The Mountain Times :- We've Got you covered
Tuesday, 31 Jan 2023 00:00 am
The Mountain Times :- We've Got you covered

The Mountain Times :- We've Got you covered

Proceedings of the 46th AGM for the Ollin Sacco going on at the Kutus primary school grounds over the weekend

A Sacco in Kirinyaga County  has expanded its operations regionally after  opening branches in Nairobi,Kajiado and Kitengela  Counties .

Ollin Sacco which was  started  in 1976 as Mugigia  Sacco with only a membership only 163 at inception while the membership currently stands at 20,000.

After  opening  its doors for  business at the time , it was primarily a teachers organisation until  several years ago when the  Sacco policies  in the countries  were changed to accommodate anyone willing to join.

Its Chairman  Albert Kamau while addressing the members during its 46Th Annual General meeting at the  Kutus  Primary  school over the weekend said the Sacco was headed  national.

“Since we have membership in Nairobi, Kajiado and Kitengela which are cosmopolitan  in nature especially Nairobi which is the seat of the national government what will prevent us  from venturing  in Mombasa , Nakuru , Kisumu and Eldoret ,which are equally densely populated and ready for our services ,?” the official posed .

A fleet of brandy new vehicles the Ollin sacco has purchased to enable it's staffers to cris cross the rough terrain as they served their customers in and out of Kirinyaga County to the diaspora

The expansion, the official added was informed after a thorough feasibility studies to determine their viability.

Added the official “  this therefore informs that  there would be indelible foot prints of the Ollin Sacco across the nation ,”.

He said despite the harsh economic hardships which had been caused by the outbreak of the Covid 19 pandemic, coupled by the prevailing draught the Sacco had still somewhat managed to post positive growth of all its key parameters besides meeting the member’s needs.

During the day long AGM , the members approved the Sacco borrowing power to sh 800 million and Sh 3 million honorarium for its  Board of Directors for the next financial year.

At the same time the Sacco Assets have grown to Sh 8.1   last year down from Sh 7 billion in the year 2021,while liabilities rose to sh 6.8 billion last year up from Sh5.8 billion the previous year .

The official put the total liabilities and equity at Sh 8.1 billion last year and Sh 7.0 billion the previous year.

Ollin Sacco top officials gifting the Chief guest at the 46th AGM  Richard Nyakenogo with a state of the arts luxurious chair at Kutus primary school grounds over the weekend

The AGM attendance was a record breaking after about 8000 plus members turned and exhausted all the souvenirs the organisers had set aside  , but not without  a smile on their face after  divided on  shares  were  declared and paid out at 17 per cent and at 12.1 per cent on deposit.

The CECM for Cooperative Development, Trade , Tourism , Marketing ,Industrialization and Enterprise Development Calbert  Njeru was among the key guests to graced the occasion charaterised by scorching sun which the members braved .

Sacco CEO John Githiga defended  the high number of female employees within the organisation and attributed  the trend  to their strict discipline and committed  to their duty unlike their male counterparts.

He said incidents  had arisen where male  managers failed to open their branch offices  due to misconduct associated with  drankardness and other social evils that leads to breakdowns  without notice as members  suffered .

“Once a male employee is entangled in his personal  and private life  at the expense of service to our esteemed members , the only option available  is to fire that particular individual for failing to observe  due diligence in his duty and replace him with a committed one ,,”the CEO said.

The  official was reacting to an observation by a member Ngari  Njanja to the effect that the Sacco had 47 female officers against 35 of their male counterparts last year.

At the same time the Sacco membership growth is set to rise   to over 40,000 by year 2025 while the asset base is projected to  be at Sh 15 billion up from the current Sh 8 billion.