Positive outlook for Qwetu Sacco as active members increase to over 20, 000
BY PASCAL MWANDAMBO
The number of active members in Qwetu Sacco, formerly Taita-Taveta Teachers Sacco, increased from 13,130 in 2015 to 20,753 members in 2016.
Addressing delegates during the Annual Delegates Meeting(ADM) held at the Galaxy Resort in Voi, Qwetu Sacco CEO Charles Kaba said this was an impressive development that clearly indicated that the sacco was developing in the right direction.
“The increase of active members by more than 7,000 for the year ended 31 December 1016 is a clear indication that the community that were are serving has realized the key role saccos play in saving and investiments and sought to join us so that together we can improve the economic wellbeing of our society”, said Kaba.
He pointed out that with the current membership standing at 34,246 there was an urgent need for the dormant members to put their act together and activate their accounts so that they could be part of the success story of the sacco.
“The sacco calls upon all the dormant members to start saving seriously in Qwetu as this will an added incentive both to the sacco and the members as well,” said the CEO.
Kaba emphasized that the sacco financial growth from over 1.1 billion in 2015 to slightly over 1.3 billion in 2016 was something to be proud of, adding that it was not easy for any sacco “to join the billionaire’s a club” at a time when there was growing competition between established banks, saccos and other micro-lender institutions.
Key growth indicators
Among the key growth indicators include the increase of loans and advances to members from 761,793,544 in 2015 to 1,026176,779 in 2016. Others include the increase in members deposits from 785,441,058 in 2015 to 948,474,575 in 2016 and the growth in total revenue from 220,201,939 in 2015 to 372,259,011 in 2015.
During the ADM the CEO also witnessed the renewal of the Saccos Sh200m borrowing power agreement which is the ceiling amount of money that the institution can borrow from external lenders in the financial year under review.
Speaking during the ADM the quest of honor Mr Richard Nzombo challenged the sacco to venture to other areas such as Kwale and Kajiado counties so as to widen their service network. Already plans are at an an advanced stage to set up an branch in Mombasa.
He pointed out that this would further strengthen the Sacco’s financial base and eventually improve the wellbeing of its members.
The Sacco chairman revealed that already the lending institution had acquired a plot in Voi and secured a title deed so that an office block can be established in the fast growing town.
“This will be a welcome development for us given that at the moment the sacco activities in Voi are being undertaken from rented premises,” said Mlolwa.
During the meeting new board members were elected from Taveta(Gasper Kabaka),Voi(Simon Mbashu),Wundanyi(Meshack Mshila) and Tausa(Alfred Mlolwa).
New external auditors Wambuguand Assocites was elected to serve the Sacco replacing Kalama and Kalama Assocites whose period of serving the sacco as required by law, had expired.