For about twenty years since its inception in July 2004, Juhudi Sacco has been incredibly impacting its community through the various targeted Sacco products and services geared towards uplifting lives and livelihoods.
Through its unwavering commitment to walk the transformative journey with sacco members, the society has tremendously made substantial strides over the years growing both its members and the sacco as a whole.
To begin with, the sacco membership for instance rose from 57 initial members in the year 2004 to over hundred members by 31st December 2023. This significant rise aided in pushing the sacco society’s members deposits up from slightly over Ksh. 800,000 in 2005 when the sacco had just 84 registered members to over ksh 10.96 million by the end of the year 2023.
Sacco chairman Mr. Geofrey Charo revealed that the enormous growth witnessed so far was as a resulted of collaborated efforts and strategies established by the leadership to set the society on a higher trajectory.
“The sacco’s membership growth is attributed to combined team effort from the management, staff and the marketing strategies the society put in place in the previous year. We managed to register 43 new members derived from Kilifi County Government and the business community,” stated the chairman.
During this year’s annual general meeting, the chairman also announced that the sacco’s shares had further scaled recording an impressive ksh 128,000 up from ksh 103,000 about ten years back in 2014. Additionally, the society’s turnover during the year under review was ksh. 1.78 million compared to ksh 1.64 million witnessed in the previous year, a clear indication of a devoted sacco to transforming its people’s lives.
Despite the tough and unpredictable economic times experienced last year, Juhudi Sacco nonetheless successfully conducted its business distributing interest on members deposit at a rate of 1.5% come end of the year 2023.
“Notwithstanding the harsh economic conditions, high inflation in the country and sacco challenges, the society managed to perform incredibly providing interest on members deposits and for that I congratulate each member for your dedication in the last year,” asserted Charo.
Nancy Bomu, Juhudi Sacco’s supervisory chair, applauded the sacco for its astonishing financial journey in the past year commending the members’ devotion to grow themselves through acquisition of relevant sacco’s products that address their various specific needs.
Moreover, she urged sacco members to continue saving and investing in the sacco through prompt monthly contribution whereas encouraging inactive members to activate their membership by bringing in their deposits, a move that will have a crucial impact on the sacco in terms of liquidity.
Addressing Juhudi Sacco’s members, Kilifi North Cooperative Officer Mr. Julius Mwananje expressed confidence in the direction at which the country’s economy had taken stating that the country was improving economically and urged members to save more and access credit for Juhudi Sacco to make profit and grow.
“With the housing levy and other economic factors, the cost of living went up impacting Kenyans, affecting their disposable income. The economy however is improving hence you should save more with the sacco,” he advised.
Speaking on the fundamental role members’ education play in the growth and development of any sacco, the officer reminded the society’s leadership to hold sacco’s training and education seminars for both the leadership and the members for the future sustainability of the sacco.
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Thats quite an impressive achievement and very inspiring in the deposits taking and loan offering to members.