- October 27, 2021
- Posted by: Admin
- Category: Business plans
Qwetu Sacco has unveiled an ambitious budget for 2022 with projected growth of Sh 410m.
This represents a projected growth of 14.6 per cent as total assets reach Sh3.2m.
Unveiling the budget estimates at Vacani hotel at the outskirts of Voi town during the Special Delegates Meeting, the Sacco CEO Mr. Charles Kaba said despite the economic downturn occasioned by the Covid-19 pandemic, the Sacco was still resilient and would continue serving its members to their satisfaction.
“The growth in income we are projecting for the year 2022 is adequate proof that Qwetu is the Sacco of choice on a sound financial footing” said Mr. Kaba.
The CEO pointed out that among the key highlights of the 2022 budget would be deposits of over sh 1.2 billion, with interest on deposits of sh 125m(10 per cent), as well as Sh 111m total interest from short term loans. This is an increase from Sh100m the year 2021.
Other highlights include Sh 275 m being total interest from long term loans up from Sh 242m in the year 2021.
Addressing the delegates during the meeting the Sacco chairman Mr. Alfred Mlolwa called upon the delegates to approve a further Sh 20m for the ongoing Voi office block project which would go towards CCTV and lifts installation, structured cables and fire alarm works and a borehole.
The chairman proposed that in the near future, the Sacco would combine the AGM and SDM so that the funds used for SDM would go towards education to delegates and members empowerment.
‘We intend to combine the two meetings so that we can have a seamless engagement with our members” said Mlolwa.
He regretted that this year, the Sacco was not able to hold the zonal education to members meetings as has been the practice in previous years due to the Covid-19 protocols announced by the government.
He said in the light if this new normal, more education and information will be provided through zoom meetings and online marketing.
“We urge our members to embrace the new normal as its key to our success” said Mlolwa.
He further pointed out that to make it more convenient to members to access quick credit the Sacco had come up with an e-loan facility where members can access instant loans from Sh500 to Sh 20,000.
In the supervisory report presented to the delegates by its chairperson Mrs. Violet Njumwa, the BOSA loans at September 2021 stood at over Sh 579m while FOSA stood at Sh334m in the same period.
The micro-credit department recorded a loan portfolio of Sh408m.
However’ the bookshop facility was reported to be experiencing hiccups brought about by the new policy where the government was supplying books directly to schools, a challenge that requires diversification of the facility to keep it afloat.
