The Sacco chairman pointed out that during the year under review, the Sacco membership grew from 40,000 in 2019 to 43,000 in 2020, representing a 7 per cent growth. During the same period, the Sacco recorded a remarkable increase in members deposits which grew from Sh1.4 billion in in 2019 to Sh1.6 billion 2020, a growth rate of 13 per cent.
Mlolwa revealed that the Kwetu Foundation which was formed as part of the Sacco’s corporate social responsibility in areas of health, education and environment had witnessed some positive interventions especially in the area of education. So far, Kwetu Foundation supports 9 students in colleges and universities. The chairman at the same time urged members to embrace plowback and reinvest part or whole of their interests and dividends to ensure that the Sacco remained on a sound financial footing. Speaking during the meeting, the Sacco CEO Mr Charles Kaba pointed out that the Qwetu board of directors was proposing dividends of more than Sh8.4m on shares and an interest of 9.2 per cent on long term deposits.
Mr Kaba urged the members to utilize their dividends wisely in meeting key social responsibilities such as paying school fees for their children especially at this time when the covid 19 pandemic had adversely affected the education sector and learning processes in general. The CEO also said that the ground breaking ceremony for the Voi office building would be undertaken soon, adding that this would be a major boost for the Sacco which was currently undertaking its services from rented premises in Voi. The chairperson of the supervisory committee Mrs Violet Nyambu presented the supervisory report whose key highlights were as follows…