Ng’arisha Sacco in Bungoma county recorded a slight profit in the year ending December 2020 despite being among societies affected by the global Pandemic coronavirus.
Addressing members during the Annual Delegates Meeting (ADM) at Farm View hotel in Busia town, the Sacco Board of Directors Chairman Benedict Simiyu stated that the Sacco was mostly affected with Corona but still recorded an up-trend in its business.
“All of us have felt the impact that Covid-19 has created across the World, the Pandemic forced businesses to go remote in days;acting as a change agent,” he said.
The board Chairman pointed out that the outbreak of Covid-19 disrupted business and affected the way of living including service delivery to members.
“Elections, education to members and delegates were affected, we have in the meantime adopted a new normal in order to remain a float and survive the impact of this disease,” said Simiyu.
He added that the Sacco is focused on strengthening its position through this period of uncertainty by staying close to its members and enabling them to accelerate their digital transformation journey during these challenging times.
Simiyu stated that despite the state of the Kenyan economy, the performance of the Sacco during the year under review realized gross revenue of Sh627.6 million compared to Sh563.1 million in 2019, a growth of 11.5 percent.
“The share capital grew to Sh192.1 million up from Sh153.9 million a growth of 24.8 percent while deposits and savings grew to Sh1.328 billion up from Sh1.197 billion in the year 2019 a growth of 10.9 percent,” said Simiyu.
He added, “Following this performance, the board recommends the payment of Interest Rebate at the rates of 12.32 percent to registered members as at 31st December, 2020,”.
The 43rd annual delegates report is the financial year that ended in December 2020 and was properly convened as entailed in the Sacco Societies Act and cooperative Act Cap 490 according to the Supervisory report.
The society membership positively increased from 15,229 in 2019 to 19,413 in 2020 which indicates good service delivery and relationship among stakeholders said the Supervisory secretary Esnas Simiyu in a report.
The Supervisory report indicated that the society had shown stability by disbursing huge amounts of loans to the tune of Sh2,314,955,567.03 in 2020 compared to the year 2019 of Sh2,007,637,621.95 giving a positive variance of Sh307,417,945.08.
Sacco CEO Mackline Wamukota encouraged many people to join and invest their money with it so that they can reap big.