In the year 2022, despite the various challenges experienced in the cooperative market, Lengo Sacco succeeded to raise its total deposits from Ksh. 267,887,901 million up to Ksh. 316,152,410 million marking an increase of 18 percent.
Loans lent out to members also significantly increased from Ksh. 295,919,396 million to Ksh. 366,902,297 million which culminated to a change of 24 percent. Investments further grew to Ksh. 4,640,245 million from Ksh. 4,090,690 million, while the core capital also witnessed an upsurge of Ksh. 12,105,954 million from the previous Ksh. 66,399,291 million.
The share capital and the income marked an increase of Ksh. 3,017,908 million and Ksh. 6,151,192 million respectively while its membership soared up from 25,011 to 25, 682 recording an increase of 671 members.
The Chairperson, Mr. Jonathan Charo, speaking to the society’s delegates during this year’s annual delegates meeting held at Premier Residence Hotel, Malindi, said saccos had been identified as one of the most effective models for enhancing both agricultural and non-agricultural productivity in Kenya.
“Cooperatives play vital role in transforming the lives of Kenyans. The sector employs more than half a million people whilst necessitating self-employment especially through lending.” He stated.
In order to bring on board more members, the Chairman said Lengo Sacco shall continue its aggressive marketing campaign in areas such as Mariakani, Kaloleni, Samburu and Rabai with the goal of setting up a new branch in Mariakani.
“To increase efficiency in service delivery, the society is also moving fast to complete the mobile banking process which kicked off last year.” He added.
The society’s financial services and products have over the years resulted to a massive impact on financial deepening among the members, leading to a positive impact on the socio- economic development of members and their families.
80 percent of Kenyans derive their income directly or indirectly through Co-operative activities. Lengo Sacco being one of the deposit taking (DT) SACCOs in Kenya, has had its fair share in the growth of the economy taking into consideration the various kind of loans it has given to its members which include; Agriculture, Trade, Education, Human Health, land, Housing amongst others.
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