NDEGE CHAI SACCO WITHIN SIGHT OF ATTAINING TIER ONE SACCO STATUS;
By Benedict Ngétich. 27/10/2024.
Ndege Chai delegates and members should work extra hard to maintain its momentum as it ascends to Tier One Sacco status in the Country.
The Kericho County Commissioner of Cooperatives Dr. Leonard Oloo congratulated the Board of Management,Delegates,the staff and members for working in unity to achieve the higher status. The cooperative office said to achieve the status was not a mean achievement as it entails a myriad of requirements.
Dr. Otii praised the delegates and other members for their extra input in recruiting new members which in turn contributes in the growth of Loan Book adding, “One of the requirements to achieve Tier One status is growth of Asset Base, which means growth of loans given to members.”
The Commissioner was speakingat Kaproret Stadium during a Special Delegates meeting.
In his report the Chairman Mr. Daniel Sang,in a speech read on his behalf by the Vice Chair Dorothy Mukio said the society had witnessed a positive growth on several fronts despite the subdued global economic growth.
“ Our total assets now stand at over Ksh. 5 billion and we are on course towards our target in the Strategic Plan which is to get an asset base of Ksh 6 billion by the end of the 5 year period, “he informed the gathering.
Mr. Sang said despite the challenges the sacco witnessed growth trajectory in total assets from Ksh. 4.862,835,155 in January 2024 to Ksh. 5,060,793,271 by August 2024 which was a growth of 4 per cent.
There was a 12 per cent increase in membership from 70,249 to 78,661 in the same period,Share Capital rose from 298,049,908 to 315,332,890 (6 %),while Member Deposits increased from 3,370,749,116 to 3,565,423,156 (6%) in the same period.
Another crucial area was the growth of an impressive 13 per cent in the Loan Portfolio from Ksh. 3,582,855,884 to Ksh. 4,043,202,385.
He said the management will take advantage of every opportunity to reduce costs whenever possible so as to ensure competitive returns to its members.
The Chief Executive Officer Mr. Gilbert Bett took the opportunity to thank all the members of the society and especially the delegates whose hardwork had resulted in the Sacco achieving the new status.He said the way working on establishing a Call Center that will greatly ease communication issues between the society and members.
Mr. Bett said Ndege Chai was committed on its Corporate Social Responsibilities and was fully involved in Environmental Conservation through tree planting in Siogiroi Forestin Bomet and in Kapsorok in Kericho County.
