Overblog Follow this blog
Edit post Administration Create my blog

Qwetu CEO Mr Charles Kaba confers with chairman Mr Alfred Mlolwa at a past meeting
Qwetu CEO Mr Charles Kaba confers with chairman Mr Alfred Mlolwa at a past meeting
Qwetu CEO Mr Charles Kaba confers with chairman Mr Alfred Mlolwa at a past meeting
Qwetu CEO Mr Charles Kaba confers with chairman Mr Alfred Mlolwa at a past meeting
Qwetu CEO Mr Charles Kaba confers with chairman Mr Alfred Mlolwa at a past meeting

Qwetu CEO Mr Charles Kaba confers with chairman Mr Alfred Mlolwa at a past meeting

TOP NATIONAL RECOGNITION FOR QWETU SACCO

Qwetu wins two national awards as second best most improved  sacco and second best nationally in risk management

Qwetu sacco has once again emerged among the best saccos in the country as second best most improved sacco and also second best nationally in risk manasgement .

The announcement was made in Voi during this year’s events to mark the World Cooperatives Day which was attended by numerous saccos in the county and hundreds of wananchi.

The rating was done by the National Council for Ushirika Day Celebrations.

Receiving the trophies on behalf of the sacco management Qwetu CEO Mr Charles Kaba and chairman Mr Alfred Mlolwa described the awards as a welcome incentive and inspiration to the sacco management and the members as a whole.

“We have been working around the clock to ensure that Qwetu sacco earns itself an enviable postion as the sacco of choice for its members and we are glad to see that our efforts have now borne fruits by being ranked among the top best nationally”,the two offcials said.

They went on: “All our members should rest assured that they are investing in a sacco with a sound base and bright future where their savings are in safe hands as well as in an investor friendly environment”.

During the sacco’s Annual General Meeting held at the Galaxy Resort in Voi in April this year, it was noted that Qwetu sacco has made major strides both in membership growth,assets value and products diversification.

remarkable increase

The sacco membership has shown remarkable increase in the last three years, rising from 4,843 in 2014 to 29,487 in 2015 and 43,246 in 2016.The sharp increase between 2014 and 2015 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.

Between 2014 and 2016 the sacco loan portfolio also recorded impressive rise. In 2014, the loan portfolio stood at Sh711,490,330,in 2015 Sh761,793,544 and in 2016 it reached an impressive Sh1,026,176,779.

On the other hand, the sacco assets grew from over Sh 960m in 2014 to over Sh 1.1million in 2015 and reached a remarkable 1.3 billion in 2016, effectively placing Qwetu in the “billionaires club”.

In analytical perspective, the membership growth from 29,487 in 2015 to 34,246 in 2016 represents an increase of 4,759 which reflects a growth of 16.1 per cent.

Assets grew from Sh1,101,178,032 in 2015 to Sh 1,333,008,926 in 2016, reflecting a growth of 21 per cent.

Membership deposits grew from 785,441,058 in 2015 to 948,474,574 in 2016, representing an increase of 163,033,517 or a growth of 20.76 per cent.

This was attributed to increased contribution by members on a monthly basis and the increase in members who are actively contributing.

Loans and advances to members grew from Sh 761,793,544 in 2015 to Sh 1,026,176,779 in 2016 representing an increase of 264,383,235 or a growth of 34.71 per cent. This was attributed to more loans uptake by members as a result of increasing the multiplier to five times and increase in members who are taking loans.

The increase of revenue from Sh220,201,939 in 2015 to Sh 372,259,011 reflects an increase of Sh 152,057,072 or an increase of 69 per cent, an impressive increase atributed to growth in loan portfolio meaning increase in income from loans such as interests and commissions.

Finally the share capital increase from Sh,093,891 in 2015 to Sh33,991,714 in 2016 represents an increase of 16.62 per cent.

Qwetu sacco has also recorded an impressive growth in the uptake of development loans, one of the new products from the sacco.

“The long term development loans are among our new products which are attracting more members who can now take up to 84 months to repay the loans which range from Sh500,000 to Sh 1 million depending on their savings”, says Mr Kaba.

The CEO says that the sacco is working out mordalities where mobile money transfer sysytems can be put in place so that eligible applicants can access their loans from their mobile phones, which will in essence ease the costs members incur in travelling to the sacco offices to process their loans.

Towards that end, the sacco plans to partner with Safaricom to procure smart phone for its members and more so the teachers.

“Moving forward, the sacco has realised the key role played by the agricultural sector in our economy and has deemed it fit to employ an agronomist whose main work will be to sensitise and give relevant advice to members on agribusiness and related business ventures”,says Mr Kaba.

Alongside this, the sacco will also endeavour to derisk members livestock businesses by insuring animals such as livestock and chicken against the adversities of nature and vagaries of bad weather.

Other diversification of Qwetu sacco activities include the Qwetu Sacco Green Product which entails working with communities to promote the use of affordable clean energy.

On this endeavour, Qwetu sacco has been collaborating with the Micro Enterpise Suport Programme Trust(MESPT) where the sacco has been offering training on financial management and offering credit facilities on both waste management and renewable energy.To make this a reality, Qwetu sacco has been offering subsidies to farmers while about Sh 33,000 is provided by MESPT.

The sacco has also been collaborating with Taita Biogas Limited which has been training and sensitizing farmers  on the advantages of using biogas as compared to other fuels.

In a bid to expand its operations base, plans are at advanced stage to open up a branch in Mombasa where a consultant has completed the base survey on the viability of the project.Plans are also on the cards to put up a Sh 30m office block in Voi toprovide business space for the sacco branch, which are curently being offered from rented premises.Plans are also being fast-tracked on the Mwatate and Taveta plots so that more office blocks can be set up in these sub-counties.

 

Share this post

Repost 0
To be informed of the latest articles, subscribe: