Page 60 - Sacco Star Issue 15
P. 60

SACCO NEWS                                                            KILELE SACCO LOANS

KILELE ON THE PATH TO                                                                                      The loan shall be three times the Shares/
BE THE BEST SACCO                                                                                          Savings of a member.

VISION                                                       CORE VALUES                                   The types of loans offered in Kilele SACCO
“To be a model SACCO with international repute”                                                            include:-
                                                             Integrity
MISSION                                                      Professionalism                               •	 Normal loans-1.25% p.m.- payable in
To efficiently provide quality, diversified and competitive  Accountability                                    36 months
financial products and services to our members”              Transparency
                                                             Equality                                      •	 School fees loans-1.25% p.m.- payable
                                                                                                               in 12 months
                                                             Managing Director
                                                             Superfreight Company,                         •	 Emergency loans-1.25% p.m.- payable
                                                             Shadrack Maina Mushiri                            in 12 months
                                                             receiving a trophy from
                                                             CEC Nairobi Madam                             •	 Chuo /College Loan- 1.25% p.m-
                                                             Dolphin Aremo for being                           payable in 18 months
                                                             the best borrower. With
                                                             the microphone is the                         •	 Top-up Loan/Refinance- 1.5% p.m-
                                                             Chairman Mr. James Ole                            Payable in 36 months
                                                             Nkiti and the treasurer Mr.
                                                             Arnold Munene.                                Special loans- advance-5% p.m. on the
                                                                                                           principle- payable in 3 months
Kilele SACCO realized impressive growth in the   institutions, while they will also be able to
year 2015 and recorded a notable revenue         access borrowers’ credit information from             Kshs 158.27Milion in the year 2014 indicating
increase with improved cash flows, despite the   other financial institutions. From an ethical         an increase of 19.1%.
challenging global macroeconomic conditions      point of view, the decision by to share credit
and significant volatility across the industry.  information with CRBs brings back good faith          Mr. Ototo lauded the management of
                                                 within the Sacco environment since loan               the SACCO for the impressive growth and
During the SACCO’s 43rd Annual General           guarantors are better protected.                      advised members to plan well how to spend
Meeting at KUSCCO Centre, the Chairman Mr.                                                             their dividends since most members in
James Ole Nkiti confirmed to members that        The KUSCCO Managing Director who is a                 SACCOs spend their dividends even before
the following policies were implemented:         member of Kilele SACCO noted that the                 receiving them, adding that it was important
No handling of cash in the office apart          membership of the society had increased and           for members to practice the law of saving
from imprest that is managed on an urgent        there was a need for every member to recruit          regularly, borrowing wisely and repaying
need – basis; introduction of M-pesa Paybill     at least five members to join Kilele SACCO.           promptly. The KUSCCO Managing director
platform and Internet banking; clear roles       The total membership as at 31st December,             reiterated that he receives his salary through
and responsibilities for each staff; improved    2015 stood at 1,610 compared to 1,535 for             the SACCO. And in the spirit of unity, he
interaction with members via office telephone,   the year 2014. The turnover grew from Ksh.            jovially requested all members of Kilele to
bulk-sms, website, email; and Bank standing      20.67Million in the year 2014 to Ksh. 24.95 in        receive their salary through the SACCO and
orders for recovery of loans advanced to         the year 2015 recording a 21% increase.               not in banks because money in the SACCO
members who are not on check-off system.                                                               earns more dividends than Banks.
                                                 The SACCO realized share capital increase
To steer the society toward financial freedom,   from Ksh. 6.35 Million in the year 2014 to Ksh.       2017 being a General election year, Mr. Ototo
the SACCO explored the option of expanding       6.99Million in the year 2015, reflecting a 10%        urged all SACCO leaders and members to
its operations to ensure the loan book is        increase. There was a positive deviation in           avoid ethnically charged politics that raise
performing. The SACCO has adopted best           members’ deposits from Ksh. 149.77Million             unnecessary temperatures in the country
principles of good corporate governance and      in the year 2014 to                                   which could lead to polarizing the nation. He
has partnered with Metropol Credit Reference     Ksh. 181.20 Million                                   maintained that harnessing peace throughout
Bureau to reduce the default rate. Metropol      in the year 2015,                                     the Country will foster a peaceful business
Credit Reference Bureau supports credit          indicating a 21%                                      environment that will further increase
providers in managing credit risk thereby        increase. The total                                   member savings and investments in various
increasing efficiency and lowering risk of       loan disbursed was                                    activities that will help in the realization of
default. The Sacco will now share borrowers’     Ksh. 188.37 Million                                   Vision 2030.
credit information with other financial          in 2015, compared to

58| SACCO Star Magazine                                                             Elly Owuor         Caleb Okumu    Brenda Liu
                                                                              Chief Executive Officer   Accountant  Office Assistant
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