Qwetu Sacco unveils 2025 budget estimates with ambitious growth forecast

 








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 there is a lot of potential in growing our sacco by way of raising shares other than relying on bank loans to fill the funding gap” Mr Mbashu told the delegates.
The sacco chairman pointed out that the society placed a high premium on members education which he said went a long way in ensuring that all members were kept abreast with the developments and future plans of the sacco.
Towards this end the sacco this year spread out its education to members meetings to counties outside Taita-Taveta to include Nairobi, Mombasa, Kwale and Makueni counties indicating a gradual but effective expansion to other counties.
“Our message to all delegates is to try as much as possible to market this share capital as an alternative investment for our members due to its high rate of return and security for the same” he said.
Mbashu at the same time told the delegates that the dream of opening a branch in Mombasa would become a reality soon as plans were at an advanced stage for the actualization of the same, adding that there was a likelihood of the branch opening its doors to members possibly next year pending approval of the same by the county government of Mombasa.
He pointed out that due to the high demand for mobile loans as requested by the members in the business sector the sacco had crafted a new loan product going by the name Jisort Advance which is currently at the pilot stage and would be rolled out soon when all modalities had been put in place.
The sacco chairman emphasized the fact that in the modern business world ICT is the backbone of virtually all financial transactions and underscored the need for the members to keep themselves updated on the same.
He expressed satisfaction that Qwetu Sacco had upgraded its ICT facilities to match current standards so as to ensure better and efficient services to its members.
The sacco chairman challenged the delegates to be alive to their key roles which include representation, oversight, policy development, communication and accountability.
Speaking after reading out the financial estimates to the delegates the sacco CEO Mr Charles Kaba emphasized the need for frugality among members if they were to make it in business and break even.
“Our members must be alive to the fact that a loan obtained for a certain purpose must be so utilised and repaid when the time is due. Never make mistakes of using a loan for creature comforts as this could lead to regrets later” said Mr Kaba
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