Qwetu Sacco records impressive asset base of more than Sh3.2bn as membership rises to 56,000

Qwetu sacco recorded an impressive asset base of more than Sh3.2 billion by the year ending 31 December 2022, the highest so far. This was an upward trend from Sh2.8bn recorded the previous year, an increase of 14.4 per cent.

The membership also increased from 52,000 to 56,000.

Addressing members during this year’s education to members meeting Qwetu Sacco chairman Mr Alfred Mlolwa said the inrease in membership was as a result of opening of a common bond in 2010 that allowed membership from no teaching savers including business people and county government staff. While welcoming the increase in membership Mr Mlolwa urged each member to at least rope in one member which would double the membership.

“We hold our members in high esteem because it’s because of them that we have achieved the milestones that we have, but still we should bring in more members to strengthen the sacco even more” said Mlolwa.

Other highlights of the sacco profile and performance include:

Increase of share capital from Sh103m in 2021 to Sh127m in 2022.

Loan portfolio rose from Sh1.99 billion in 2021 to Sh2.3 billion in 2022.

Members deposits increased from Sh1.9billion to sh2.13billion in 2022.

On the other hand, total revenue rose from 502m in 2021 to Sh575m in 2022.

Generally all key areas recorded considerable growth trend, the highest being the share capital that increased by 22.7 per cent. The members also received an impressive dividends on share capital at 13 per cent for the two consecutive years and 9.8 per cent interest on long term deposits.

To encourage members to continue saving and thereby earn both high interest on long term deposits and higher dividends on share capital, the sacco recognizes and awards members in the following categories:

.Highest long term deposits saver

.Highest share capital saver

.Highest long term deposits saver within the year

.Highest share capital saver within the year

Mr Mlolwa pointed out that the completion and operationalization of the Qwetu sacco Plaza had greatly improved Sacco operations where members can access quality services in a spacious and secure environment.

The chairman warned members to be careful when guaranteeing people for loans as some may default and cause them to pay on their behalf.

“It’s wise to assess the credibility and integrity of a person before you act as their guarantor as some may default on loans and you are forced to pay up the money”he said.

This year’s education to members involved three main areas which may have a direct impact to members and society at large, namely financial management, fraud/scammer awareness and prevention and stress management.

The sacco members declared that from this financial year onwards they would observe the following;

1.That one would not consume the whole seed(current savings) but would instead plant it and later consume it’s fruits.

2.That they would direct their money where it should go so that one would not regret later in life for making wrong decisions.

3.That members would save and invest through their personal discipline, sacrifice and commitment.

4.That members would live within their means and never spend more than they can earn.

5.That members would adhere to strict budgets by making a list of all income streams and daily expenses to avoid overspending. ..ends