By Felix Njenga
Worth Noting:
- Ngugi informed the members that the society has endeavoured to always offer tailor made solutions to meet the ever changing needs of the members.
- “The society has developed a variety of loan products which are guided by the needs and expectations of the membership. the society has ensured that the loan facilities to the members are effective, competitive and affordable at all times,” Ngugi said.
- He said that the loan bok increased from KSh8,218,735,893 by 31st August 2023 to KSh9,913,181,924 by 31st august 2024 an increase of KSh1,694,446,031, a 21% growth.
- The total outstanding loans with the members amount to KSh20,839,486,977 by 31st August 2024 compared to KSh17,418,836,465 by 31st august 2023 which reflects a growth of KSh3,420,650,512 or 20% rise.
Tower Sacco has continued to tower in the Sacco sphere where its share capital and deposits increased with over Sh 3 billion in the last eight months hence moving from position 8 to 5 out of 174 Sacco’s based on total assets.
Members were informed of the progress of the Sacco during a special general meeting held in Ol’kalou Catholic Church grounds in Nyandarua County that their share capital and deposits increased from KSh 18,213,714,624 by 31st August 2023 to KSh21,456,014,999 by 1st August 2024.
“This is an increase of KSh3,242,300,375 which is 18% growth. I encourage all members to embrace the savings culture in order to improve the socio economic standards of living. It is only through continuous savings that one can achieve the desired financial independence,” Peter Mainah Ngugi the Sacco chairman said.
Ngugi informed the members that the society has endeavoured to always offer tailor made solutions to meet the ever changing needs of the members.
“The society has developed a variety of loan products which are guided by the needs and expectations of the membership. the society has ensured that the loan facilities to the members are effective, competitive and affordable at all times,” Ngugi said.
He said that the loan bok increased from KSh8,218,735,893 by 31st August 2023 to KSh9,913,181,924 by 31st august 2024 an increase of KSh1,694,446,031, a 21% growth.
The total outstanding loans with the members amount to KSh20,839,486,977 by 31st August 2024 compared to KSh17,418,836,465 by 31st august 2023 which reflects a growth of KSh3,420,650,512 or 20% rise.
“I would advise members to plan well and put the loans granted into productive and value-adding activities in order to improve their lives and the future of their generations,” he said.
The membership increased from 216,382 by 31st august 2023 to 249,511 by 31st august 2024 an increase of 33,129 members which translates to a growth of 15%.
“I urge you to continue sensitizing, educating and encouraging the people in our regions and beyond on the importance of saving and joining the Sacco,” he said.
He said that during the period under review there was an upward fluctuation in lending rates in the financial sector, a fact that has negatively affected the purchasing power of the people.
He said that despite the prevailing economic condition the board of directors and management have continuously tailored solutions to meet the needs of the members.
The chairman reported the unaudited half year results that during the year under review the society realized a revenue of KSh1,801,033,567 by 30th June 2024 compared to KSh1,469,925,279 by 30th June 2023 reflecting a growth of Sh 331,108,288 or a growth of 23%.
The society realized a surplus of KSh1,169,327,092 by 30th June 2024 compared to KSh975,059,565 by 30th June 2023 reflecting a growth of KSh194,267,527 or a 205 rise.
He said that the society has conducted a feasibility study to open other branches in Nyeri town, Thika-Makongeni and Mau Narok Mwisho wa Lami which is in line with its strategic objectives and growth strategy .
“The need for these branches has been necessitated by members demand, potential in the regions coupled with the overall society growth strategy to reach and serve more people,’ he said.
He said that as at 31st August 2024 70% of the total cash transactions was done through the available digital channels which include mobile banking, agency banking, ATMs and internet banking. In order for the society to improve on these services and maintain high system security levels a budget has been set aside for ICT enhancement and growth.
Members were informed that the society has sourced for partners to offer green energy solutions and are intended to supply solar energy systems to the branches and the Sacco to empower the members to acquire them through affordable financing.
the members were informed of a holiday account where the society intends to facilitate coordination of local exposure visits to members who have opened and saved.
“I urge you to open and save in the holiday account to enable you and your family access opportunities for learning various business and investment opportunities coupled with refreshing retreats,” he said.
He however took issue with some members who have continued to mudsling the board of directors and Sacco management saying they are creating anxiety to the members and never appear whenever invited to clarify on the matters they are raising.
David Njoroge Chief Officer Nyandarua county government called on members to support the Sacco leadership.
“whenever you see an upward trajectory on our numbers it is through commitment and sacrifice and we need to support the Sacco team,’ he said .
Dr. Nelson Kuria chairman insurance group of companies the chief guest called on members not to allow people to talk ill of their Sacco as it serves member and their dependents.
“When one plays around with the institution, they are messing around with the over 250,000 members and their dependents in form of families. Members should not allow detractors to have their way to destroy the Sacco,” Kuria said.
He said that the biggest asset of a financial institution is the trust and confidence of the membership and the growth of Tower Sacco is not by accident by being ranked number 5 in the country.
He however called on the members to guard their Sacco jealously so that they may be able to grow and continue addressing their financial needs.
