Positive growth forecast for Qwetu as Qwetu Sacco Plaza is opened







The financial year ending December 31 2023 recorded an upward growth in all key areas for Qwetu Sacco.

According to the Annual report and Financial statements presented to the delegates during this year’s ADM at Vacani Hotel in Voi by the sacco cha”rman Alfred Mlolwa, there was remarkable growth in membership, asset base, members deposits, loan portfolio and share capital.

The share capital recorded an impressive growth of 24 per cent, rising from Ksh 127, 529,814 in the year 2022 to Ksh 158, 964,828 in 2023.

The loan portfolio grew by 14 per cent, rising from Ksh 2,387, 680,175 in the year 2022 to Ksh 2, 733, 880,628 in 2023.

The asset base grew from Ksh 3,223,610,935 in 2022 to Ksh3,556,846,061, representing an upward increase of 10 per cent.

Members deposits increased from Ksh 2,133,418,234 in 2022 to Ksh 2,353,596,252 in 2023, an increase of 10 per cent as well.

The sacco membership increased from 53,691 in 2022 to 55,615 in 2023.

“The major business of the sacco is savings and credit for the mutual benefit of members. It’s from these savings that we build enough working capital to fund sacco activities like advancing credit to members and these loans ultimately help the sacco to generate incoe in the form of interest and other commissions which form the bulk of the income” said Mlolwa.

On that positive note, the sacco members would be smiling all the way to the bank to cash in on dividends with the board of directors ratifying dividends of 13 per cent on share capital and interest of 9.8 per cent on members long term deposits.

Mr Mlolwa at the same time pointed out that the sacco would continue working with the communities on various socio-economic areas through its corporate social responsibility initiatives.

The sacco chairman revealed that the strategic plan document was already in place and urged delegates to assist in implementing it.


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