Sacco members to be vigilant in running of operations

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Sacco Societies Regulatory Authority CEO Peter Njuguna, is received by Acumen Sacco CEO Moses Mathu and Kajiado North Sub-County Cooperatives Officer Salome Wangui for the society's 15th AGM held on Saturday at the Catholic University auditorium. — Sacco Societies Regulatory Authority CEO Peter Njuguna is received by Acumen Sacco CEO Moses Mathu and Kajiado North Sub-County Cooperatives Officer Salome Wangui for the society’s 15th AGM held on Saturday at the Catholic University auditorium.

Savings and credit cooperative members have been urged to be more vigilant on the running of their business by actively taking part in key decision-making.

Sacco Societies Regulatory Authority (Sasra) CEO Peter Njuguna told the 15the annual general meeting of Acumen Sacco, based in Ongata Rongai, Kajiado North.

He said as a cooperative’s business grows and gets more complex, “the more members must purpose to attend AGMs as their presence and voice are important”.

Njuguna who was speaking at the Catholic University auditorium reminded Sacco members that their general meetings were an opportunity for them to hold their elected leaders to account.

He commended Acumen Sacco’s leadership and members for complying with the regulator’s capital and liquidity requirements, growing deposits and loans.

The society was licensed to take deposits in September 2020.

Treasurer Peter Mwangi reported that loans to members of the Sacco patronized mainly by landlords and traders, increased by 39 percent from Sh216,882,732 in 2020 to Sh300,860,862 in 2021.

Total revenue grew by 36 percent in total revenue from Sh34,090,071 to Sh46,322,746 with a commendable decrease in non-performing loans.