Salaried members of Saccos have been urged to boost their income by diversifying in business ventures.
Suluhu Sacco chairman Charles Virah advised members to invest in business to cushion themselves against the harsh economy.
“With the prevailing hard economic times, we should seriously start thinking of diversification and being innovative on the usage of the loans we borrow,” he said.
Virah urged members to take loans from the Sacco and open manageable businesses such as posho mills, retail shops and grocery stores.
“The investment will empower you, sustain you in meeting your basic needs and eliminate the need of running to Sacco every now and then,” he said.
Virah said loans are meant to leave beneficiaries in a better financial position than they were before but not leaving them pecuniary embarrassed.
He said the Sacco has been growing steadily in membership and monthly contribution.
“By the end of 2024, the society had 4,900 members, with a monthly check-off of Sh27,391,894 compared to 4,033 members in 2023, with a monthly check-off of Sh26,010,383.80,” Virah said.
He said due to the good tidings, the Sacco posted dividends of Sh9,054,120 in 2024 against Sh7,974,681 the previous year. In 2024, members’ deposits hit Sh104,174,793 from Sh92,772,392 in 2023.
The management declared 12.1 per
cent interest on members’ deposits
and 17 per cent on dividends payout
to members.
