Viktas Sacco worried over loan defaults

BySacco Review

Jul 25, 2018 ,
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By Our Reporter

Increasing loan defaulters have affected, Viktas Sacco operations, Chairman Stephen Gathiru has said.
“We have taken collective efforts to curb loan defaulting. I would kindly request our members to seek financial advice from our officers when acquiring loans as this will help them make informed decisions,” he said.
Gathiru noted there was a sharp increase in the number of members defaulting in repaying their loans in the financial year 2017.
The Chairman however, said the Sacco has embarked on a new growth path that will see it turn into a national financial institution.
“We applaud our members for supporting us to match with the current technologies by approving adoption of a robust core banking system,” said Gathiru.
Gathiru, who was addressing 10th Annual General Meeting held at Mairo-inya PCEA ground, noted the system had improved employee efficiency, facilitated correction of errors, enhanced delivery and enabled the Sacco to handle a variety of services.
The Sacco is also implementing 2017-2021 Strategic Plan which is anchored on five key pillars.
The Chairman requested the County Government of Nyandarua to channel funds through the Sacco to reach out to more residents in the county.
The Sacco was started in 2006. Through its subsidiary Umoja Dairy Co-operative, it has been buying milk from farmers at better price for value addition before selling.
Last year the Sacco recorded a remarkable growth further imprinting its prudence in management.

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