Noble Sacco mulls opening new branches, agency services

SACCO Chairman Mr David Rono

By Enock Kipturgut

In a bid to expand its presence within the expansive North Rift region, Noble SACCO is considering opening branches as well as running agency services this year.

The plan will see the society realize steady growth in membership while also gradually increasing its asset base, the Chairman, Mr. David Rono, said during the 42nd Annual Delegates Meeting (ADM) at the Eldoret Sports Club.

In 2021, the SACCO saw its assets post 13.78 percent growth to Ksh. 2.9 billion from Ksh. 2.5 billion reported by December 2020. “Members’ deposits in aggregate increased from Ksh1.6 billion in 2020 to Ksh1.8 billion in 2021, representing a growth of 11.43 percent,” noted Mr Rono.

In the year under review, the society’s net earnings also surged by 13.81 percent to KSh503 million from KSh442 million reported a year earlier.

SACCO Treasurer Mr Philip Rirei

Chief Guest, KETSA Chairman Robert Githanju Njue giving his speech during the 42nd ADM at Eldoret Sports Club. ...members of the cooperative are set to enjoy interest on deposits and dividends on shares amounting to KSh.210 million.

Sacco Chief Executive Officer CPA Meshack Maru

Subsequent to the remarkable growth, members of the cooperative are set to enjoy interest on deposits and dividends on shares amounting to KSh210 million from KSh188 million paid out the previous year.

In a year that saw Noble SACCO feted as the best taxpayer in the North Rift region and subsequently awarded a trophy by President Uhuru Kenyatta, the loans disbursed to members went up by 21.07 percent to KSh2.6 billion from the KSh2.1 billion worth of credit given out in 2020.

“The SACCO loan book rose from KSh1.98 billion in 2020 to KSh2.26 billion in 2021, representing an increase of 13.57 percent,” explained Mr. Rono, adding that the society has attained the set regulatory standards in all key capital adequacy ratios.

Noble SACCO is also geared to joining the Central Fund and Shared Services initiative championed by the industry regulator, the SACCO Societies Regulatory Authority (SASRA).

Chief Executive Officer CPA Meshack Maru receiving tax compliance trophy from President Uhuru Kenyatta

Across Kenya, over 50 SACCOs have backed the creation of a Central Liquidity Facility and a Shared Services Platform that is billed to significantly change how the savings and credit entities are run, including providing access to the National Payment System.

The delegates resolved to maintain the 14,226-member society’s borrowing power at KSh300 million.

The Chief Guest, Mr. Robert Kithanju Njue, Chairman Kenya Teachers SACCOs Association (KETSA), lauded the management and Board for the growth trajectory assumed by the society.

Mr. Njue observed that the branding of the SACCO is a critical tool that can aid the recruitment of more members outside of its primary target constituency – the teachers.

The KETSA Chairman also urged SACCO management and board to undertake feasibility studies before opening any new branch or satellite unit, to ensure prudent use of members’ money. Mr Njue also congratulated Noble SACCO for joining KETSA and the subsequent appointment of Mr. Rono as the Association’s National Treasurer and a director representing North Rift.

He called on teachers’ SACCOs that have not joined KETSA to join it in order for their members to enjoy the benefits of negotiations with the employer, the Teachers Service Commission.

During the ADM, delegates re-elected board of directors whose term of office had lapsed but were eligible for re-election.

The supervisory committee position attracted four delegates but only two, Mr. Zablon Biwott and Mr. Edward Biwott, qualified to vie. Delegates voted through acclamation where Edward Biwott won with 190 votes against the incumbent Mr. Zabion Biwott, who garnered 113 votes.

Uasin Gishu Cooperative Commissioner, who presided over the election, declared Mr. Edward Biwott as the new director to serve on the supervisory board. Delegates appointed external auditor Mazars to audit the SACCO’s financial statements for 2022.

NOBLE SACCO

FOSA PRODUCTS

1) SALARY PROCESSING

Offered to members who wish to earn salaries through FOSA section.

2) SALARY ADVANCES

A) Ordinary Advances (OA)

This is a FOSA advance offered at a rate of 10% repayable in one month.

B) Short term salary advance

Offered to salaried FOSA members at a rate of 1% interest on reducing balance.Latest pay slip and a copy of ID required. Repayable in 8 months.

C) Super salary advance

Latest pay slip is required interest rate of 1.15% repayable in 20 months, 6 guarantors who earn salary through fosa.

D) Long Term Salary Advance

Latest pay slip required 4 guarantors who earn salary through FOSA interest rate is 1% reducing repayable in 10 months.

E) Supreme Advance

Latest pay slip required 8 guarantors who earn salary through FOSA interest rate 1.25% reducing repayale in 30 months.

SERVICES

F) ATM Services

These are services offered to members to enable them access their money through Co-op Bank ATMs and any other VIZA branded ATMs. Customers can also use the VIZA card for shopping and fueling at the VIZA outlets and shopping malls.

G) M-pesa Paybill Services

These are obile services offered to mebers of both FOSA and BOSA. Members can deposit savings/ shares and lon repayment through paybill no 208600 or withdraw cash by dialing *882#. Visit our website for more information.

H) Fixed Deposits

Minimum of Ksh. 50,000 Minimum period of 3 months Interest is 12%nP.A

OTHER SERVICES

M-Noble Salary Advance

This is a mobile technology service enabling customers earning salary through FOSA ro requests and receive salary adcance through their registered safaricom lines. The maximum one can apply is Ksh. 100,000.00. Dial *882# and select option 4. Note that all processes are automated.

Agribusiness Advance

This is a product for membets whose farm input proceeds are channeled through FOSA e.g. milk proceeds given at interest rate of 1%.

Micro-Finance Loan

Offered to members of class B under MicroFinance. Interest rate 1% reducing balance.

Welfare Services

This is the payments offered to bereaved family to facilitate burial arrangements. Contributor benefits upto 40,000/= in this scheme.

Safe Custody

We provide safe custody to important documents forour members e.g. log books, land title deeds etc. BOSA PRODUCTS

1) DEVELOPMENT LOAN (Normal Loan)

Loan duration 48 months Guarantors for loan security 3 latest pay slips Dully filled loan forms Loan interest rate is 1.15%

2) EMERGENCY LOAN

Loan duration 10 to 12 months Guarantors for loan security Latest pay slip Interest rate of 1% on reducing balance is charged.

3) KARIBU LOAN

Loan issued to newly recruited memberd upon the first share deductions (check off) @ interest rate of 1% for period between 12-30 months. 1/3 of loan approved is retained as shares.

PAYBILL PROCEDURE AND M-BANKING PROCEDURE You can follow the following simple steps to make deposit to SHARES & SAVINGS

M-PESA menu Lipa na M-PESA Pay bill Enter business No. 208600 Enter account No. Amount Send

Choose Account numbers from the table below depending on the type of transaction you wish to make. N/B REPLACE 123456 with your actual ID NO. SPACING

ACCOUNT NO TYPE OF TRANSACTIONS

MS123456 DE123456 MF123456 OD123456 BD123456 ML123456 MW123456 SA123456 LT123456 SS123456 KL123456 EL123456 BD123456 SS123456 MN123456 MW123456 SF123456 AA123456 NL123456 ST123456 DIRECT SAVINGS TO FOSA ACCOUNT NORMAL SHARES MICRO FINANCE DEPOSITS/SHARES SALARY ADVANCE (OD) REPAYMENT AGRIBUSINESS DEPOSIT MICRO FINANCE LOAN REPAYMENT WELFARE DEPOSIT - 200 KSH MONTHLY SUPER ADVANCE REPAYMENT LONG TERM LOAN REPAYMENT SUPREME ADVANCE REPAYMENT KARIBU LOAN REPAYMENT EMERGENCY LOAN REPAYMENT AGRBUSINESS DEPOSIT SUPREME ADVANCE REPAYMENT MNOBLE ADVANCE REPAYMENT MEMBERS WELFARE - KSH. 200 PER MONTH SCHOOL FEES LOAN REPAYMENT AGRIBUSINESS REPAYMENT NORMAL LOAN REPAYMENT SHORT TERM SALARY ADVANCE REPAYMENT

Noble Sacco delegates during the 42nd ADM