Nairobi,
Wednesday, March 27 2024
KNA by Job Muchiri/Florence Munyoki
Baraka Yetu Sacco has assured its members that they will overcome the unstable economic environment bedeviling the country.
Speaking during their annual delegates meeting held in a Nairobi hotel Tuesday, the Sacco’s Chairman Isaac Gitonga noted that the global economy in the financial year 2023-2024 faced various challenges including economic uncertainties, geopolitical tensions and the continued impact of the COVID-19 pandemic.
“We remain optimistic that the economy will slowly but surely bounce back as the government continues implementing their policies,” he asserted.
The Chairman also pointed out that the current economic landscape is dominated by high interest rates, fuel price hikes, rising taxation, decline in disposable income and reduced consumer spending thus threatening viability and survival of small business enterprises where the Sacco draws its lion share of members from.
“The Sacco appreciates the fact that our members need to invest in income and revenue streams that enable them to attain sustained growth. We have diversified our products making them youth, women and agricultural centred to ensure inclusivity of all members in empowerment,” added Gitonga.
At the same time, George Omondi, a representative from the Sacco’s Supervisory Committee emphasized that the Sacco has made strides in investing in technology where in 2023, they developed a new mobile app while also activating the former USSD that had gone dormant.
Additionally, Omondi disclosed that he had reminded the Board of Directors in frequent meetings to act with speed to secure ICT space and ensure all the necessary mitigations were carried out to avert disaster since cybercrime is on high alert.
While reading the budget for the year ended 2022-2023, Mr. Njuguna Mwangi, a member and an auditor from Njuguna Mwangi and Company Associates, also noted a sharp decrease in member savings and deposits as well as a high default rate among those who took on the Sacco loans.
Meanwhile, after a quick vote to elect new board members as well as a member of the supervisory committee where Gitonga and Omondi retained their seats, the new committee proceeded to launch the 2024-2025 Baraka Yetu Sacco strategic plan.
Courtesy; KNA
