Alarms Sacco recorded 1.01% and 1.04% growth in its total assets and members’ deposits respectively defying the economic turmoil the country went through in the year 2023. This was possible thanks to the economic risks’ mitigation adopted by the sacco which assured members are contained while standing strong against the economic hardship.
During this precarious period, the sacco management came up with a specialized loan repayment scheme where the payment period was increased while some loan products were merged. This was also prompted by the redundancy in growth by the employer where majority of Alarms Sacco members come from.
”Due to what the mother company went through, we opted for loan restructure and merging of loans. The loan products that were to be paid for one year were stretched to five years or sixty months,” Milton Mukhutsi, the Sacco’s chairman told members who were in attendance during the sacco’s annual general meeting at Methodist Church Hall, Tononoka in Mombasa.
Mukhutsi further said that through close cooperation with the Sacco Society Regulatory Authority (SASRA) which offered assistance in matters of finance contracts, the sacco was able to stay buoyed and overcome the trying times and sustain members so that it can achieve its goals.
In the year period which ended 31st December 2023, Alarms Sacco brought in ksh. 232.9 million an increase of ksh 2.307 million or 1.01% growth up from ksh 230.59 million in 2022 in its total assets while its members’ deposits accelerated by 1.04% to reach ksh 162.11 million up from ksh. 156.02 million in the year 2022.
The chairman urged members to embrace the new loan repayment structure with interests according to the sacco act and by-law. By doing so, the sacco will continue to grow and so will the livelihood of all members.
As a strategic move this year, Alarms Sacco has tactically set itself to serve its members with at most efficiency to accelerate growth by employing the best technology. The Sacco’s Mpesa – service which has been in use for quite some time will now be replaced by Members M-pesa service which is much secure and reliable.
Members can shift to this new platform by simply dialing *850# and register. Members will also use the direct debit system which assures adherence to cash withdrawal ethics by members.
The sacco’s supervisory committee through its chairman Naftal Nyaberi hailed the members for their commitment in contributing towards the sacco’s success. Nyaberi urged all members to continue holding the spirit of cooperative in coming together to achieve economic progress.
Alarms Sacco, through its social welfare empowerment scheme and in cooperation with government officials have sponsored several needy students by giving them scholarships among other assistance. Hon. Zamzam Mohammed, Mombasa County’s women representative popularly known as ‘Mama County’, speaking during the event assured members of her rock-solid support to the sacco in its education scholarship program.
”I have issued scholarships for 75 student and I want to announce here that I will set additional Ksh. 500,000 so that more students can be sponsored,” She declared. She Congratulated Mr. Ben Bynito, Alarms Sacco CEO for his great cooperation and commitment in making the sponsorship program successful.
She appreciated the incredible effort the sacco has been making over the years in ensuring the underprivileged members of the sacco society manage to take their children to school by adequately supporting them.
Additionally, Hon. Zamzam committed to give priority to single mothers who cannot afford to pay school fees for their children, helping them keep their young ones in school.
The county women representative further welcomed proposals from the sacco for future partnerships and devoted to stand with the sacco in its activities.
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