Qwetu Sacco, formerly Taita-Taveta Teachers Sacco, has made a giant stride with its membership growing from 4,843 in 2014 to 29,487 last year.
The increase in membership was as a result of bringing on board all FOSA customers who were previously treated as non members. This was in accordance with the Sacco Act of 2010.
Addressing delegates during the Sacco Annual General Meeting at a Wundanyi hotel, sacco chairman Mr Alfred MloLwa further revealed that the sacco loan portfolio grew from Sh711,490,330 in 2014 to 761,793,544 last year, representing a growth of 7 per cent.
“Despite all the challenges we faced during the teachers strike which led to non remittance of funds and disruption of business for three months last year, were still able to record impressive growth”, said Mr Mlolwa.
Among the impressive developments recorded by Qwetu include the growth of the sacco assets to slightly ober Sh1 billion last year up from Sh 960 million in 2014.
Mr Mlolwa revealed that the board of directors had devised ways to grow the sacco and make it stronger .These include encouraging members to increase their monthly deposit contributions, encouraging members to capitalize their dividends and interests on long term deposits, looking for alternative ways of clearing the external debt before its maturity date so as to reduce the interest payable to the financier and partnering with other stakeholders in education, training and capacity building.
The chairman further revealed that plans were afoot to open up a new Qwetu Sacco branch in Mombasa following approval by the delegates.
“A consultant has been identified who is conducting a feasibility study for the new branch. After that the process of identifying an office space to fabricate and commence operations will follow,” said Mlolwa.
However, he lamented that despite investing over Sh 10m on the Taita-Taveta Teachers Cooperative Housing (TATECOH), the funds have not accrued neither dividends nor interest for close to 15 years.
He suggested that the sacco members be represented in TATECOH board of directors to safeguard the interests of Qwetu.
“We further feel that the sacco having an ownership of 25 per cent of the shareholding in TATECOH building and having been paying rent without any returns, it is prudent that we be allocated 25 per cent floor space at the building so that we can continue with our business without paying rent” he said.
The chairman’s sentiments were also echoed by the sacco CEO Mr Charles Kaba who said it was not right for the sacco to continue paying rent in a building that they partly own legally and which gives no returns to the sacco.
The chief guest during the AGM Mr John K Wainhenya challenged the sacco to come up with packages targeting women and youth describing them as vital cogs in socio-economic development of the country.
“It is not right for Qwetu sacco to continue paying rent in a building that we partly own legally”-CEO Charles Kaba
1.Qwetu sacco chairman Alfred Mlolwa addressing delegates during the AGM flanked by the CEO Charles Kaba
2.Qwetu members of the board of directors in a discussion during the AGM.
3.Mr John Waihenya, chief guest during the AGM addresses delegates during the AGM.
4.The TATECOH building in Wundanyi which houses the sacco offices.