New stride for Qwetu sacco as they launch millionaire's club


New stride for Qwetu Sacco as it starts millionaire’s club
Qwetu Sacco has launched a  millionaire’s club in line with this year’s theme of driving towards growing the Sacco’s deposit base.
Addressing members during this year’s zonal education meeting held at ACK St James hall in Mwatate town, Qwetu CEO Mr Charles Kaba said the move was aimed at recognising the Sacco members who had made strides in growing their deposits to reach the millionaire status.
“The Sacco values all its members who are the backbone of the society and a time has come when special consideration should be given to those who have saved enough deposits to a tune of a million and over” said the CEO.
For one to qualify to join the millionaire club one should be a registered member with fully paid up minimum share capital and without any loan arrears or default.
One should also have maintained a minimum Bosa savings balance of KSh 1 million and above for either long term deposits or Spif shares or micro premiums or a consolidated balance of the aforementioned as at the end of the month proceeding the event.
On the other hand, the member should have maintained a minimum Fosa savings balance of KSh 1 million and above in Qwetu super deposit or ordinary savings for at least three months .
The CEO pointed out that the benefits of belonging to the millionaire’s club included free financial trainings and social dining events such as dinners as well as organised business trips.
The highlights of this year’s education to members report are:
1.       Personal financial management .It was emphasised that what makes people rich or poor, happy or unhappy successful or failures is not how much they earn but how they manage the finances that come their way.
2.                                                                               financial success

   A path to financial success. Keep savings and grow your savings. A saving culture should be natural and in most cases one should purpose to save at least 25 to 30 per cent of all his /her earnings or income. One should invest and let the money work for them, spend less than one’s earnings, advance one’s career, borrow wisely and learn to manage risks.One should also aspire to help the needy.
3.       Plowback of dividends and interests.This noble idea started with a proposal of 30 per cent three years ago but last year,  members settled on a uniform 10 per cent plowback on the interest on long term deposits after wide consultations.The benefits of plowback include high growth rate, increase in earning and increased borrowing powers.
4.       Planning and saving for holidays. Members were advised to save wisely to enable them fresh up after hard work throughout the year.This has been made possible by the Jibambe holiday account where members will be able to acess different platform and tour different exciting holiday destinations.
5.       A guide to healthy living which should include adequate nutrition with members being advised to eat food convenient to them and not just convinient food, exercise more and watch their weight, get enough sleep,reduce toxic load, always think positively, live relationally and learning to eliminate stress.
6.       Discipline at work. As  trained professionals, members are expected to uphold impeccable standards of good conduct at the work place at all times and avoiding engaging in misconduct of any kind such as absenteeism, dishonesty,insubordination,desertion,negligence,lateness,abusive language, drunkenness and use of abusive language.These cases may demand use of formal disciplinary measures which may lead to interdiction or dismissal.This has a negative repercussion and will result to stress on the individual, family, friends colleagues and guarantors to any financial facility granted.












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