Kitui Teachers Savings and Credit Cooperative Society Limited’s revenue base has strengthened due to good leadership.
Announcing this, the society’s chairman, Dr. Joseph Kithome, cited its financial sector which he said remained stable.
“It is in this environment that the society’s results up to December 31, 2017 showed continued growth in all parameters coupled with improved efficiency,” Dr Kithome said.
He said the society’s revenue for the year 2017 was Sh759 million which represented an increase of 23 per cent compared to Sh619 million in 2016.
“The main drivers for this were interests on loans, commissions and transactional fees in the Front Office Services Activities (FOSA),” the society leader added.
Kithome announced that the society’s share capital grew by 17 per cent to close the year at 154 million shillings up from 131 million shillings.
“We thank members for the impressive growth in deposits by 16 per cent closing at 2.9 billion shillings from 2.5 billion shillings at the close of our last financial year,” the chairman said.
He announced that their loan book grew from Sh2.7 billion in 2016 to Sh3.4 billion in 2017 which accounts for an increase of 23 per cent.
“The board has increased the lunch payment for the members from Sh500 to Sh1000 through cash for the society’s annual general meetings.
In future, we may think of a better mode of the lunch payment because the current one poses a security risk,” Kithome told the members.
He disclosed that the society’s members increased from 16,909 in 2016 to 18,814 in 2017.
On corporate social responsibility, Kithome said the society was not being left behind.
“Last year, we visited eight special schools and one children’s home. To date, we have sponsored a total of 9 students in national and county secondary schools,” the co-operator said.
The society is incorporated in Kenya under the cooperatives societies Act, Cap 490 and licensed under the sacco societies Act Number 14 of 2008 and is domiciled in Kenya.
Its principal activities is receiving shares and deposits and giving out loans to its members.
Cooperative Bank of Kenya’s Cooperative Division Director Vincent Marangu who was the chief guest praised the teachers for their noble work.
“I love teachers so much because we are all products of teachers. Teachers are professionals who mind about and love their work,” the banker said.
Marangu lauded the society’s members for paying their loans to the society promptly.
“Your sacco is among the best saccos in Kenya. You have come here today to cerebrate your sacco’s success. I have attended many saccos functions in Kenya for the last 11 years, some as the chief guest. I know the Kitui Teachers Savings and Credit Cooperative Society Limited in and out in terms of your potential, in terms of what you can achieve,” he said.
The society’s Chief Executive Officer, Florence Mutua, said that under the Kenya’s Cooperatives Act all the society’s members are equal.
“The Act allows you to elect and to be elected in the sacco’s leadership elections,” the CEO said.
She assured the members that they (the society’s management) will continue serving them well.
The function was also addressed by the society’s honorary secretary Simon Muema Munyoki and the Kenya National Union of Teachers (KNUT) Kitui County Executive Secretary Simon Mutunga Nding’o among others.