By County Assembly Communications Team
Bucounty Savings and Credit Co-operative Society (SACCO) in Bungoma convened its Fourth Annual General Meeting (AGM) on Monday.
It brought together members, leadership, and key stakeholders in a unified forum to reflect on its journey, celebrate achievements, and chart a strategic path for the future.
The meeting was marked by optimism and a strong sense of collective purpose, as leaders highlighted steady growth, financial resilience, and ambitious plans to modernize operations.
Board Chairperson Mr. Jocktan Kabeyi Mganda expressed sincere appreciation to members for the trust they placed in the SACCO’s leadership, noting that this confidence has been the cornerstone of the institution’s progress.
He reaffirmed the Board’s unwavering commitment to safeguarding members’ investments and steering the SACCO toward sustained growth and long-term stability.
Mr. Kabeyi also acknowledged the invaluable support of the County Assembly leadership, including the Speaker, Clerk, and the County Assembly Service Board, whose provision of office space and a Memorandum of Understanding (MOU) has facilitated seamless loan deductions and remittances, significantly strengthening the SACCO’s operational framework.
The Chairman reported remarkable growth in membership, which rose from 97 members in August 2024 to 108 by December 2024, and further to 161 members by December 2025. This consistent upward trend reflects growing confidence in the SACCO and the effectiveness of its recruitment initiatives.
Financial performance equally showed marked improvement, with member deposits increasing from Kshs. 12,857,726 in 2024 to Kshs. 15,341,755 in 2025, which is a clear testament to a deepening savings culture among members.
He commended those who demonstrated exceptional commitment to saving, noting that their discipline serves as an inspiration to the entire membership.
On operational matters, the Chairman reported progress in recovering outstanding rent, with Kshs. 272,550 successfully collected following negotiations with a tenant.
He also addressed the status of the SACCO’s hotel facility, which fell vacant in August 2025, informing members that management is currently evaluating sustainable utilization options, guided by benchmarking visits to peer institutions.
The SACCO continues to offer check-off loans and allowance buy-off loans, both of which have improved members’ access to affordable credit.
To enhance long-term financial sustainability, the leadership proposed revising the interest rate on long-term check-off loans from 10 percent to 12 percent per annum, while extending the repayment period from 18 to 36 months.
This proposal aims to align with prevailing industry practices while affording members greater financial flexibility. Looking ahead, the Chairman outlined plans to digitize SACCO operations, enabling members to access services more conveniently and improving overall efficiency.
The minimum share capital was retained at Kshs. 10,000, a decision intended to strengthen the SACCO’s capital base and enhance its lending capacity.
Bucounty SACCO draws its membership from both Honorable Members of the County Assembly and staff.
Speaking on behalf of the MCAs, Hon. Iddi Chamawi, MCA for Maeni Ward, commended the SACCO management for their steadfast leadership, noting that members have greatly benefited through savings and affordable credit. He pledged to increase MCA representation within the SACCO and committed to supporting its continued growth.
In his remarks, the Clerk of the County Assembly, Mr. Charles Wafula, commended the SACCO’s impressive growth trajectory and its pivotal role in empowering members financially.
He praised the institution for providing affordable and transparent credit, which has helped reduce members’ reliance on exploitative lenders.
Encouraging members to cultivate a robust savings culture, he emphasized that increased savings translate directly into greater financial strength and higher returns.
Mr. Wafula assured members of the County Assembly’s continued support, noting that a financially stable workforce contributes to improved productivity and enhanced public service delivery.
He further challenged SACCO leadership to uphold the highest standards of accountability, transparency, and integrity, stressing the importance of prudent financial management and regular communication with members.
He also encouraged the SACCO to explore new growth opportunities, including the introduction of Front Office Service Activity (FOSA) services, which would enable the institution to offer banking-like services, thereby enhancing its relevance and liquidity.
The Chief Officer in charge of Cooperatives, Mr. Timothy Wanjala, graced the occasion as Chief Guest. In his address, Mr. Wanjala drew on the biblical parable of the talents to challenge members to grow their savings in proportion to their capabilities.
He applauded the SACCO leadership for their sound management and outlined key areas requiring attention for the institution to achieve greater growth.
These included digitizing operations, increasing savings to improve borrowing capacity, training members, providing timely updates on SACCO developments, expanding membership, and diversifying products.
Also present at the meeting were the Cooperative Bank Manager, Bungoma Branch, Ms. Lillian Moraa; Auditors from M/S Sande Ojiambo Auditing Firm; KUSCO Representatives Ms. Getrude Nabwire and Ms. Sharon Chebet; County Director of Cooperatives Mr. Moses Welikhe; and Sub-County Director of Cooperatives Mr. Collins Busuru.
