• May 25, 2024
  • Last Update May 25, 2024 8:14 PM
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Sauti Sacco leverages on common bond to attract more members

Sauti Sacco leverages on common bond to attract more members

Nakuru,

Friday, April 5, 2024

KNA by Mabel Keya/ Anne Sabuni

Sauti Savings and Credit Cooperative Society (SACCO) has adopted a common bond policy in recruitment of members, as it strategizes for the future.

The Sacco, whose membership is mainly drawn from employees of the Ministry of Information, Communication and the Digital Economy and other organizations in the communication sector, has opened up to others including business and employed individuals in order to enhance its membership.

Sacco Chairman Elly Ndwigah in his communication to the members during a members’ education day in Nakuru regretted the stagnation of its membership attributed to retirement from service and re-designation to other sectors.

“Growth of membership has been our key area of focus with a raft of measures undertaken, including introduction of various incentives over the years to enhance growth area following the declining members,” noted Ndwigah.

He said that the Sacco had improved liquidity as a result of ongoing finalization of the Donholm Project, noting that increased membership was necessary to absorb the funds in loans.

In a speech read on his behalf by Board Member Francis Ngila, the Chairman said the Sacco continued to leverage on development of new products such as the Coop care medical cover, children accounts and an interactive web portal, to grow members’ value.

“We are able to disburse our loans and refunds promptly and within the stipulated timelines as members are able to make their loans requests online. Our dividend payouts have also improved,” added Ngila.

During the meeting where the branch elections were held, the members unanimously voted in Petikas Lelendu, Beatrice Okworo and Virginia Waithaka as their South Rift Sauti Sacco branch Chairperson, Secretary and Treasurer respectively.

Nakuru East Sub County Cooperative Officer Josephine Ngandu who oversaw the elections advised members to thoroughly scrutinize audited accounts before they attend the annual general meeting (AGM).

“The law requires members to receive audited accounts alongside the notice, fifteen days to the AGM,” she pointed out.

Members raised concerns about the need for a term limit for Sacco officials, to which Ms. Ngandu in a rejoinder noted that a public participation on the revision of the law, left it open for members to decide the term limit through election.

“The members of the public rejected the proposal clause to set a term limit, leaving it open for various cooperative societies members to determine through voting out errant board members. Going forward, the law has made it mandatory for those vying for posts in Saccos’ leadership to undergo vetting by a committee set up by the Cooperative Department,” added Ngandu.

Ms. Ngandu also regretted the non-remittance of members’ contribution by government institutions including parastatals and public universities, noting that the freezing of their accounts did little to salvage the situation.

Sauti Sacco has also suffered this fate of perennial failure to remit members’ contributions by the Kenya Broadcasting Corporation (KBC).

Courtesy; KNA

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