The Trans Elite County Teacher’s Savings and Credit Cooperative Society in Nandi County is set to benefit from a Sh.500 million boost to its kitty by the county government.
Addressing delegates at St. Peter’s Catholic hall on Monday, during the 33rd Annual Delegates Meeting (ADM), the SACCO Chairman, Alfred Ngetuny welcomed the move and said it will boost the share capital that is currently at Sh.10.7m.
The chair said the SACCO has experienced an upward trend in members’ deposits and interest earned from loans and advances.
“Members’ deposits rose from Sh.617.9 in 2017 to Sh.626.2 in 2018 representing 1.345 per cent growth while interest income increased from 94.0 to 108.2 representing 15.06 per cent rise,” he explained.
Mr. Ngetuny however pointed that the membership which stands at 3,507 has been showing a downward trend thus encouraging delegates and members to continue recruiting new members to enjoy from the SACCO benefits.
“Most of our members are advanced in age therefore on the verge of retiring hence the decrease in membership, but I urge our members to retain one third of their savings upon retiring so that they may continue with membership for life,” said Ngetuny.
The County Executive Committee Member for Agriculture and Cooperatives, Dr. Kiplimo Lagat said the department is streamlining the sector through reforms that will guide the cooperative movement.
He noted that the main challenge among cooperatives has been on leadership wrangles but promised to straighten governance and succession leadership so that people may have trust that their monies are safe.
“In conjunction with the DCI office we shall set a committee to investigate criminal activities, dating 20 years back to salvage swindled property belonging to the cooperatives,” said Dr. Lagat.
Dr. Lagat said going forward the county will set up a law on enterprise development fund that will join all funds in one kitty to enable cooperatives to inject capital and be able to channel loans to its members.
Meanwhile, KNUT Secretary (Nandi), Stephen Misoi hailed the SACCO on its upward trend in matters savings and urged the members to keep up to realize better profits inform of dividends.
He reminded members that KNUT is pursuing teachers issues and is awaiting the court ruling slated for May 29 on promotions/stagnation, delocalisation, career progression, competence based curriculum (CBC) and Teachers Performance Appraisal Contract (TPAC).
By Bethsheba Abuya