Qwetu gets Sasra approval as its assets rise to more than Sh 2.7 billion

 

Qwetu Sacco gets SASRA approval as its total assets rise to over Sh2 billion 

The Sacco Society Regulatory Authority(Sasra) has given the fast growing Qwetu Sacco in Taita-Taveta County  and clean bill of health as its asset base reached more than Sh 2.2 billion.

The Sasra Sacco Supervisory Annual Report for 2019 which was released in August this year indicates that Qwetu Sacco total deposits stood at Sh 1.49 billion while gross loans stood at Sh 1.75 billion.

The report also shows Qwetu Sacco total income was sh400m.

Sasra has over the years continued to place emphasis on the capital adequacy, asset quality, earnings and liquidity(CAEL)rating to monitor and report on the stability, soundness,safety and general performance of deposit-taking saccos on a day to day basis which is in line with its risk based (RBS) model.

The three key capital adequacy requirements were fully complied with, with the aggregate core capital growing from Sh 74.36m in 2018 to Sh 79.20m in 2019 against the prescribed minimum of Sh 10m.

In its coporate social responsibility endeavors, Qwetu Sacco established the Kwetu Foundation as a vehicle of fostering close working ties with local communities anchored on three pilllars:health, education and environment.

As such, for the last three years, the Sacco has made major interventions in education, with 9 students currently being supported in colleges and universities.

The sacco has been partnering with Shuper Kenya, a German Foundation, on a shilling for shilling basis where Kwetu Foundation provides all the logistics on the ground.

Last year, a total of Sh 332,900 was spent on the sponsorship.

During the same period, the foundation also made its contribution on environmental matters through tree planting and partnering with the eastern arc mountain rangers who have been propagating bamboo seedlings.

On the other hand, in May this year, when the impact of Covid 19 had begun to be felt strongly around the county, the Sacco gave their donations  to the Covid 19 resource mobilization committee, in the spirit of assisting the less privileged in the society.

The Sacco members have all along been advised to go cashless in their transactions and the coming of the corona pandemic has made this more and morals apparent.

However, there were challenges experienced in the Spot cash mobile banking platform and to address this challenge, the Sacco had to engage the core banking software vendors( Centrino Technologies Ltd) and managed to roll out PESAPEPE mobile banking system as an alternative to serve the clients even better.

..end of text 


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