KCS SACCO Announces 15% Dividend on Shares, 8% Interest on deposits at 8th AGM
KIAMBU, Kenya, Mar 1 – The Karura Community Sacco (KCS) has achieved an exceptional fiscal performance this year, marking a significant upward trajectory compared to the previous period the robust growth is a direct reflection of the Sacco’s principled leadership and the high caliber of its competent staff whose dedication has streamlined operations and enhanced service delivery.
The Sacco management announced a 15% Dividend on Shares and 8% Interest on deposits signaling growth of the Sacco and committed members who have trusted the Sacco.
According to KCS Sacco CEO Gitonga Kigo he noted that the Sacco hit a historical milestone in terms of its assets size, hitting 501 million, half a billion it’s a historical milestone for the last, eight years of operation.
“We are looking back now just at the growth that we’ve been able to achieve as an organisation the percentages have been going up because now the SACCO is growing, but in terms of the value, in terms of the millions that we’re able to bring together collectively through the members has been great”, said Gitonga Kigo.
According to SASRA report and it was indicates that non-performing loans have really dropped in the sector the Sacco said its part of part of the record, that data that has been shared by SASRA.
“If you look at our report from the supervisory committee last year, when the minutes were being read, we were at around 19.5%, but for this year we are talking about 9.5% So there has been a significant drop in terms of non-performing loans”, added Mr Gitonga.
Mr. Kigo highlighted that the system put in the Sacco are meant to encourage members to give their loans, because when they are giving, they are repaying their loans, they are able to get more and even when they are doing repayment, you can top up on what they are doing so that encourages members to pay back their loans.
The management stated that In terms of repayment they are doing well and have had very few non-performing loans, and it’s because of the system Saco is embracing IT and artificial intelligence.
“We are a very credible circle have very credible leadership, and we are focused on helping members get returns on their deposits and also we are very careful, especially under my leadership Under our circle, we don’t want it to go down So we have systems in place and all of the systems we do, we are careful with who comes on leadership”.
Epainito Chahale, Chairman KCS Sacco noted that the Sacco is doing a lot of corporate social responsibilities, and have supporting 21 amazing students to get some scholarship as they value out of the profits and get to share with the community and one of the ways of sharing with the community is by helping the needy in the community.
“We come up with something like the scholarship opportunities for needy children, because this is empowering our future generation and we really value it as a leadership of the sacco We want to see the community develop We don’t want to leave the community behind So one of the things we did is supporting the football, the Karura community football club And why we are doing that is just to encourage these young people”, said Mr. Chahale.
“One of the things that we are doing as leaders of the Sacco, we are very committed to compliance, We want to be compliant with every regulatory body that is there”.
Further, they noted they doing all to meet all the requirements of SASRA, what they need to do, and are hoping that they will be able to issue KCS the certificate this year.
Additionally, they awarded a member from Diaspora from Ohio U.S. that’s just a representation of so many members who are actually getting all KCS services, but they are outside the Nairobi region.
KCS in partnership with Safaricom have launched an AI-integrated call centre powered by Safaricom delivering faster, smarter and more reliable member support.
“The system that we just launched today is, of course, going to enhance that and even our co-banking system, you’ve just seen, we’ve partnered with Microsoft so our current co-banking system is Microsoft, As an organization, we’re continuously looking at how we can leverage our technology”.
“We are also looking to have more members joining our Sacco We are looking for more investment, that we can help our members to get more returns on their savings”.
