Ubunifu Sacco posts significant growth
Category : Uncategorized
Ubunifu Credit and Saving Co-operative Society, which majority of shareholders are the youth has realized a landmark growth financially after two years since inception.
This may serve as a game changer as majority of Kenyan youth perceive Saccos as a reserve for older people as majority of them shun from any form of savings and investments.
But with Ubunifu Sacco the tale is different as all of its members are the youth below 35 years who have been saving and borrowing from the Sacco.
According to statistics available in Kenya over 99.9 percent of Saccos’ membership comprise of older people where youth are being represented by 0.1 percent.
Releasing the financial annual report in a Nairobi Hotel, Ubunifu Sacco Chairman Frank Odindo lauded the members for their great contributions which have seen the Society’s growth.
The youthful Chair at the same time noted that the Sacco will launch more products to its members so as to ensure all of their financial needs are fully catered for.
In year under review the Sacco total asset grew from Ksh3.7 million in 2016 to Ksh7 million in 2017.
The loan disbursed to members rose to Ksh5.3 million in 2017 down from Ksh2.3 million in the previous financial year.
Ubunifu Sacco registered an increment in deposits to Ksh5.6 million in 2017 as compared to that of Ksh3.7 million recorded in 2016.
The Sacco recorded growth in Share Capital by Ksh200, 000 where it posted Ksh715,000 in 2017 down from Ksh515,000 achieved in the previous fiscal year.
Ubunifu Sacco reserves increased from Ksh61, 000 in 2016 to Ksh174, 000 in the year ended 31st December 2017.
Dividends paid out to members grew to Ksh491, 000 in 2017 as compared to that of Ksh44, 000 paid in 2016.
Net surplus for the year increased from Ksh105, 000 in 2016 to Ksh614, 000 in the current financial year.
Ubunifu Sacco posted an increment turnover of Ksh1.4 million in 2017 as compared to that of Ksh640, 000 realized in 2016.
Speaking at the same venue Ubunifu Secretary Chris Mugendi attributed the Sacco’s success as concerted efforts engineered by the Society’s management who have been working diligently to ensure it runs effectively, efficiently and smoothly.
According to Credit Control Officer Ms Sharon Namuye said Teke Teke Loan one of the Sacco’s Loan products that has seen the remarkable growth of their society and urged members to pay loan on time to boost their credit worthiness and at the same time increase their loan limits.
Supervisory Committee Chairman Mr Ronny Kamanda said the Sacco is on the right track adding that he and his fellow directors will continue playing the watchdog role in the society to safeguard and protect the interests of the shareholders.
The Thika Road based Sacco who majority of its members are freelance academic writers from creative writers company aims at recruiting new members who are not in formal employment to empower and uplift their living standards.