Despite challenges occasioned by the Coronavirus pandemic, Busia County Assembly Savings and Credit Co-operative Society Limited today declared cash dividends of Sh500,000 to its 309 members.
Addressing members during the Society’s 6th Annual General Meeting at Busia Agricultural Training Centre, the SACCO chairman Mr Gabriel Erambo declared Busia Governor H.E Sospeter Ojasmong the best saver in deposits in 2020 financial year.
The Assembly Speaker Bernard Wamalwa emerged the best saver in shares in 2020 while the best recruiter for new members in the same period was Mr Erambo.
“When were elected into office on March 17th 2018 about 142 members had withdrawn but the number started growing. Among the members are 17 MCAs from Kakamega County, four from Bungoma and two officers from Kamiti Prisons,” the chairman said.
The Society has given to members Sh17m as loans at interest rate of 1.3 per cent on reducing balance. Defaulters to the tune of Sh16.6m includes Sh6.7m as loan defaulters and Sh9.1m financial impropriator.
The Sacco has recorded tremendous achievements including registering Busia County Assembly Housing Sacco Society Ltd, purchase of Sh12m executive bus which has to date generated income of Sh1.5m.
County Director Co-operatives, Oscar Odaba underscored the need by the Society to have electoral and nomination policy in place to streamline the process and avoid complaints, noting that a lot of education is lacking at all levels.
Mr Odaba cautioned saccos against engaging in financial mispropriety warning that the Anti-Sacco Fraud unit will not spear corrupt officials.
Erambo and his team including Florence Owuor as vice chair, Godfrey Balera ( Secretary) and James Lwanyonyi (treasurer) were re-elected unopposed.
Erambo and his team including Florence Owuor as vice chair, Godfrey Balera ( Secretary) and James Lwanyonyi (treasurer) were re-elected unopposed. Members include Pamela Wandera, Elizabeth Owuor, Sebastian Etyang and Elijah Mwaro.
Malaba Central MCA Hon Bernard Papa is the new Supervisory Committee chairman, taking over from his Malaba South counterpart David Kokonya. Other member of the committee is John Adongo while Daniel Ote was elected unopposed as the Sacco spokesperson.