Qwetu ambitious plan to raise its membership to over 100,000

Currently the Sacoo has a membership of 52,000 members and the number continues to grow steadily, making it the Sacco of choice for investors in Taita-Taveta County and the Coast region as a whole.

Dubbed “1+1” the membership drive encourages each member to rope in at least one other member, which would double thee current number.

Addressing members during this years sacco education day at Dan Mwazo Hall in Voi town, Qwetu vice chairman Simon Mbashu who represented chairman Alfred Mlolwa said the only way the Sacco could have a firm financial base is by getting more members.

“The Sacco model is basically a business model and we cannot afford to be selfish. We must recruit more members if our Sacco is to continue growing” said Mbashu.

He pointed out that the sacco membership has been growing gradually after it opened its doors to non teaching members including business people, those from the private sector and county government employees.

Mr Mbashu said that the ultimate vision of the sacco was to have a national outlook with branches in all major towns.

“A journey of a thousand miles begins with one step and I would like to assure our members that we are on the right track of growth and development” he said adding that Sasra had given the society a clean bill of health in the past five years consecutively because it had met all the laid down regulations.

“This is something to be proud of as there are several saccos which have been deregistered for failing to meet the key requirements laid down by the regulating authority” said the official.

The sacco membership stood at over 43,000 in the year 2021 compared to the current 52,000, a variance of 22.5 per cent.

Sacco assets stand at more than 2.8 billion compared to 2.4 billion the previous year.

Members deposits stand at 1.9 billion while the share capital stands at 103 million.

Mbashu advised the members to seriously consider the issue of plow back so as to reinvest their dividends or interest earned back to their shares or deposits.

Among thee benefits of plow back include growth in members investment, increase in earnings, increase in borrowing capacity and boosting retirement kitty.

Addressing members during the event sacco CEO Charles Kaba urged members with children to take advantage of the Toto wa Qwetu product to ensure that the education of their children was less stressful in coming years.

Mr Kaba asked members to desist from impulse buying of unnecessary items and instead use the money to save for their children in this product.

“White collar jobs are no longer available and even some university graduates are staying at home. This makes. Investing in viable businesses and sacco savings is what could bail them out of this situation” he said.

During the event Mr Kaba helped open 20 new accounts in Toto wa Qwetu for members who attended the event with their children.