By CN Writer
Ardhi Sacco has maintained a steady performance in the financial year ended December 31st, 2020, despite the country witnessing depressed economic activities due to the adverse effects of the Covid-19 pandemic.
The Sacco registered a 5.2 percent growth in members’ deposits, boosting its liquidity at a time when many co-operatives societies in the country had challenges financing loan demands from members. Ardhi Sacco maintained an up-to-date loan allocation, enabling many of its members to achieve their development goals.
With about 200 millionaire top-savers, the Sacco is targeting to grow its list of highest savers through various initiatives to achieve its strategic goals, including growing loan portfolio and surpluses that will translate to higher members’ annual earnings.
Last year, the Deposit Taking Sacco loan book grew by 3.4 percent as the pandemic slowed credit uptake despite its quick and timely disbursement of loans to members. The Sacco has taken a raft of measures to reduce bad debts while being keen to grow the loan portfolio.
Addressing delegates during this year’s annual meeting, the Sacco National Chairman, Mr Tom M. N’Khataro, said the Sacco had a 9.5 percent growth in share capital. The Sacco turnover for the year stood at Ksh 251.5 million.
Despite challenges brought by the Covid-19 pandemic, the Sacco Board of Directors said that annual dividends on members’ shares increased by 30.4 percent while interest on members’ deposits went up by 8.3 percent.
Mr N’Khataro urged delegates to grow the Sacco business by having as many members patronizing its products and services.
The Sacco is targeting to grow its membership by over 1,600 annually through concerted efforts with delegates and members rewarded Ksh 1,000 for every three recruit members.
“Our Karibu loan of Ksh 50,000 is available to new members instantly. We should target new staff being recruited by ministries and counties,” he said.
In the future, Ardhi Sacco is banking on ICT to grow business and improve efficiency and customer satisfaction.
“We have to move with the current tide to offer efficient services for the Society to thrive. We will minimize physical meetings as we opt for virtual meetings,” said the chairman.
The Sacco management is popularizing its mobile banking platform Pesa Pepe that enables members to access their accounts and statements both for FOSA and BOSA activities anytime and anywhere.
In addition, the Sacco has provided members with a Sacco Link card, enabling members to access their cash via ATMs all over the country.
“Members can still apply for the advances online by downloading the forms from our website and sending via email,” said Mr N’Khataro.
The Sacco advances include:-
Jaza Jaza
It is an advance taken to clear outstanding loans/advance and apply for new ones.
Instant Advance
A member can apply up to a maximum of Ksh.500,000 repayable within 24 months.
Mobile Advance
The amount is advanced to FOSA customers to a maximum of Ksh.5,000 repayable within a month. Members can apply via their mobile phones.
Salary Advance
This advance applies to members who process their salaries through the FOSA. It is repayable within a month.
Salary In Advance
Applicable to FOSA account holders and repayable within 12 months.
Mr. Tom O. M. N’Khataro
National Chairman
Mr. John B. M. Muthamia
CEO
Ardhi Sacco is regulated and licensed by Sacco Societies Regulatory Authority (SASRA). The Society has met all prudential ratios as required by SASRA. The Society was registered on October 5th, 1971 (Registration No.2001) by the Commissioner for Co-operative Development.
