During Ports DT Sacco’s Special Delegates Meeting (SDM) held on 7 th October, the society projected an estimated income of Ksh. 1.665 billion for the year 2024 up from Ksh. 1.384 billion in 2023, representing 20.26% growth that is to be contributed by various factors among them the recent rebranding of the giant society and its core purpose of uplifting people.
About Ksh. 1.351 billion, which accounts for 81.11% of the income will be generated from loans and short-term advances to members while the remaining amount of Ksh. 314.7 million will be produced from other sources such as income from virtual banking, interest from government bonds, house income, interest from fixed deposit and savings accounts, dividend income, commission on SMS alert among many others.
Additionally, since the year 2024 will be marking the first year of implementation of the society’s new Strategic Plan 2024-2028, Ports DT Sacco, through its Chairperson Mr. Alfred Konde Jaka, during the meeting stated that the society was working on mechanisms and infrastructure to ensure all loan applications are in future done through mobile.
“The Sacco will soon ensure that all her operations are technologically run in order to improve on efficiency as per our Strategic Plan 2024-2028,” the Chairperson added.
He further hinted that in the effort to revolutionize the Sacco’s operations, Ports DT Sacco had ensured Mobile Banking was its first priority through acquisition of two mobile APPS and USSD codes from different providers and a transactional member portal that enables diaspora members to register and transact via the society’s website.
Also, in order to cut down on expenses and reduce high cost of power while at the same time tackling global warming and climate change, Mr. Jaka revealed that the Sacco has installed a solar system that is generating 23 Kilowatts of power and intends to increase its capacity to 43 Kilowatts in the second phase of the project, a move that will see the society’s entire operations running on a solar power system.
Cognizant of the adverse economic implications brought about majorly by high inflation and taxes in the country that have slowed down businesses, immensely affected people’s purchasing power and individual investment, the Sacco remains committed in addressing these challenges and is confident it will attain its goals.
The projected rental income of Ksh. 7,044,000 million for the year 2024 for instance, is slightly lower by three hundred and sixty thousand shillings compared to Ksh. 7,404,000 million estimates in the year 2023 budget. The difference, the Sacco observed is as a result of current and future inflation, supply and demand and the applications of rental market rates.
On total expenses, the year 2024 budget recorded somewhat higher figures of Ksh 1.352 billion as compared to the current year’s budget of Ksh. 1.087 billion. Among all the planned expenses, financial expenses took the major share of the budget with a projection of about Ksh. 829.7 million which is 61.34%, followed by staff costs of Ksh. 267.6 million that makes 19.78%, administrative expenses of Ksh. 101.026 million, governance expenses consuming about Ksh. 86.21 million which is 6.37% and marketing and advertising costs of Ksh. 68.09 million amounting to 5.03% respectively.
Setting aside a capital budget of Ksh. 37.143 million, Ports DT Sacco further anticipates to undertake various capital projects in the coming year. The projects, that include archives installation, acquisition of servers, computers and laptops, purchasing of two additional Sacco vans to help in the society’s operations and provision for the automation of internal audit among others, the Sacco said will be carefully carried out as guided by the society’s cash flow.
According to the budget, the Sacco’s previous activities, strategies and actions such as the recent rebranding and its ever devotion to touch, uplift and transform people’s lives and livelihoods, the reorganization of the Sacco’s structure, the new strategy outlined in the strategic plan 2024-2028, and the staffing of the three satellite offices in Nairobi, Kisumu and Voi that are expected to attract more
business, will see the BOSA and FOSA activities for the year 2024 generate a surplus of Ksh. 312.87 million an increase from last year’s budget of Ksh. 297.76 million by 5.07%.
To further help achieve this goal, the Sacco is planning to carry out more delegates’ and members’ capacity building trainings on 14th , 21st and 28th of October this year to delegates and members who did not receive the trainings in the month of April.
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