Harambee Sacco held its 53rd delegates meeting, boasting an improvement in its financial performance for the year 2023.
The Sacco’s National Chairman, Macloud Malonza, was delighted to announce that, for the first time since its inception, the Sacco is declaring dividends of 12 percent.
This, he claims, is a remarkable increase that has enhanced book profits, for the success and growth of the Sacco.
Speaking at the event, the Sacco’s National Treasurer, Rollah Gatwiri, noted that in the previous year, Harambee Sacco reported the most improved performance in its 53-year history, despite local and international economic turmoil, fueled by among other things, inflation, and global conflicts.
Gatwiri stated that the total revenue for the said year grew to Sh5.686 billion, up from Sh5.012 billion in the previous Financial Year.
Further, she emphasized that those results were attributed to continuous patronage of Sacco products, management efforts geared towards product enhancement and performance-driven initiatives, focusing on loan book growth.
The audits of Harambee Sacco for the year 2023, revealed no irregularities or illegal acts committed by the directors, employees or stakeholders of the Sacco.
Through the audits, it was confirmed that share capital and assets had grown all the while, which encouraged delegates to increase money earned from member loan interests.
At the same time, the Board of Directors proposed a resolution to the delegates for deliberation and approval, which is the power to borrow under Section 33 of the society’s By-Laws.
This resolution gives society powers to borrow under Section 33.1, which specifically states that loans may be obtained from non-members (Financial Institutions), subject to the maximum amount and terms approved by the General Meeting and provided the total external borrowing does not exceed the limit prescribed in the regulations.
The Board of Directors, therefore, proposed borrowing powers of the society, be increased from Sh5 billion to Sh6 billion and be utilized on a need basis, in order to cushion the society in case of any liquidity requirement.
In attendance was Harambee Sacco Vice Chairperson, Mrs Millicent Simiyu) and Director Rosemary Muriithi among other members and guests.
By Michael Omondi
