THIS YEAR'S QWETU SACCO EDUCATION TO MEMBERS ENDS ON A HIGH NOTE IN VOI


This year’s Qwetu Sacco Education to members exercise ended on a high note at the Dan Mwazo Hall in Voi where more than 350 members from the Voi zone attended.
The meeting highlights included deliberations on  Sacco issues including performance updates as well as feedback from members on business matters.
Addressing the meeting the sacco CEO Mr Charles Kaba urged the members to seize the opportunity and patronize the various sacco products and obtain loans that met their business expectations.
Mr Kaba pointed out the sacco was still diversifying its products including new products such as Retirement savings plan, Member karibu loan, Bridging loan, Asset financing advance, Salary advance processing and  Wezesha biashara loan.
Other products that had been revised include Toto wa Qwetu Account, Jibambe holiday Account and Micro Spif Loan.
The CEO urged members to invest in Voi which he said was the fastest growing business hub in the County.
“Voi has all the indicators of a viable business environment with more than five banks, the Nairobi –Mombasa highway, the SGR ,strategic location near the Tsavo national park, prime hotel facilities and the highest urban population” said Mr Kaba.
He pointed out that he was delighted that apart from the highest saver in the sacco coming from Voi zone, the Voi Qwetu branch was the most vibrant.
“I am excited to attend the climax of our education to members exercise this year in Voi which has been the most promising zone so far,” said Mr Kaba.
He urged members to be prudent in the manner in which they utilized their incomes, pointing out that saving was the most reliable way of preparing for challenges later in life such as retirement.
“Members should take advantage of the power of numbers by forming groups through which they can access development loans and improving  their bargaining powers, ”said Kaba, adding that countries such as China with developed economies relied heavily on proper savings as opposed to consumption.
The session chairman Mr Simon Mbashu pointed out that the sacco had recorded an increase in membership since the sacco opened its doors to non- teaching members.
Mr Mbashu pointed out that the non- teaching members had surpassed the teaching members in Voi sub-county.
He pointed out that in the last three years, Qwetu sacco members had enjoyed reduced interest rates both in BOSA  FOSA and the Micro Credit loans. Members had also qualified for bigger loans that have enabled them undertake bigger projects or consolidating their loans into one.
Among the key development highlights in the year 2018 include the increase of sacco members from 35,300 in 2017 to 37,458.
Turnover rose from 360. 9m in 2017 to 392m in 2018, assets increased from 1.59 billion in 2017 to 1.77 billion in 2018 while the loan portfolio increased from 1.18 billion in 2017 to 1.39 billion in 2019.
Members deposits increased from 1.09 billion in 2017 to 1.29 billion in 2018.
The members were also sensitized on the benefits of plowback of interest on long term deposits, policy on plowback of interest, the consequences of being listed by the Credit reference bureau, planning for retirement and next of kin updates.
{et





Comments

Post a Comment

Popular posts from this blog

Qwetu ambitious strategic plan to raise sacco asset base and share capital by 2028

Image
  Qwetu in ambitious five year strategic plan to raise sacco asset base and share capital by 2028 Qwetu sacco one of the leading savings and credit cooperative societies in Coast region has embarked on an ambitious five year strategic plan that will dramatically solidify it’s financial base. The 2024-2028 strategic plan which is in line with this year’s education to members theme of “Reengineering the Sacco model for sustainable growth” seeks to raise the Sacco’s share capital from the current Sh167m to Sh1bn by 2028. In the same spirit, the sacco projects to raise its asset base from the current Sh3.6bm to Sh10bn. “The plan is intended to enable Qwetu sacco to take advantage of the opportunities available in the market and attain a total asset base of KSh 10 billion by the year 2028 and to address the challenges that could obstruct our progress towards achievement of our targets”, said the sacco chairman Simon Mbashu. He encouraged members to buy more of the share capital and add...
Read more

Pomp and colour as Qwetu Sacco Voi branch shifts to prestigious Qwetu Plaza

Image
Qwetu Sacco, one of the leading savings and credit institutions in Taita-Taveta County, has shifted its Voi branch offices to the prestigious Qwetu Plaza in the CBD. The move signals a major milestone for the sacco which has been growing steadily over the years, and currently boasts a membership of over 50,000. Addressing guests and sacco staff during the official opening of the new branch, sacco chairman Alfred Mlolwa said operating from their new office premises would be more convenient as it would save the funds previously used for paying rent. “I wish to thank our members for being very patient as we struggled to put up this magnificent building. From now on, our members will enjoy services from this modern and spacious offices”, said Mlolwa. He called upon financial institutions to desist from cutthroat competition which he said could be counterproductive in the long run. “The area our building is located is like the treasury squares in other big towns since all major banking inst...
Read more

Qwetu Sacco unveils 2025 budget estimates with ambitious growth forecast

Image
  Qwetu Sacco has unveiled an ambitious budget for the year 2025 with a major focus on expansion, coming up with new products and raising its share capital base. During the sacco’s Special Delegates Meeting(SDM) held at Vacani Resort in Voi in where the county cooperative commissioner Mr Erastus Gonzi was the chief guest, the sacco board of directors assured the members and delegates present that despite the changing economic landscape and challenges the society was well placed to maintain its growth trajectory in the coming years. Addressing the delegates during the meeting the sacco chairman Mr Simon Mbashu pointed out that Qwetu had launched an ambitious five year strategic plan that would be anchored on growth and development of the institution based on raised membership, share capital and asset base. “Since this programme took off in May this year, we have witnessed a steady growth in the number of members who are buying more shares with the latest report indicating that ther...
Read more