Serena Workers Sacco witnessed a positive turnover in the financial year 2022 brought about by the commitment of the members and the management team at large which greatly enhanced the financial status of the sacco.
The sacco managed to raise the loans advanced to members from Ksh. 8,460,233 million in 2021 up to Ksh. 13,819,995 million in 2022 which marked an upward growth of Ksh. 5,359,762 million. Interest on members’ deposits increased from Ksh. 1,003,916 million in 2021 to Ksh. 2,030,109 million in 2022 marking an increase of Ksh. 1,026,193 million while dividends also scaled up from Ksh.26,200 to Ksh.65,500 in 2022 marking a positive increase of Ksh. 39,300.
Members’ deposits also increased from Ksh. 321,109 in 2021 to Ksh. 1,442,313 in 2022 which marked an upward growth of Ksh. 1,121,204. The share capital was retained at Ksh. 262,000 in the year 2022, while membership grew by 10. The members also accepted to raise their minimum deposits to Ksh. 3000.
The sacco’s immense growth was attributed to some factors which included; the commitment and support by the members whereby they diligently accepted to increase the minimum monthly deductions and letting their dividends boost their sacco deposits.
Secondly, proper management of the members’ funds by the committee contributed significantly to the growth. The management did their due diligence of collecting members’ deposits, issuing of loans and recovering the loans on a timely basis thus enhancing the growth of the sacco. Loan disbursement to members ranging from normal loans, emergency and school fees loans were disbursed on time thus raising trust of the members in the sacco similarly enhancing growth in the society.
However, despite of the positive outlook of the sacco, Serena Sacco has not been without its challenges. Members with multiple loans from different financial institutions were advised to borrow from the sacco due to its pocket friendly interests. They were also advised to shun from withdrawing from the sacco while still employees of the Serena Hotel company.
The county commissioner for Cooperatives Jackline Kemboi while attending the society’s Annual General Meeting held at the Serena hotel, advised the members to enhance confidentiality of individual data to enhance positivity and growth in the sacco.
Members were advised to shun from exposing their fellow member’s data especially after guaranteeing them loans. The move is aimed at ensuring the safety of the loanee at the same time boosting their morale and trust in the sacco.
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