Savings and credit cooperative members have been urged to be more vigilant on the running of their business by actively taking part in key decision-making.
Sacco Societies Regulatory Authority (Sasra) CEO Peter Njuguna told the 15the annual general meeting of Acumen Sacco, based in Ongata Rongai, Kajiado North.
He said as a cooperative’s business grows and gets more complex, “the more members must purpose to attend AGMs as their presence and voice are important”.
“As Sacco’s deposits grow, more branches are opened, staff increase and costs go up and this is the time when members should be more vigilant to check management challenges,” said Mr Njuguna.
“Member apathy is a real issue in Saccos as it breeds complacency and this is tragic. As a member, you determine your Sacco’s destiny.”
Njuguna who was speaking at the Catholic University auditorium reminded Sacco members that their general meetings were an opportunity for them to hold their elected leaders to account.
He commended Acumen Sacco’s leadership and members for complying with the regulator’s capital and liquidity requirements, growing deposits and loans.
The society was licensed to take deposits in September 2020.
Treasurer Peter Mwangi reported that loans to members of the Sacco patronised mainly by landlords and traders, increased by 39 per cent from Sh216,882,732 in 2020 to Sh300,860,862 in 2021.
Total revenue grew by 36 per cent in total revenue from Sh34,090,071 to Sh46,322,746 with a commendable decrease in non-performing loans.
Members approved a 15 per cent dividends payout on shares after sacrificing their 2020 earnings to comply with Sasra’s set liquidity ratios.
Chairman Wainainah Kiganya noted that the measures the Sacco took in 2020 to alleviate members’ debt burden amidst the Covid-19 pandemic paid off in 2021 as evidenced by the increase in loans taken, growth in assets and revenue.
Kajiado North Sub-County Cooperative Officer Salome Wangui presided over the society’s rotational elections.
Mr Kiganya and Ms Pauline Kamba were re-elected while Violet Wokabi was picked to fill a vacant slot.
Started in 2008 by landlords whose properties were being managed by Acumen Equities, the Sacco has since expanded its bond to include employees of various institutions such as hospitals, petrol stations, churches, public and private school teachers and non-teaching staff.