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1OCTOBER - NOVEMBER, 2015| Sacco Times
SACCO TIMESISSUE - 2015005
YOUR INFORMATION PLATFORM
THE
www.saccotimes.com
Should Saccos investin Treasury Bills?
SASRA turns heat on
non compliant Saccos
Stima Sacco, Chase Bankto give contractors loans
OCTOBER - NOVEMBER, 2015 | KSh 200
7/23/2019 ISSUE 005 FINAL - PRINT.pdf
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2 OCTOBER - NOVEMBER, 2015 | Sacco Times
UNWITHDRAWABLE DEPOSIT/SHARES
v These are members shares with a per valueKsh. 100/=
v Members should have a minimum of 50
sharesv This is an accumulated savings that is a
source of funds with which loans can bemade available to members.
v it cannot be withdrawn instantly.v The sky is the limit to this Deposit of the
society.v A member shall cease to be a member of
this society on the date on which notificationin writing is received by the society about thecancellation of his/her membership society.
CREDIT SERVICES
This is clearly stipulated in our credit policy.
1. Normal Loans
This loan facility is available to members withinthe month after application as long as themembers cane plot is months old and above.
2. School Fees Loans
Same as normal loans but for school fees only.
3. Fosa Loans
Is a frequent office loan scheme and is a short
term loan facility repayable within two months.Applicants must have processed cane paymentsalary or 15% through Nitunze Sacco Society.
4. Emergency Loan
Facility is processed within three working days.Age of cane should be five months and above.The amount applied should not exceed 20,000/=.Purpose of emergency should be among thefollowing: funeral expenses, hospital bill, courtfines, burnt houses etc.
PHYSICAL OFFICES
Nitunze Plaza, Mumias Head Office
Malaha Branch, Makunga Branch
MOBILE BRANCHES
1. Nasianda
2. Sabatia
3. Harambee
4. Mungatsi
5. Ogalo
6. Koyonzo
7. Navakholo
8. Etenje
9. Nambale
Nitunze Savings and CreditCo-operative Society Limited
P.O. Box 295, MumiasTel: 020 - 259 3364
Email: [email protected]@gmail.com
MICROFINANCE LOANS
a) Group Lending
v For those with small businesses
v Payable withing 6 months
v Little interest ratesv No grace period
b) Vegetable Farming
v Grace period 3 months
v Loan payable within 9 months
v Little interest rates
c) Equipment Loan
v Issued to those in businesses
v No grace period
v Loan payable within 12-24 monthsv Little interest rates
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3OCTOBER - NOVEMBER, 2015| Sacco Times
5
32
37
24
CONTENTS
EDITOR-IN-CHIEF
Reinhard Mosagwe
CONSULTING EDITOR
Joseph Karanja
Email: [email protected]: 0771 048 926
STAFF WRITERS
Grace Ndirangu, Ken Otieno,
Fredrick Weyimi, Kephas Ayiecha,
Samuel Towet, Anthony Mwachiro,
Corny Mutisya, Joseph Ngure,
Nick Kavai
DESIGN AND LAYOUT:
Judith Okongo
Email: [email protected]
Tel: 0721-496 922
PHOTOGRAPHY:Kaniaru Ndirangu
SUBSCRIPTION
Major Capital Agencies Limited
DISTRIBUTION AND CIRCULATION
JETsam Distribution Limited
PUBLISHED BY:
Basecom Ventures Ltd
Kampus Towers, 1st foor,
University Way
P.O. Box 42317 - 00100, Nairobi
Tel: 0720 380 226 / 0724 172 670 /
0733 272321
Email: [email protected],
Website: www.saccotimes.com
1OCTOBER-N OVEMBER,2015| Sacco Times
SACCO TIMESISSUE- 2015005
YOURINFORMATIONPLATFORM
THE
www.saccotimes.com
Should Saccos investin Treasury Bills?
SASRA turns heat onnon compliant Saccos
Stima Sacco, Chase Bankto give contractors loans
OCTOBER-NOVEMBER,2 01 5 | KSh 20 0
SASRA blacklists 5 Saccos over regulations 5
Stegro Sacco members reap big from new products 6
Kirinyaga Matatu Sacco ups game to beat competition 10
Nyeri: Wananchi Sacco boosts youth, farmers 12
Why Sacco AGMs are crucial 13
Asili Sacco lives up to its vision 14
Stima Investment wins big in 2015 Ushirika Day
Celebrations 15
Chai Sacco to train youth groups 16
Stima Sacco lures Kenyans in Diaspora in growth plan 17
Ufanisi Sacco promotes thrift among members 18
Kenversity holds Special General Meeting 19
Waumini Sacco conquers new heights 20
Nitunze Sacco picks new board to boost service delivery 22
Kibera Sacco gives members hope 24
Murata Sacco unveils cheque book 26
State borrows heavily as interest rises 30
Equity Bank CEO scoops top award 32Family Bank foats shares to boost capital base 34
State to review CBK laws 36
Stima Sacco partners with Chase Bank to aid contractors 38
Afya Sacco opens new line of business 40
Sukari Sacco set to re-brand 41
Understanding Treasury Bills 42
KCB earns accolades for business acumen 44
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4 OCTOBER - NOVEMBER, 2015 | Sacco Times
EDITORS DESK
Saccos must adhere to SASRA rules
Since 1931s Governments first formal in-
volvement in Co-operatives when the first
Co-operative Ordinance was enacted to
regulate the operations of co-operatives, the Co-
operatives Movement in Kenya has grown tre-
mendously to emerge the best in Africa.
Te vibrant and dynamic Co-operative Move-
ment is a key player in the economy, controlling
about 43 per cent of Kenyas gross domestic prod-
uct (GDP). Te sector employs more than 300,000
people, besides providing opportunities for self-
employment to many more.
oday, the Savings and Credit Societies (Sacco) is
the fastest growing sub-sector in the movement,
having mobilised savings of more than Sh450 bil-
lion. Te sector commands 67 and 62 per cent of
the total assets and deposits/savings, respectively.
Te greatest contribution attributed to Co-op-
eratives in Kenyas social and economic devel-
opment has been in the financial sector, where
Saccos and national financial co-operative organ-
isations, Co-operative Bank and Co-operative In-
surance Company (CIC), hold substantial savings
portfolio accounting for more than 31 per cent of
Kenyas gross national savings.
Given the important role the sector plays in the
countrys development, there is need to safeguard
and protect it to ensure more and more Kenyans
benefit from the products and services on offer.
It is therefore disheartening when some players in
the sector fail to adhere to rules and regulations
stipulated by the regulator, the Sacco Societies
Regulatory Authority (SASRA).
By failing to adhere to the rules, the managers of
the said Saccos expose their members to finan-
cial losses.
Te Sacco managers are aware that the principal
mandate of the Authority under the Act as read
with the aforesaid Regulations, 2010 has been
to license Sacco Societies to undertake deposit-
taking Sacco business in Kenya (popularly known
as Front Office Service Activity or FOSA), and to
supervise and regulate such Sacco Societies inKenya among other things.
Recently, SASRA blacklisted five Saccos for disre-
garding the rules of operations. Tose blacklisted
are Good Life Sacco Society and related Fedha
Micro-Finance Investment Ltd, Prevailing Sacco
Society Ltd, New Milimani Sacco Society Ltd, Mil-
lionaire Sacco Kenya and Urithi Premier and re-
lated Urithi Housing Co-operative Society Ltd.
We wish to call upon the management of the five
Saccos to ensure they comply with SASRA rules
and regulations for the sake of their members.
Te managers should understand that the enti-
ties they lead are economic enterprises founded
by and belonging entirely to the members for the
sole purpose of rendering to them the best pos-
sible service at the lowest possible cost.
Stima Sacco National Chairman, Dr Ben Chumo and
Chase Bank Chief Executive Officer, Paul Njaga dis-
play the partnership agreement to give contractors
loans.
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5OCTOBER - NOVEMBER, 2015| Sacco Times
NEWS
By Hildah Mutugi
Five savings and credit socie-ties have been blacklisted bythe Sacco Societies Regula-
tory Authority (SASRA) for failing tomeet the required regulations.
Good Life Sacco Society, FedhaMicro-Finance Investment Ltd, Pre-vailing Sacco Society Ltd, New Mili-mani Sacco Society Ltd, MillionaireSacco Kenya and Urithi Premier and
Urithi Housing Co-operative Societywere blacklisted for taking depositsfrom their members without havingSASRAs nod to do so. Some of themwere buying land and sub-dividingit into plots for members.
According to SASRA acting ChiefExecutive, John Mwaka, the five Sac-cos were collecting money from thepublic with false promises of favour-able returns on savings and or de-posit accounts.
Mwaka urged the public not to dealwith unregistered entities notingthat those doing so stand to losetheir money.
He said the five Saccos were not reg-istered and cannot collect moneyfrom the public or run front offices.
Te CEO said Sacco societies are le-gally restricted and limited to onlycarrying out non-withdrawable de-
posits to lend to members.
Such societies are prohibited fromproviding Fosa services such as de-posit accounts of any description,AM services and mobile moneybusiness among other, the CEO saidin an advertisement carried by a lo-cal daily recently.
But speaking to a local daily UrithiSacco manager, Isaac Gathara, de-nied that their Sacco was not follow-ing the regulations.
He said: We are registered and weshall make a formal response on thematter soon. Urithi Sacco has beenlooking for members to buy landand houses. It was established twoyears ago.
Te manager of Good Life, Peter
Wanjohi, said the company hasbeen in existence for the last threeyears and that it had communi-cated with SASRA in the past andexplained that Good Life and Fedhaonly shared the chairman who laterresigned from Good Life.
SASRA is mandated to licence Saccosocieties to carry out deposit-takingbusiness; regulate and superviseSacco societies; hold, manage andapply the General Fund of the Au-
thority and levy contributions.
SASRA blacklists 5 Saccosover regulations
John Nthuku, SASRA Board Chairman.
By Hildah Mutugi
he Public Service Vehicles(PSVs) Saccos will be auditedby the National ransport and
Safety Authority (NSA) to ensureroad safety.
NSAs move comes as detailsemerged that Nairobi county leads inaccident cases where 291 people havelost their lives this year alone.Nakuru county comes second with 93people dead as the authority identifiescarelessness as the leading contribu-tor.
NSA deputy director for corporatecommunications Dominic Kabiru saidKakamega, Mombasa and Machakosare among the top five where a totalof 151 fatalities were recorded over thesame period.
He said NSA will engage in talks withall Saccos in order to maintain safetyof passengers and pedestrians acrossall highways in the country. We willnot hesitate to cancel licences for Sac-cos which flout traffic rules in spite
of our continued campaign on roadsafety, he said.
Recently, a university student wascrushed to death after being sand-wiched between two vehicles in Nai-robis Central Business District.
Cecilia Njeri, 23, was crossing the roadbehind a matatu at the uskys bebabeba stage when the said matatu re-versed abruptly.
She was rushed to Guru Nanak hospi-tal by good Samaritans and was found
to have broken her ribs, chest bonesand had a ruptured kidney.
According to her brother, she hadtravelled home to inform her parentsabout her upcoming graduation andalso to let them know that she had got-ten a job at the Boma hotel. She wasscheduled to report to work on Mon-day 12, 2015.
Body to audit
Matatu Saccos
Te five Saccos were
collecting money fom the
public with alse promises
o avourable returns on
savings and or deposit
accounts.
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6 OCTOBER - NOVEMBER, 2015 | Sacco Times
ADVERTORIAL
By Kipkoech Chirchir
Stegro Sacco Limited which wasinitially known as Sot ea Grow-ers Sacco Limited was registered
on August 5, 1992 to offer banking andother financial services to its pioneermembers. At the time the banking andfinancial services were not easily acces-sible to many farmers in the area.
Its pioneer farmers were mostly thosedelivering tea to Kapkoros ea Fac-tory. Initially, the Sacco operated from
a rental office in Silibwet town beforemoving to their own Plaza in Septem-ber 2005.
At the moment the Sacco has fivebranches in Kapkoros, Olenguru-one, egat, Kamogoso and Merigi. Allbranches operations are interlinked.Stegro Saccos mission is to mobiliseand prudently manage members re-sources in order to offer affordablefinancial services, create wealth andimprove their standard of living whileits vision is to be a leading Sacco in the
provision of Excellent, Efficient and Af-
fordable financial and other diversi-fied services in Kenya.
Te core values are Self help, Soli-darity, Self Responsibility, Honesty,Democracy, Openness & Social Re-sponsibility, Equality and Caring forothers. Initially the Sacco was knownas Sot ea Growers Sacco Limited butrecently the name was changed to Ste-gro Sacco with the registration of Ste-gro ea Factory.
Te Sacco has a variety of productswhich include Back Office Products(BOSA). Under BOSA products suchas school fees loan, Biashara loan,emergency loan, Jiinue group loan,Kilimo bora and development loanare offered.
Te Sacco also offers short term ad-vance on crop, salary and pension re-coverable in one month.
Te long-term advances includeOkoa advance which is payable in six
months with an interest rate of reduc-
Stegro Sacco members reapbig from new products
ing balance at a maximum of Sh20,000.Others services provided by the Saccoinclude Bankers cheque, FranchaiseBanking, Mobile service/point of sale,AM, M-sacco, Mpesa and conferencehall.
Te FOSA products on offer includeBoda Boda Saving account, MamaMboga Saving, Vijanaa Acount, JimuduSavings Account, Jolly Kids Savings Ac-count, Biashara Saving account, FixedDeposit Account and Institutions Ac-
countLoan Products
Stegro Sacco encourages the youth,farmers and other institutions to applyfor loans to help them boost their busi-ness. Its Biashara loans are flexible asthey have the following features; Busi-ness working capital loan to supportbusiness stock, expansion; Loan termup to 12-24 months; Flexible repay-ment frequencies e.g. monthly/weekly/daily; 6 months account operations andaffordable interest rate flat per annum.
The Stegro Sacco headquarters.
6 OCTOBER - NOVEMBER 2015 | Sacco Times
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7OCTOBER - NOVEMBER, 2015| Sacco Times
ADVERTORIAL
ATM Services
Te Sacco provides AM cards to cus-tomers to access AM services usingCo-operative Bank branches across thecountry.
Te AM services are connected to theSacco link network of Co-operativeBank and this means members can ac-cess their cash at any Co-op Bank AMcountrywide and any VISA brandedAM or merchant outlets like super-markets.
Te Sacco link card allows the mem-bers to withdraw cash, check balance,change PINs and get a mini statement.Customers can also pay utility bills likeelectricity bills at the AMs. Te AMsoffer 24 hours service.
Salary Advance
Te Sacco gives salary advances to cus-tomers who bank regularly with them.Salary advances can be either for schoolfees, starting up business like mamamboga saving, youth who operate bodaboda and other institutions.
Salary advance is processed and paid ina day and attract an interest rate of 8 percent. Te 50 per cent rule is also takeninto consideration in offsetting salaryadvance. Tis is a new product wheremembers have an option of offsetting
Stegro Sacco members waiting to be served in a banking hall.
Some of the Stegro Sacco projects / investments.
7OCTOBER - NOVEMBER 2015 | Sacco Times
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8 OCTOBER - NOVEMBER, 2015 | Sacco Times
the existing salary advance at the rateenjoyed by members.
Investments
Among other investments the Saccohas are Stegro Oil, Stegro ea NurseryBed, Stegro College and Stegro EPZ fac-tory.
Te Saccos good management whichensures transparency and dedicationhas seen it attract partners like the Co-operative Bank, ABC Bank, K-Rep Bankand KCB, among others.
Its share per capital has also grown from
Sh26053336.30 to Sh36246198 while theshareholders have increased from 4,704to 6,170.
which include business loan, micro-credit and motorbike loans.
Te Sacco is about to complete its ownfactory where 95 per cent of the workhas been done. Once the factory is com-pleted 85 per cent of the products willbe exported and the rest sold locally.
Te factory is owned by farmers throughthe Sacco where 52 per cent of its sharesare owned by Stegro Sacco membersand the rest is being sold to the public
where the targets are individuals andinstitutions. Te factory is fully licensedby relevant bodies including EPZ andea Board of Kenya.
Te main reason why the factory wasstarted is to end the monopoly of Kenyaea Development Agency KDA, to im-prove the tea prices since KDA is pay-ing less to farmers and to do away withmiddle men who have been exploitingfarmers as well as create jobs for the lo-cals.
Te factory is expected to operate to-wards the end of this year. Currentlythey have floated tenders for the supplyof fire woods to the factory and trans-portation of green leaves from buyingcanters to the factory.
Over 10,000 members have registeredto supply raw materials to the new fac-tory as soon as its ready to process it.Te management has already estab-lished a market for their final products.
Stegro Sacco members reap big from new products
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9OCTOBER - NOVEMBER, 2015| Sacco Times
STEGRO SACCO LTD
HEAD OFFICE Silibwet
P.O Box 251-20400, BometTel: 020-104352/2045515/020-2026608
BRANCHES
Olenguruone Branch -Tel: 02021772586 |Kapkoros Branch -Tel: 0518003801
Merigi Branch -Tel: 0518011720 | Tegat Branch -Tel:0202172583
Kamogoso Branch - Tel: 0518003802
FOSA PRODUCTS AND
SERVICES
F Boda Boda Savings AccountF
Mama Mboga SavingsF Vijanaa AccountsF Jimudu Savings AccountF Jolly Kids Savings AccountF Biashara Savings AccountF Fixed deposit AccountF Institutions Account
BACK OFFICE PRODUCTS
F School Fee LoanF Biashara LoanF Emergency LoanF Jiinue Group LoanF Kilimo Bora LoanF Development Loan
LONG TERM ADVANCE
OKOA ADVANCE
F 6 months
F Interest rate on reducingbalance
F Minimum 20,000
F Bankers Cheque
F Franchaise banking
F Mobile services / Point ofsale
F ATM
F M-Sacco
F M-pesa
F Conference Hall
OTHER PRODUCTS
SHORT TERM ADVANCE
F Recoverable in onesmonth time
F Crop Advance
F Salary Advance
F Pension Advance
VISION:
To be a leading Sacco inthe provision of
Excellent, Efficient andaffordable financial
and other diversifiedservices in Kenya.
MOTTO:Together We
Succeed
MISSION:
To Mobilize and prudentlyManage Members
Resources in Order to Offer
AffordableFinancial Services, CreateWealth and improve their
Standard of living.
STEGRO
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10 OCTOBER - NOVEMBER, 2015 | Sacco Times
FOCUS ON TOP PERFORMING SACCOS IN MOUNT KENYA
By Hilday Mutugi
Matatu Saccos across the
country are coming up with
creative and unique ways of
beating competition.
Te Matatu Saccos were formed in or-
der to bring sanity to public transport.
Te Government requires matatu and
bus operators to organise themselves
into Saccos or companies for ease ofmanagement and enforcement of dis-
cipline.
It is mandatory for all those seeking a
ransport Licensing Board (LB) cer-
tification to be members of a Matatu
Saccos in Kenya or belong to a com-
pany.
Matatu operators, who constitute 80
per cent of the public transport sys-
tem, are estimated to have an annual
turnover of Sh73 billion. o its credit,the Matatu sector buys over Sh4 bil-
lion insurance premiums every year
and remits over Sh1 billion taxes an-
nually.
Te sector continues to play an im-
portant role in the growth of public
transport and some have now be-
come respected brands in the sector.
One of the Matatu Saccos that have
come up with unique way of beating
competition is KUKENA Sacco based
in Kirinyaga County.
Te Sacco which is the biggest in the
region has started upgrading its fleet
to ensure the members have the latest
vehicles in order to ensure passenger
comfort and also reduce the cost of
repairs.
According to KUKENA Sacco Chair-
man, Jackson Mbuthia, they are em-
powering their members financially
to buy new vehicles.
Speaking during the Saccos Annual
General Meeting held at Roswan Ho-
tel in Keruguoya town, Mbuthia said:
Te passengers enjoy travelling in at-
tractive vans and buses and therefore
we are empowering our members to
buy the modern vans and buses.
He added that the upgrade of the fleet
means that they will spend less mon-
ey on maintenance.
Te Sacco has also introduced a con-
cept for school transport where it of-
fers separate transport for boys and
girls.
Although the Sacco has had such
arrangements with schools like St
Agnes Boarding School, Kutus Mu-
nicipality and St Marys SecondarySchool Muthithi, the issue has been
given weight by the recent incident
where a bus carrying boys and girls
to Nairobi was intercepted as Sagana
where it was found that the students
were engaging in shocking behaviour.
KUKENA Sacco is among those cited
as having had a major contribution to
the success of orderly transport sys-
tem that is run by professionals.
oday, KUKENA Sacco is arguablyone of the most recognised and re-
spected brands not only in Kirinyaga
but also in Nyeri, Embu and parts of
Nairobi. When it was thought that
chaotic public transport could not
build a strong brand, KUKENA Sacco
has proved such as just myths.
Tis recognition is driven by the con-
sistency of good customer service
Kirinyaga Matatu Sacco ups
game to beat competition
Kukena Sacco headquarters in
Kirinyaga County.
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11OCTOBER - NOVEMBER, 2015| Sacco Times
FOCUS ON TOP PERFORMING SACCOS IN MOUNT KENYA
sociated business including parcel
services, a petrol station, a tyre dis-
tribution shot and transport shuttle
services using jointly owned vans and
buses.
According to Mbuthia the success
of the Sacco is due to working with
highly skilled and competent staff,
visionary leadership by the board of
directors, cooperation between the
members, the directors mutuality
and support from the community.
We put customer first. We listen to
criticism and implement positive
change. We undertake continuous
staff training of employees, drivers,and the board of directors on es-
sentials of good customer service.
We also have exchange programmes
held with similar service Saccos, says
Mbuthia.
One major advantage that has helped
win KUKENA more customers and
admiration is the consistent disci-
pline of their drivers. Tey are cour-
teous and are genuinely concerned
about the welfare of the passengers.
Tey also respect road rules and donot drive their vehicles at dangerous
speed.
Te Sacco has an active disciplinary
committee that disciplines errant
drivers and other employees. It also
maintains a 24-hour customer ser-
vice desk, where those with issues to
raise can call any time of the day and
night.
Te Sacco also runs a computerised
fleet management and car track-ing system to ensure that the vehicle
owner does not lose money to rogue
drivers.
Te member also benefits from the
control of vehicle revenues as all of
the Sacco stages are manned by expe-
rienced staff.
that the Sacco has maintained since
its inception.
For Kirinyaga County, where the Sac-
co was born, the honour of being the
home of people who saw opportu-
nity in structured and professionally
run transport management system is
priceless.
oday, the 250-strong membership
Sacco has diversified to transport as-
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12 OCTOBER - NOVEMBER, 2015 | Sacco Times
By Hildah Mutugi
W
ananchi Sacco in NyeriCounty has entered into apartnership with companies
such as Lifan Company to enable farm-ers acquire machinery to help them addvalue to their farm produce as well asgenerate additional income.
Te idea of forming Wananchi Saccowas mooted in 1991 by the then NyeriDistrict ea Committee and ea Officerof 1991 1993 periods.
After the consultations with tea grow-ers from the three tea growing areas,namely; Mathira, etu and Othaya Divi-sions, the society was formed with the
aim of helping tea growers to improvetheir saving and enable them to borrowfor different purposes such as develop-ment, school fees and funding microenterprises.
On 14th May 1992, the Society wasregistered by the Commissioner of Co-operatives in the Ministry of Co-opera-tives under the name Nyeri District eaGrowers SACCO Society Limited underCertificate No. 6531.
By then, an interim management com-
mittee of ten members manned Wa-nanchi Sacco with only 827 members,two employees and a share capital ofSh1.2 million.
wenty-four years later it has grown tohave over 45,000 members, 90 employ-ees, share capital of over Sh65 million,deposits of over Sh460 million and aturnover of over Sh149 million and aloan portfolio of over Sh400 million.
Speaking to farmers recently, the SaccoMarketing Officer, Peter Mwariri, saidthe partnership with firms like Lifan has
seen several youths venture into bodaboda business which has greatly helpedthem improve their living standards.
Lifan has also been providing farmerswith machinery while Wananchi Saccooffers loans for the acquisition of theproperty and facilitate training of mem-bers.
Mwariri said the Sacco was commit-
ted to improving horticulture farmingin Arid and Semi Arid areas within andoutside Nyeri County by helping farm-ers procure water pumps.
Wananchi Sacco vision is o be theleading and preferred Sacco of choicein mobilisation of funds through wellresearched products and services in theRepublic of Kenya while the missionit to provide well researched financialproducts and services to economically
active Kenyans through well interlinkedbranches for them to achieve their so-cial economic needs.
Te Sacco is governed by the Co-op-erative Act and the Rules and the es-tablished By-Laws. Te Managementstructure is well established and en-sures democracy, transparency, ac-countability and good return on Invest-ments to members.
Te members have the supreme au-thority. Te members elect delegates
who discuss and give the Sacco man-date of operations in the Annual Del-egates Meeting (ADM) which is held atthe end of every year or can be held asSpecial ADM for special agenda
Tere is a Full Management Board thatcomprises nine members which is sub-divided into various sub-Committeesas shown below: Finance and Adminis-tration Committee; Credit Committee;Education/marketing Committee and
Audit committee.
Te division of the Full Board into SubCommittees is for ease of administra-tion and management of the Sacco andthe subcommittees have specific duties.Tere is a Supervisory Board that com-prises three members.
GROWTH STRATEGY
When Wananchi Sacco started in 1992the members were only tea growers in
Nyeri but due to changes in environ-ment and growth challenges togetherwith the members needs, WananchiSacco expanded to other sectors likedairy, women activities, youth andother off farm business entrepreneurialservices.
Competition, technological changesand availability of information havemade the Sacco to undertake strategicsteps to ensure that it remains relevantto the community it is serving.
Wananchi Sacco draws its membershipand members from the Small-scalesfarmers and micro-entrepreneurs whocontribute savings in form of Sharesand Deposits as well as the Front-OfficeServices.
Trough the Savings, the members areable to access credit facilities and otheravailable services conveniently andcheaply.
Nyeri: Wananchi Sacco boosts youth, farmers
Wananchi Sacco members at a past AGM.
NEWS
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13OCTOBER - NOVEMBER, 2015| Sacco Times
By Nixon Kavai
Since January this year thousands
of delegates have been attend-ing their Saccos Annual Gen-
eral Meetings (AGMs) or Annual Del-egates Meetings (ADCs) where theyare briefed on their Society financialperformance on the year ended.
Te AGMs or ADMs are also the fo-rums where the delegates decide theway forward for their Saccos, includ-ing booting out officials who fail to ac-complish their tasks.
For the above reasons it is impera-
tive for Sacco members to attend theAGMs or ensure their voice is heardduring the ADMs.
During the AGMs or ADMs the follow-ing tasks are carried out.
Review resolutions
Te first agenda of any Sacco AGM isoften to run through the minutes ofthe previous meeting to remind mem-bers where the organisation is comingfrom and what it intends to do.
It benefits those who attended anddid not in equal measure becausethen one can take the managers or theboard to task on some steps. Membersshould take keen interest in the min-utes to confirm whether the resolu-tions reached during the past meetingwere captured accurately.
To ascertain financial position and per-
formance
Before the date of the meeting, the di-rectors prepare and circulate a copy
of audited accounts for approval andadoption.
Te financial statement gives themembership a clear picture of per-formance and whether it is prudentto continue being a member, keepingthe regular contributions constant, re-ducing the figure or raising it based onthe returns.
Terefore, before the AGM, go throughthe financial statements by compar-ing with the previous years to gatherthe trend of performance. If there is adecline, demand to know the under-lying factors and propose ways andmeans of improving performance.
Lastly, you monitor revenue growth.Since dividends are paid on net prof-
its, a member can propose how re-lated expenses should be treated toimprove future returns.
To get the outlook
At the AGM, one gets the chance togather how the directors are planningfor future growth. Based on perfor-mance, the directors will propose ei-ther a dividend pay-out or retainingearnings.
You should attend to raise issues onthe earned profits for the past year.
Importantly, members should readthe recommendations of the auditorsopinion on the financial statements asthe true representation.
o network with future loan guaran-torsOne of the key requirements in access-ing a sacco loan is to have memberswith significant deposits or sharesguarantee the proposed amount.
Tis requirement is a challenge tomany sacco members who want toborrow but have no one to guarantee.Tis may delay ones projects.
Te AGM, one gets a chance to meetother members who are potentialguarantors and promise you wouldreturn the favour. A wide network of
sacco friends increases chances ofgetting easy
Appraising directors
Te directors as the managers of theorganisation must be appraised andmembers decide how to compensatethem and decide their fate on theboard. Like employees, the directorsneed to be remunerated as an incen-tive or reward for managing the saccoon your behalf. Tis depends on theperformance score card.
To read your wish-listMembers get the rare opportunity toraise issues outside the agenda of theday. Te Any Other Business (AOB)session is where the real matterstouching on your return on depositswould be discussed. It is the time topropose ways of enhancing Scco per-formance. Tis, probably, is why youshould attend the forthcoming AGM.
Why Sacco AGMs are crucial
Cosmopolitan Sacco AGM.
NEWS
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FOCUS ON SOME SACCOS IN NAIROBI
Asili Sacco lives up to its visionBy Nick Kavai
Asili Sacco continues to live
up to its vision of being the
preferred Sacco in provision
of quality service and share-holders
benefit.
Te Sacco, whose mission is o con-
tinuously mobilise members savings
for provision of sustainable competi-
tive financial services by using ap-
propriate technology while adhering
to cooperative principles for the ben-
efits of the share holders, has become
the place of choice for those seeking
good returns on their investments.
Asili Sacco Society Limited was start-
ed in 1972 with members drawn from
Ministry of Environment and Natural
Resources, Forest Department now
Kenya Forest Service (KFS), Kenya
Forestry Research Institute (KEFRI),
National Environment Management
Authority, Kenya Wildlife Service
(KWS), Kenyatta National Hospital
and other ministries. Currently, the
Sacco has opened the common bond
and now boasts of a membership ofover 10,000 with the ratio of women
to men being 1:3.
Te success of the Sacco depends
greatly on quality service and it is in
this endeavor that during a recent ed-
ucation drive at Kenya Forest Service
(KFS) headquaters, the management
under the leadership of the Chair-
man, Evans Kegode Aluda promised
members to expect improved servic-
es and dedication.
Members were encouraged to have
confidence in the new management
and improve their savings in order
to maximise on the products in Asili
Sacco.
Innovativeness has been the back-
bone of improved profit which has
ensured tailor made products to suit
Asili members needs through provi-
sions of loans to members. Te Sacco
continues to strive for greater heights
by recruiting new members while re-
taining the current members steered
by the customer service charter.
In the recent past the Sacco has been
involved in giving back to the society
through corporate social responsibil-ity with beneficiaries including Lit-
tle Sisters of the poor (Kasarani) and
Tika Karate childrens home (Tika).
During the event held at KFS HQs the
management issued Asili branded
t-shirts and pens to members an ac-
tivity that has been carried out in all
the counties to all Asili members and
partners.
It is believed that through hard work
and co-operation Asili will propel to
greater heights as the Sacco of ourfuture as enshrined in its motto ASILI
OUR SACCO OUR FUURE.
Te objectives for which the society
was established include: o encour-
age thrift among its members by ac-
cording them an opportunity to accu-
mulate savings; o create and develop
a source of funds for lending to quali-
fied members at comparatively low
and reasonable rates of interest; o
provide an opportunity for its individ-
ual members to improve their respec-
tive economic and social conditions-,
and to perform the functions and ex-
ercise the powers designated for sav-
ings and credit co-operative societies
under the applicable law.
Asili Sacco Customer Service Char-
ter sets out the standards of service
members expect.
We want to provide you with the
best possible service in a caring and
efficient way. Te charter sets out re-
sponse policy for contact with us by
telephone, email or in person. It also
gives guidance on how Asili Sacco
staff are expected to behave and how
we receive and deal with complaints
and praise, says the Chairman.
Te Charter states: We are commit-
ted to offering you excellent service
with honesty, transparency, respon-
siveness and fairness; We commit
ourselves to: Our services are free,
and we up hold the ethics in a cor-
ruption free environment and we will
provide you with clear information
about our services and products.
Asili Sacco CEO, Mathias Oliech after receiving awards during a past Ushirika
Day celebrations.
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FOCUS ON SOME SACCOS IN NAIROBI
Stima Investment wins big in
2015 Ushirika Day CelebrationsBy Nick KavaiS
tima Investment bagged nu-
merous trophies during the
2015 Ushirika Day celebrations
held on July 4, this year at Uhuru Park.
Te Sacco scooped four trophies in
various categories. It emerged first
position in highest return on invest-
ment; first position in best housing
and investment projects; first posi-
tion in the most consistent housing(best housing and investment pro-
jects) and first position in the high-
est savings housing and investment
co-operative.
Stima Investment is an investment
company registered under the co-op-
erative act whose main mandate is to
carry out investment activities using
members funds.
It has successfully completed putting
up Stima Investment Plaza, StimaInvestment Plaza II, Stima Village at
Syokimau and sale of lands in differ-
ent regions of the country plus trad-
ing in equity and money markets.
According to the Chief Executive Of-
ficer, Nelson Irungu, the firms core
values include quality which sees it
always endeavour to demonstrate
the highest possible quality in daily
work and interaction with mem-
bers, clients, suppliers and all other
stakeholders and integrity where itupholds honesty, transparency in
all its management and investment
dealings.
Others are innovation where it adapts
creative ways to increase the wealth
of members through new products
and services and social responsibil-
ity where it carries out operations in
a socially responsible manner and
team work as it believes in the syn-
ergy principle and to always harness
individual strengths to increase out-
put.
Te firm has entered into a partner-
ship with various partners in a bid to
serve the members more efficiently.
Te partnership ensures members
and non-members of Stima Invest-
ment who wish to buy houses and
plots sold by the co-operative have
easy access to cash.
Late last year the firm entered into a
partnership with Rafiki which has set
aside Sh300 million for the members
to benefit from credit facilities. Stima
Investment has a membership of over
30,000 members.
Our partnership with Stima Invest-
ment Co-operative Society provides
an opportunity for its members and
non-members to access credit facili-
ties that will promote home acquisi-
tion as well as construction, read a
statement from Rafiki Microfinance
Bank.
Stima Sacco has been aggressively
seeking new members by diversifying
its products offering. It has increased
its membership and asset base to
move up the ranking ladder to posi-
tion three from fifth.
In July last year Stima Investment Co-operative Society handed over its first
residential housing project in Syoki-
mau, Machakos County. Christened
Stima Village, the residential housing
project came ahead of the societys
commercial projects, which include
Stima Plaza and Stima Mall.
Te project, located 3.5km off the
Mombasa-Nairobi highway, com-
prises a total of 76 maisonettes - 35
three-bedroom units and 41 four-
bedroom ones. Speaking during theceremony, Stima Investment Co-
operative Society Chairman, Sigi-
lai Kirui, said their next residential
project will be on Kangundo Road in
Machakos County.
In July last year Stima Investments
broke the ground for construction of
housing units, to sit on a five-acre plot
Sigilai Kirui, Chairman Nelson Irungu, CEO
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NEWS FOCUS ON SOME SACCOS IN NAIROBI
Chai Sacco to train youth groupsBy Joseph Ngure
In response to a challenge by Unit-
ed States President Barack Obama
during his recent visit to Kenya
for firms to empower the youth with
the necessary skills, Chai Sacco has
embarked on a youth empowerment
campaign in Nairobi County target-
ing 200 youth groups who require fi-
nancial and management training.
Te campaign which is being held in
various parts of Nairobi is coordinat-
ed by Chai Sacco and various finan-
cial experts.
It aims at empowering Nairobi-based
youth groups and businesses with
financial and management skills,
among other types of training.
Te Sacco in a statement released by
the Chairman, Boniface Ayub, said
the future growth of the Kenyan econ-
omy would require a well-educated
and financially informed population.
As such, we need to empower suchyouth groups and social clusters so
that they can contribute to the socio-
economic development of Kenya and
help attain maximum potential as
echoed by President Barack Obama
at the Global Entrepreneurship Sum-
mit 2015, he said.
Ayub also said the Sacco is ready to in-
vest heavily in well-structured youth
groups with serious investment po-
tential and is setting aside money to
be extended to these groups in form
of grants. Chai Sacco was registered
in 1973 to offer financial services to
KDA employees both at the factories
and Head Office.
In 1999, Front Office Service Activity(FOSA) was started and has evolved
to a fully-fledged Deposit aking
Society with branches in Nairobi
and Litein and a marketing office in
Mombasa. Te Society intends to
open seven more branches and 25
marketing offices countrywide. Te
common bond was opened in 2005
to include all members from well-es-
tablished business organisations and
tea farmers. Te society has widened
its membership to include business
people, investors, and savers beyond
the KDA employees.
Chai Sacco has been recognised in-
ternationally by the World Council of
Credit Unions (WOCCU) in Microfi-
nance Expansion Programme (MFI)
among other sixteen Saccos in the
country as a model for others.
Te Society has also been selected byMicro-Save Africa in product Devel-
opment Programme from micro en-
terprises to assist the organisation in
product development process.
Its core values which constitute bed-
rock beliefs and values that drive
the Sacco are ransparency and Ac-
countability, Equality, eam work,
Professionalism and Integrity
Its vision is to be A Sacco provid-
ing excellent financial services to itsstakeholders while the mission it o
continuously provide quality finan-
cial products and services through
emerging technology, efficient cus-
tomer care and motivated workforce
to economically empower our stake-
holders.
Boniface Ayub, Chai Sacco Chairman
and 76 luxury maisonettes of which
40 are three-bedroom and 36 four-
bedroom. Provisional prices for the
houses were pegged at Sh9.2 million
and Sh9.85 million for the two- and
three-bedroom units respectively.
Land prices in Syokimau have shot up
after the dualling of Mombasa Road
and the ongoing construction of a
Stima Investment wins big in 2015 Ushirika Day CelebrationsFROM PAGE 15
commuter rail network, with a termi-nus being built at the neighbourhood.
Stima Investments was registered in
2005 with one of the objectives being
to invest in real estate both for rental
and sale to members and the public.
Te co-op has engaged in various
projects in the past such as devel-
oping the Stima Investments Plaza
whose expansion was completed inJune 2011. Te fully occupied com-
mercial building is its main income
earner.
Besides real estate development, the
co-operative society engages in buy-
ing bulk land across the country, sub-
dividing and selling it off to its mem-
bership of over 4,000.
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Stima Sacco lures Kenyans
in Diaspora in growth planBy Joseph NgureS
tima Savings and Credit Co-op-
erative Society Limited (Stima
Sacco) which was established in
1974 with the sole objective of uplifting
the members social-economic well-
being has embarked on a campaign to
bring on board Kenyans in the Dias-
pora.
Stima Sacco is a leading Kenyan, fast
growing and licensed DS (Deposit
aking Sacco) with an asset base of
Sh17.6 billion and a membership of
over 45,000. Its vision is to be a market
leader in the provision of world class
financial services to the members.
Te Sacco in its 2015-2020 Strategic
Plan aims to grow through innovative
products, unparalleled customer ser-
vice, aggressive resource mobilisation
and expanded distribution channels.
In the past six years, the return on
members savings has been 11 per cent
to 12 per cent interest deposits and
shares, respectively. Members can also
obtain credit at better rates than those
offered by commercial banks.
Te Stima Sacco Chief Executive Of-
ficer, Paul Wambua, members of the
Board and Management representa-
tives have been meeting members
and partners to educate them on the
Saccos products and services, and toreceive their feedback. Tis is helping
them to improve the quality of services
offered to the members.
On 11th July, this year, the Sacco repre-
sentatives met Kenyans living or work-
ing in Dallas, United States at Holiday
Inn while on 18th July, 2015 they met
others residing in Huston at Houston
Marriot West Chase Hotel. On 19th
July, this year, they met other Kenyans
living in Minnesota, United States at
Jambo Africa Restaurant. Te objective
of the meetings was to recruit Kenyan
nationals to join Stima Sacco.
Stima Sacco in its bid to meet the cus-
tomers demands and in response tothe changes in the market, on July 1,
2015, made policy adjustments on
loan products.
Te changes include; Increased the
loan tenor of Mpawa Advance from 30
days to 60 days; Increased the maxi-
mum loan amount of Mpawa-Advance
from Sh10,000 to Sh20,000 payable in
two monthly installments; Changed
interest computation method for all
short term loans (repayment period of
up to 12 months) from reducing bal-ance to straight line basis and changed
interest of salary advance from 3% to
5%.
Te other features of the products re-
mained the same.
Te Sacco has registered with Credit
Reference Bureau (CRB) meaning
non-performing loans (loans unpaid
for 90 days) will be listed as provided
under Section 18 of Te Credit Refer-
ence Bureau Regulations 2013.
Te members can also withdraw a
maximum of Sh40,000 using their Sac-
co link AM Card from Stima Sacco.
Stima Sacco has also entered into a
collaborative pact with Family Bank. In
the pact the Sacco members can now
undertake depository services in all
Family Bank branches countrywide. A
member only needs to quote his or her
number and account name to enjoy
Family Bank services.
In the deal with the bank the money
deposited reflect in the Sacco and one
can deposit in any of the following ac-
counts: Alpha Deposit, Share capital
account, Prime account, Junior star
account, Msingi bora account, wiga
account and Mustard account.
In April 2003 the Sacco responded to
members banking needs by introduc-
ing the Front Office Service Activity
(FOSA) to offer banking services to its
members. o date the Sacco has five
branches in Nairobi, Mombasa, Ki-
sumu, Nakuru and Olkaria.
Te objective of establishing Stima
Sacco was to enhance members indi-
vidual socio-economic status by way
of mobilisation of savings and afford-ing them credit at fair and reasonable
rates.
Te Saccos mission is Empowering
members for life while the core values
are teamwork, responsiveness, integ-
rity, innovation and professionalism.
Te motto is towards a prosperous fu-
ture together.
Stima Sacco CEO, Paul Wambua
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FOCUS ON TOP PERFORMING SACCOS IN NAIROBI
Ufanisi Sacco promotes thrift among membersBy Joseph Ngure
Ufanisi Sacco Society Ltd which
was registered on 6th July 1973
as a Savings & Credit Society
for employees of Agricultural Finance
Corporation has continued to live up
to its core business of promoting thrift
among members by mobilising savings
and in the process creating a source of
funds for onward lending to members
at a fair and reasonable rate of interest.
Te Society which has since opened its
membership to the public is manned
by competent staff ready to serve the
members in a fast and efficient man-ner.
And in a bid to educate the members
on the wide array of products and ser-
vices on offer, Ufanisi Sacco on August
15, this year held Members Education
Day at Kenya Institute of Curriculum
Development (KICD), Muranga Road,
Nairobi. During the function the mem-
bers were informed of the products
and services on offer and encouraged
to continue investing in their Society.
Te Sacco assists members by advanc-
ing the following types of loans:- De-
velopment loans; Emergency loans;
School fees loans and short-term ad-
vances known as Members Personal
Advances (MPA) for one month, three
months, six months and one year.
Ufanisi Sacco mission is to empower
members financially by promoting
thrift and offering them affordable and
sustainable financial services using
modern technology.
Te Society which was registered with
SASRA on 22nd July 2013 encourages
thrift among members by affording
them an opportunity to accumulate
their savings.
It also creates a source of funds where
members can borrow at a fair and rea-
sonable interest rate and also provides
members with credit for provident and
productive purposes.
Te objectives for which the Society
was established are: o promote thrift
among its members by affording them
an opportunity for accumulating their
savings and deposits to create a source
of funds from which loans can be made
available to them for purposes of prov-
idence or production or both at a fair
and reasonable rate of interest.
o provide an opportunity for each
of its members and their immediate
community to improve their respective
economic and social conditions.
o offer the members complementary
savings and credit services and other
financial products.
o ensure safety and soundness of the
members funds through risk manage-
ment programme or any other appro-priate insurance scheme.
o ensure progress of members
through continuous education, train-
ing and dissemination of information.
o cooperate with other Cooperatives
in order to promote members interest
and in furtherance of this object, the
Society is an affiliate in National Coop-
erative Organisations.
o perform within the relevant law
(Te Act, the Rules and the Regula-
tions) and these By aws, all those acts,
deeds and things necessary to further
enhance, promote and encourage any
or all of the foregoing purposes and
objects provided that such acts, and
things are approved by the Annual
General Meeting.
Te Saccos vision it to be a leading in-stitution, in the provision of financial
and advisory services to its customers
in a dynamic environment while the
core values are integrity, customer Fo-
cus, team work, strategic Leadership,
networking and innovation.
Te Sacco which upholds universal
cooperative values as entrenched in
the Sacco by-laws draws it member-
ship from employees or ex-employees
of Agricultural Financial Corporation,
members of staff of Ufanisi Sacco So-ciety, employees of parastatal bodies
and other agencies approved by the
board as per the membership policy
and employees in the private sector, as
approved by the board.
For one to join the Sacco he or she is
expected to have the following qualifi-
Unfanisi Sacco members during the AGM.
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FOCUS ON TOP PERFORMING SACCOS IN NAIROBI
cations: Is not less than 18 years of age,
if a natural person; Is not a member
of another salaried based Sacco with
competing interest as Ufanisi; Is not
directly or indirectly a money lender
or carrying such activities that may
be detrimental to the objectives of the
Sacco; Is of good character and is amember of the immediate family of the
primary member.
PRINCIPLES
Voluntary and open membership
Te Society is always guided by the
principle of voluntary and open mem-
bership in its member recruitment
drive without political, ethnic, reli-
gious, gender or social discrimination.
Democratic member control
Te Society is fully controlled by mem-
bers who have equal voting rights on
the basis of one member one vote.
Economic participation by member
Members contribute equitably to thecapital of the Society and share in the
results of its operations.
Autonomy and independence
Te Society operates on mutually ac-
ceptable terms with its stakeholders
who ensure its autonomy and inde-
pendence.
Education, training and information
Te Society fosters reciprocal, ongo-
ing education programmes for mem-
bers, leaders, staff and the community
so that they can teach and learn from
each other or from the appropriate re-
source persons in understanding and
carrying out their respective roles.
Cooperation among cooperatives
In order to better serve the interests of
the members and the community, the
Society actively co-operates with other
co-operatives locally, regionally, na-
tionally and internationally.
Concern for community in general
Te Society shows concern to the com-
munity in which it exists and operates.
FROM PAGE 18
Kenversity holds Special General MeetingBy Correspondent
Kenversity Co-operative Savings
and Credit Society Limited held a
Special General Meeting on Sep-
tember, this year at Kenyatta University
Science Zone Hall.
According to the Secretary, Dr Ambrose
Jagongo, the agenda of the meeting was
confirmation of the previous minutes of
the Special General Meeting held on 27th
September, 2014; receiving Chairmans
remarks; receiving Supervisory Com-
mittee Chairmans remarks; considering
and approving the proposed budget for
year 2016; considering and approving
proposed borrowing power and consid-
ering and approving Bosa Loans Insur-
ance and Risk Management Fund.
Kenversity Co-operative Savings and
Credit Society Limited was registered as
a Savings and Credit Co-operative Soci-
ety in 1976. Originally membership was
drawn from Kenyatta University but now
it has opened up its common bond to the
East Africa.
Te Saccos Mission is to mobilise sav-ings, provide friendly and affordable
credit facilities and other financial ser-
vices for customers while the vision is
to be the most dynamic and profitable
Sacco in East Africa.
Te Saccos Slogan is uungane uji-
jenge while the philosophy is being
pro-active to equitable wealth creation
and management in response to the so-
ciety and members/customers needs.
Te aspirations are: Construction of an
office block on the existing society plotin Kahawa Sukari; Increase the societys
capital base; Provide a higher rate of re-
turn on members deposits/savings, Pro-
vision of more products to the members;
Achieving full computerisation status
and initiate more revenue avenues for
the members.
Kenversity Board of Directors comprise
Dr George Makokha (Chairman), Job
Maina Tuo (Vice Chairman), Dr Am-
brose Jagongo (Secretary), James Mutei-
thia (reasurer) and members Dustan
Indimuli, Mrs. Winnie Mwangi, CharlesNderitu, Patrick Kilonzo and Mary Ngugi.
A section of Kenversity banking hall
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FOCUS ON TOP PERFORMING SACCOS IN NAIROBI
Waumini Sacco conquers new heights
Waumini Sacco conquers
new heights
Fr George Maingi
Agnes Mbuya
Brunal Khumba
By Nick Kavai
Waumini Sacco based in Westlands, Nai-
robi has continued to live up to its vi-
sion of becoming the fastest growing
Sacco by providing, effective value added prod-
ucts to its customers.
Te Sacco whose mission is to Empower custom-
ers through provision of innovative products and
efficient services through swift resource mobi-
lization, has become the investment choice for
most Catholic faithful and parishioners.
During the Annual Delegates Meeting held on
March 21, 2015, the delegates passed a number ofresolutions for implementation.
In the resolutions the Sacco opened its doors to
all Catholic faithful and parishioners as from May
this year. Tis is enabling it to increase its client
base and returns.
Te delegates also resolved to increase the share
capital to a minimum of Sh10,000. During the
35th ADM in 2014 the delegates resolved that the
share capital be increased from a minimum of
Sh5,000 to a minimum of Sh15,000 distributed to
two years thus a minimum of Sh10,000 in 2015.
Te Sacco also plans to open two branches this
year in Kisii and Nakuru. One branch was set
to be opened last month while the other will be
launched in October. Te members around these
two counties are encouraged to take advantage of
the services that have come or will come closer to
them. Waumini Saccos desire is to take services
closer to members.
Te delegates also resolved to raise the entrance
fee from Sh200 to Sh500 after considering the
market trend and other factors. Tis increase inentrance fee will benefit members as it ensures
increased income, hence increased returns to
members.
Since the Sacco has started implementing the
opening of branches and after research done
among Saccos, the management decided that all
loans paid by Waumini Sacco will be channelled
through FOSA.
Tis will enable members to get
their loans faster and it will also as-
sist the Sacco to pay members their
loans within 24 hours for loans below
Sh300,000 as stated in the customer
care charter.
Te Mbanking, AM, over the coun-
ter withdrawals or withdrawals from
any Cooperative Bank POS in the
country. However any payment to
another institution will still be ac-
ceptable from FOSA and the normal
rates shall apply.
Te Sacco has also revised its tariffsfor loan processing and as from June
2015 the Sacco started charging 0.
5% on the amount of loan approved
or Sh200 whichever is higher with a
maximum charge of Sh5,000.
During the Annual Delegates Meet-
ing held on March 21, 2015, a new
Board was elected
and later elections done within the
Board to determine office bearers.
Tis was done as follows: Boardof Directors 1)Fr. Geoffrey Abdalla
Mawa, Chairman, Maurice Otsieno,
Vice Chairman, Agnes Mbuya, reas-
urer, Monica Njoroge, Secretary, Syl-
via Gumo, member, itus Munene,
member, Fr. George Maingi, member,
Francis Kimani, member and Brunal
Khumba, member. Te Supervisory
Committee has Lois Munala, Chair-
person, Susan Wasike, Secretary and
Michael Machaka, member.
During the year the Interest and divi-dends were approved at a rate of 9%
and 9.5% respectively.
STRATEGIC PLAN
Te Sacco also launched its 2015 -
2018 strategic plan during the 35th
ADM held. In the plan the manage-
ment committed to achieving the tar-
gets to ensure Waumini Sacco grows
in leaps and bounds.
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FOCUS ON TOP PERFORMING SACCOS IN NAIROBI
HOUSING
Te delegates were told that the
Sacco had finalised title deed pro-
cessing for phase one to five (Katani
I, II and III, Kitengela and Kantafu);
these were ready for collection from
the Sacco.
Core Values
Waumini Sacco has its core values
and principles which should be as-
cribed to by all the stakeholders of
the Society ranging from suppliers,
customers, staff and the Board of Di-
rectors.
Tese tenets include the following;Servant Leadership, eam work,
Honesty and Integrity, Professional-
ism, ransparency and accountabil-
ity and Innovation and creativity. Te
continuous value addition includes
Customer Centric, Commitment,
Reliability, Confidentiality, Prompt
Service Delivery, Flexibility, Diversity
and Empowerment.
Te Sacco operating principles in-
clude corporate social responsibility
where the Society gives top priority toenvironmental protection in all its ar-
eas of operations and contributes to
national vision based on the country
of operation.
Te ADM is the supreme decision
making organ of the Sacco and is
held once every year not later than
four (4) months after the end of fi-
nancial year.
Representation at the ADM is by the
way of delegates normally drawn
from representatives of both CatholicChurch managed institutions and ex
employees referred to as out of com-
mon bond.
Te Society determines the number
of delegates representing each insti-
tution, however the members elects
from among themselves the del-
egates to fill the available vacancies.
Francis Kimani
Maurice Otsieno
Monica Njoroge
Sylvia Gumo
Titus Munene
By Nick Kavai
Kenyas start-ups will benefit from a partnership be-tween a local bank and a firm with presence in manycountries across the globe.
Te CfC Stanbic Bank has partnered with SeedstarsWorld, the global seed-stage startup competitionfor emerging markets, to identify the best startup inKenya.
Up to 12 of the best start-ups in Kenya will competeto represent the country at the Seedstars World com-petition at the final event in Geneva and win up to$500,000 in equity investment.
Te local entrepreneurs will receive additional sup-port from CfC Stanbic Bank Kenya. CfC Stanbic
Bank in Kenya will act as the main partner for theevent and will explore potential options for collabo-rations and partnerships with the participating en-trepreneurs to empower them to succeed.
It brings together passionate people and also re-flects our entrepreneurial spirit as we help themtake those important first steps in their entrepre-neurial journey, Ben Wandawanda, Head of Busi-ness Banking, CfC Stanbic Bank Kenya, told journal-ist in Nairobi.
Seedstars World expanded its competition to morethan 50 countries in 2015, up from the 36 countries
for last years edition. Its past participants haveraised $20 million together, providing employmentto +360 employees all around the world.
Kenya has consistently proven itself to be an ex-ceptional startup ecosystem and an enabler of bril-liant talent. ogether with CfC Stanbic Bank Kenya,we are very excited to discover and bring support toall entrepreneurs participating in the competition,said Gregory Pepper, Regional Manager for Africa atSeedstars World.
Kenyas start-ups to
benefit from partnership
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By Fredrick Weyimi
Nitunze Sacco formerly known
as MOSACCO has picked a
new board of management
as one way of improving service de-
livery to members.
Te move comes a few months after
the Sacco promoted Patrick Wechuli
to the post of the Chief Executive Of-
ficer after working for the society for
a number of years as a branch man-ager.
Nitunze Sacco which is located along
Mumias/Musanda road in Mumias
town, Kakamega County has also
elected Peter Magero as Board Chair-
man after serving since 2005 as Board
Secretary.
Magero replaced Joseph Ayoi whose
term of office expired last month to-
gether with that of his deputy, Henry
Manya.
Others elected as board members in-
clude Joseph Wasike (vice chairman),
Prodas Okuli (Secretary), Francis
Amboka (reasurer) and the CEO,
Patrick Wechuli.
Te other directors are Ephrem Chi-
tayi, John Lunyiro, Daniel Makwata,Alexander Lukhayo and Henry Man-
ya.
Speaking to Sacco imes in Mumias
town recently, the new chairman
urged the board members and del-
egates to work as a team for them to
compete with other Saccos offering
similar services across the country.
Nitunze Sacco picks new board
to boost service delivery
NEWS
Nitunze Sacco headquarters in Mumias, Kakamega County.Nitunze Sacco Board Chairman, Peter
Magero.
Secretary, Produs Okuli.
A senior official in her office
The CEO in his office
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Magero also asked politicians from
sugarcane growing zones, particu-
larly Mumias zone, to give maximum
support to co-operative societies as
one way of boosting the living stand-
ards of the local communities.
Wechuli takes over from Anerico
Chitayi who has moved to Masinde
Muliro University after working for
Nitunze for 24 years.
Wechuli becomes the third Chief Ex-
ecutive Officer at Nitunze after the
founder manager, Michael Washika
and Chitayi.
Nitunze Sacco, was established in1979 and has three branches, name-
ly; Makunga, Malaha and Nasianda.
Te main office is located in Mumias
town, a few metres from Mumias ACK
Diocese headquarters.
Te society saving deposits stand at
Sh19.297.062.60 .
According to the CEO, the Societys
vision is o be the leading Sacco in
provision of quality financial services
in Kenya while the mission is o mo-bilise and manage resources so as to
offer quality, affordable and sustain-
able products and services that will
uplift members living standards.
Te Saccos strategic plan covers the
period between 2015 -2021. Among
the plans at hand is launch of zero
grazing business to give members ad-
ditional income.
Currently the Society runs Front Of-
fice Service Activities (FOSA).
Te members of the Sacco are drawn
from cane farmers, women groups,
youth groups and teachers. It covers
four counties, namely; Bungoma, Bu-
sia, Siaya and the host, Kakamega.
NEWS
ICT Manager Moses Kongoti, Finance Manager, Patrick Sannu and Mildred
Maelo, Branch Manager.
Nitunze Sacco members being served in the banking hall.
Finance Committee, from left, John Wasike (Chairman), Alexander Lukhayo
(Secretary) and Daniel Makwata (member).
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NEWS
Kibera Sacco gives members hopeBy Stephen Murimi
For over two years, Kennedy Od-ede has been overseeing Kibera
slums residents in Nairobi lendmoney to each other, a process that hasenabled scores of them to engage in in-come generating activities.
Odede, the Chief Executive of Shin-ing Hope for Communities (SHOFCO)founded the Shofco Urban Network toallow slums dwellers to access creditwithout collateral, jobs or even bankaccounts.
Prior to starting the Sacco, Odede in2004 founded the Shining Hope for
Communities (SHOFCO) with passion,20 cents and a soccer ball. Growing upin Kibera, one of the largest slums inAfrica, he experienced extreme poverty,violence, lack of opportunity, and deepgender inequality.
However, Odede also witnessed thepalpable hope that persists in slumsand recognised that people soughtsomething different for themselves,their families and their communities.Visionaries like Martin Luther King Jr.and Nelson Mandela showed Odedethat great, systemic change can comefrom within.
Women like Odedes mother inspiredhim to build the solutions to urban pov-erty through addressing one if its coreobstaclesthe prohibitive level of gen-der inequality.
In 2007, Kennedy met Jessica Posner,a bright and driven American studentstudying abroad. ogether they devisedthe model that SHOFCO utilises today.SHOFCOs innovation is to link girlseducation to deeply-needed communi-
ty-wide services.
Tis increases the value of girls andwomen, invites both genders to par-ticipate in the solution, and allows girlsschools to be portals for large-scale so-cial change.
Odede and Jessicas partnership is aunique, pioneering collaboration in thefield of international development. Bol-stered by grassroots knowledge, they
have dedicated their lives to bringinghope to urban communities.
Te duo added another feather totheir achievements recently when theyjoined Kibera residents in celebratingthe launch of Shofco Urban Network,a Sacco to enable the residents access
cheap loans.
Shofco Urban Network will allow slumsdwellers to access credit without collat-eral, jobs or even bank accounts.
All one needs is to become a member atno cost and save in order to accumulateshares with fellow members acting ascollateral.
Te Sacco which was founded by Od-ede is supported by the American andBritish governments.
It was launched in style in the presenceof US Ambassador to Kenya Robert Go-dec and British High CommissionerChristian urner. Members have raisedSh12.3 million as working capital forthe new Sacco. Te money was raisedthrough interest from consolidatingtheir savings for the last two years andlending them to members to start theirown businesses.
From a single group of single mothers inthe slum in 2013 who were lending eachother money through the table bankingconcept, the network has grown to over3,000 members divided into 300 groups.Te project is run by Shining Hope forCommunities (Shofco).
Up to 86 per cent of the members arewomen, a fact that Shofcos chief ex-ecutive, Odede attributes to the demo-graphics in the slums.
A lot of men are jobless but it is womenwho feel the pain of raising a family be-cause if their children are hungry theyare the ones who bear the burden, hesaid.
Godec assured the crowd of his coun-trys technical and financial supportand asked them to stop depending on
politicians as they had failed to rescuethem from poverty.
President Barack Obama believes inyou. Te United States will be there allthe way and we are beside you, he saidto a wild applause. He added: It is acommunity that builds the nation.
America became prosperous becausepeople came together to build schoolsand factories. You are the only ones that
Outgoing British High Commissioner to Kenya Christian Turner with the Chief
Executive of Shinning Hope for Communities (SHOFCO), Kennedy Odete during the
launch of Shofco Urban Network in Kibera.
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NEWS
can better the slums.
urner echoed Godecs sentimentswhile pledging his governments sup-port.
Communities can be transformed ifsmall groups of people come togetherand support each others endeavoursinstead of waiting for politicians, hesaid.
Te government has invested heavily inKibera through the National Youth Ser-vice projects
Te United States has pledged to im-prove healthcare and education inKenyas urban slums. US Ambassadorto Kenya Robert Godec said his gov-ernment is working with communitiesand partners in slums to develop a jointplan of action for provision of healthservices.
Speaking at the launch of Shofco UrbanNetwork (SUN) in Kiberas Kamuku-nji grounds, Godec said US PresidentBarack Obama is fond of Kenya andwants to see communities in slumstransformed. President Obama caresabout Kibera and he would have lovedto visit the area during his recent visit toKenya, he said.
Godec said he has formed synergy withOdede, founder of SUN, to tap into localpeoples goodwill to improve basic ser-vices and healthcare.
It is communities that build a nationand I believe through Shofco, we willimprove education and healthcare.ogether you can build the Kenya thatyou want, he said. urner said resi-dents of Kibera should work together toimprove their livelihoods.
oday I am not a balozi (ambassador),
I am Shofco, said urner, adding thatthe initiative will empower youth andwomen in Kibera, majority of who arejobless. Odede urged the youth to shundivisive politics, saying it was responsi-ble for poverty and violence in the area.
We do not want politics here. Whenyou are fighting and killing each other,politicians are watching on televisionat a hotel, surprised at what you are do-ing, he said.
By Ken Otieno
Busia Governor Sospeter Ojaamong
has urged youth in the region to join
Saccos to benefit from their prod-
ucts.
Te governor said the conversion of
seven boda boda associations in Bu-
sia county into Savings and Credit
Co-operative Societies was meant
to benefit the youth who can nowaccess loans easily.
Te transformation of the seven as-
sociations into Saccos was spear-
headed by Ojaamong and eso
South Member of Parliament Mary
Emaase.
Emasse helped boda boda opera-
tors in Chakol and Amukura to reg-
ister the Chamu Sacco, which has
Sh7 million capital base.
Speaking on behalf of the gover-
nor, the Chief of Protocol in the
governors office Pekol Mrade said
Ojaamong donated Sh100,000 to
register a Sacco in each Sub-County.
Mrade was speaking at the launch
of the Busia ownship Boda BodaSacco in Busia town.
He urged the operators to apply for
Sacco loans to improve their busi-
nesses.
Mrade called on the operators to
pay the Sh10 levied by the county
government as operation tax.
Busia Governor asks
youths to join Saccos
Busia Governor Sospeter Ojaamong
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By Joseph Karanja
Murata Sacco Limited in part-nership with Family Bankhas rolled out a cheque book
which will ensure the ease of payments,record of financial transactions, con-venience and security of payments bymembers and customers.
Te Murata Sacco cheque clearing part-nership with Family Bank was launchedat Hotel Nokras in Muranga town onSeptember 25, 2015 in a ceremony at-tended by delegates, guests and staff ofthe two institutions.
Speaking at the Special General Meet-
ing, Murata Sacco Chief Executive Of-ficer, James Kimani Mbui termed thelaunch as a big milestone and long-term strategy for the Sacco to realise itsambitious plans.
Mbui said the launch was in line withMurata Saccos goal to benchmark withthe best financial providers worldwide,noting that the cheque book was con-venient to customers.
He saluted the team led by the Market-ing and Public Relations Manager Sa-
lome Mukuria (Project Leader), JacksonMuhuri (IC), Joseph Kahumbi (ChiefCashier) and Anthony Wachira (IC of-ficer) for working tirelessly to ensure thesuccess of the project.
Mbui also saluted the Family Bank teamled by Stephen Mararo, Ireri, CharlesWamuti, Jesse Karimi and Debon Mu-raya for working hand in hand with histeam to successfully execute the project.Te CEO said the Sacco was in the pro-cess of launching AMs in conjunctionwith Kenswitch for members to with-draw and deposit money in major com-
mercial banks.
Mbui told the hundreds of delegatesdrawn from Gatanga, Kigumo, Kange-ma, Muranga area, Kiharu, Kiria-ini,Kandara, Tika Region, Kahuro andMaragwa that the membership has nowhit 121, 450 with a capital base of Sh2.1billion, Sh1.5 billion deposits and Sh1.6billion loan book.
He said the Sacco has 16 branches andthe Nairobi branch will be opened inNovember this year.
Te CEO said plans are at an advancedstage to install AM facilities in a bid tochange the traditional way of bankinghall service delivery and instead adoptE- technology in transactions.
Further the Sacco will in the futureengage in virtual banking services, asalternate transaction channel without
limitation of working time lines. Tiswill be delivered through agency bank-ing to take our services closer to theconsumers, he said.
He added that to achieve the targetgrowth objectives, the Sacco manage-ment has created a process to enablethe staff embrace new culture, attitudesand respectful handling of customers atthe workplace.
o up-scale the quality of human re-source, the employment entry qualifi-cation has been raised to degree level so
as to attract well trained workers. Staffmembers are expected to demonstrateour core values, new culture and re-spectful conduct as they deliver servic-es anywhere. We regard clients highlyand our new motto is my customer, myguest being the most important personin our premises, he added.
He noted that the response from themarket on their new financial products
and agribusiness programmes has en-hanced their confidence that they areright on the business strategy.
In his address the Sacco Chairman,Hiram Mwangi Mwaniki, said with thecheque book the members can nowmake payments at the comfort of theirdesks.
Te Chairman noted that the Sacco has
creatively drawn strategic programmeswhich seek to deepen financial inclu-sion and accessibility to ordinary farm-ers, small, micro traders in the informalsectors.
He noted that the Sacco was out toget hardworking citizens with goodbusiness ideas and projects who havelargely been kept out of the mainstreambanking and financial crediting.
Murata Sacco unveils cheque book
James Kimani Mbui
Chief Executive Officer
Sacco Chairman, Hiram Mwangi
Mwaniki
James Kamau Gachau
General Manager
NEWS
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Wide array of products at Murata Sacco
By Correspondent
Since its formation, Murata Sacco has
been playing a major role in uplifting
the living standards of its members as
well as the residents of Muranga County and
beyond.
Te Sacco has come up with innovative prod-
ucts that have endeared it to Many Kenyans.
For now its effects are being felt in counties
including Nairobi, Nyeri, Kiambu and Kir-
inyaga to mention just a few.
Dairy industry
Already, the Sacco has entered into a stra-tegic partnership with Muranga County
government to strengthen the growth of the
milk industry. Tis has seen the installation
of 35 coolers by the county government to
enhance milk collection and marketing. Te
milk farmers in turn receive their payments
through Murata Sacco.
Te initiative has received support from
Muranga Governor, Mwangi wa lria who re-
cently lauded the Sacco for sharing his vision
to build the countys dairy industry as key
driver of local economy.
Te governor saluted the Sacco for support-
ing his pet project by paying farmers for their
deliveries in time.
Tis Sacco stands out remarkably in reach-
ing out to farmers due to its well established
grassroots branch network, he pointed out.
Real Estate
And in a bid to tap into one of the most lucra-
tive sectors, Murata Sacco recently formed a
subsidiary company to deal with real estateproperty development for the shareholders.
Te firm, Visionary Ventures Limited was
registered and is shopping for land and re-
cruiting shareholders. Te firms objectives
are; o facilitate shareholders/Sacco mem-
bers to acquire land/plots at affordable rates
which can in turn be used as collateral for
loans; o facilitate shareholders to invest in
properties and to facilitate members
put low cost houses using modern
technologies.
Te firm aims to help; Members of
Murata Sacco Limited; Delegates of
Murata Sacco; Board of Murata Sacco
Limited; Employees of Murata Sacco
Limited; Registered Investment and
Self Help Groups; Societies; Com-
panies and any other person.
Rice Farming
Murata Sacco is backing Kirinyaga
rice farmers with necessary facilitiesfor commercial farming. Te Saccos
intervention aims to change the tradi-
tional manual method of cultivation
to use of farm machines for enhanced
yields.
According to members of Mutithi
Rice Farmers Cooperative Society,
the machines have reduced human
labour in land preparation, time and
brought organised farming in the rice
growing lowlands of Mutithi region in
Kirinyaga.
Irrigation
Murata Sacco is supporting farmers
to establish irrigation driven agricul-
tural projects. Under the intervention
of Murata Sacco, a farmer, Julius Irun-
gu Gatuku has been able to transform
his farming from rainfall dependent
to irrigation propelled, under this
measure.
He says: I no longer look up at the
skies for rainfall to water the crops,but I use water from the flowing river
nearby to run my farming projects.
And to tap into the agribusiness, Mu-
rata Sacco has developed Kilimo Bora
programme to mobilise investors to
participate in this emerging agricul-
ture sub-sector.
CONTINUED ON PAGE 28
Dorcas Wanjiku Njuguna
Head Of Internal Audit
Jackson Mani Muhuri
Ict Manager
John Kariuki Mwangi Asst. Market-
ing And Public Relations Manager
Joseph Kahumbi Macharia
Chief Cashier
NEWS
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NEWS
Te programme provides mass train-
ing for farmers with a view to build
capacities to enable them grow high
value crops. Te Sacco links the pro-
ducers to high end buyers through
organised groups.
Fruit Farming
Murata Sacco has introduced fruit
farming in Kiambu County.
Te Passion fruit farming has picked
up well as an alternative stream of in-
come to the traditional tea and coffee
cash crops.
Farmers in Gatundu North region of
Kiarnbu County have embarked on
aggressive cultivation of this horticul-
tural crop. Passion fruit growing was
introduced to Gatundu farmers in a
programme dubbed KILIMO BORA
managed by Murata Sacco.
After adopting the idea, farmers with-
in Mataara region of Gatundu who
depended on tea and coffee are pro-
ducing huge volumes of juicy passionfruits.
Water Tanks
Water is a critical natural resource
which is required to flow in house-
holds to make living better.
But often this liquid is not found in
structured supply in most places in
the country.
Realising the deficit
to supply water, Mu-rata Sacco has come
up with a product
which target to sup-
port consumers to
acquire water har-
vesting equipment.
Te move involves fi-
nancing water tanks
to individuals or or-
ganised social groups.
Tis is geared to ensure users have access to
clean, hygienic and reliable water supply at
their households.
Further the reliable water resources created
opportunities to embark on poultry rearing
and dairy farming.
Green Energy
Te increasing wanton destruction of forestry
resources in search of energy for basic cook-
ing and heating is posing serious threat
to the survival of valuable environmental
wealth.
Concerned by this grave challenge, the Saccohas devi