whose majority of shareholders are youths has realized a landmark growth financially after two years since inception.
This may serve as a game changer as majority of Kenyan youth perceive Saccos as a reserve for older people as majority of them shun any form of savings and investments.
But with Ubinifu Sacco, the tale is different as all of its members are the youth below 35 years who have been saving and borrowing from the Sacco.
According to statistics available in Kenya over 99.9 per cent of Saccos’ membership comprise of older people where youth form 0.1 percent.
Releasing its financial annual report in a Nairobi Hotel, Ubinifu Sacco Vice Chairaman Frank Odindo lauded the members for their great contribution which has seen the Society grow.
The youthful Vice Chair at the same time noted that the Sacco will launch more products to its members so as to ensure all of their financial needs are fully catered for.
In the year under review the Sacco total assets grew from Sh3.7 million in 2016 to Sh7 million in 2017.
The loan disbursed to members rose to Sh5.3 million in 2017 down from Sh2.3 million in the previous financial year.
Ubunifu Sacco registered an increment in deposits to Sh5.6 million in 2017 as compared to that of Sh3.7 million recorded in 2016.
The Sacco recorded growth in Share Capital of Sh200,000 where it posted Sh715,000 in 2017 up from Sh515,000 achieved in the previous fiscal year.
Ubunifu Sacco reserves increased from Sh61,000 in 2016 to Sh174,000 in the year ended 31st December 2017.
Dividends paid out to members grew to Sh491,000 in 2017 as compared to that of Sh44,000 paid in 2016.
Net surplus for the year increased from Sh105,000 in 2016 to Sh614,000 in the current financial year.
The Sacco registered growth in membership in 2017 Fiscal Year.
Ubinifu Sacco posted an increment in turnover of Sh1.4 million in 2017 as compared to that of Sh640,000 realized in 2016.
Speaking at the same venue Ubunifu Secretary Chris Mugendi attributed the Sacco’s success to concerted efforts engineered by the Society’s management who have been working diligently to ensure it runs effectively, efficiently and smoothly.
Credit Control Officer Sharon Namuye said TekeTeke Loan one of the Sacco’s Loan products has seen the remarkable growth of their society and urged members to pay loan on time to boost their credit worthiness and at the same time increase their loan limits.
Supervisory Committee Chairman Mr. Ronny Kamanda said the Sacco is on the right track, adding that he and his fellow directors will continue playing the watchdog role in the society to safeguard and protect the interests of the shareholders.
The Thika Road based Sacco majority of whose members are freelance academic writers from creative writers company aims at recruiting new members who are not in formal employment to empower and uplift their living standards.