Cosmopolitan Sacco has posted excellent financial performance fueled by visionary leadership, prudent management, and adoption of technology to maintain strong growth during the Financial Year ended 31st December 2020.
According to financial reports presented to members during this year’s Annual General Meeting held at Kunste Hotel in Nakuru, the Sacco Board of Directors declared payment of Ksh 516 million to members as dividends on shares at a rate of 15 per cent and interest on members’ non-withdrawable deposits at a rate of 11.8 per cent. The payout was an outstanding improvement from 2019 when the Sacco paid dividends at the rate of 10.01 per cent and rebates at 11.2 per cent, despite the challenges experienced last year.
The growth indicates the right management strategies and the Board of Directors’ commitment to steer Sacco to greater heights of success.
Speaking during the Sacco’s 41st AGM, the Board of Directors Chairman John Muigai urged members to take advantage of the new products to achieve their development goals. “
On financial performance, the Society loan portfolio grew to reach Ksh 5.14 billion in 2020 from Ksh 4.49 billion in 2019. The big chunk of the loans went to land and housing Ksh 102.6 million, education sector Ksh 54 million, trade Ksh 21.7 million and agriculture Ksh 15.2 million, among other sectors.
Members savings rose from Ksh 4.85 billion in 2019 to hit Ksh 5.56 billion in 2020, while the total asset base jumped from Ksh 6.14 billion to reach Ksh 6.95 billion. Despite losing 121 members during the year under review, the Sacco membership recorded an upward growth to reach 20,869 members.
