Members of Focus Realtors SACCO Limited will receive a combined Dividend and Interest on Deposits amounting to KSh 3.1 Million for the 2022 financial year, an impressive performance for the Embu County-based SACCO.
While the Society has yet to meet all the licensing requirements of the SACCO Societies Regulatory Authority(SASRA), it has been able to reward members with high interest on their deposits. The SACCO also earned more as interest on members’ loans and deposits.
“We saw a steady growth in active membership from 3203 at the end of December 2021 to 3587 at the end of last year. I therefore urge our members to be brand ambassadors and bring more people to the society,” said Jamel Runyenjes.
He made these remarks while addressing members during the Focus Realtors Sacco 15th Annual General Meeting(AGM) held on 28th January at Focus Plaza, Runyenjes, in Embu County.
He told shareholders that in 2022, Members’ Deposits increased significantly to KSh 78.4 Million, up from KSh 29.3 Million in 2021, an indication of the increased confidence in the SACCO by members, while the Share Capital increased to KSh 20.6 Million in 2022 from KSh 18 million in 2021.
Focus Realtors SACCO, however, recorded a decline in the total dividends and rebates paid out to members to KSh 3.1 million in 2022 from KSh 4.1 million in 2021, in what the top management of the Society attributes to low uptake of loan products by members.
“Dividends paid out for 2022 will be lower than the previous year due to lower profits recorded in 2022. While the lower returns are not that critical, there is room for improvement,” said the Focus Realtors Sacco management.
Focus Realtors SACCO is keen to meet all licensing requirements and has sought for the time from SASRA to meet several ratio requirements, including the statutory reserves-which must be 80% of the Society’s total assets.
The Society recorded a decline in fees and commissions earned in 2022 due to members’ low uptake of loans and financial products. However, the size of the Society’s balance sheet grew by 35% from KSh 85.1 million in 2021 to KSh 106.6 million in 2022.
Members were told that the Society has now completed moving into the new Focus Plaza Head offices and now has adequate space in the banking halls that can deliver services to members.
“I urge members to borrow wisely, invest in prudent projects and repay their loans promptly so as to improve their social and economic livelihoods,” said Runyenjes.
He told members that while 2022 had its own share of challenges, the Society has put in place measures to conduct education and training of members, employ the best marketing strategies to reach out to more members, especially the youth, and provide insurance services to members.
“We already have the 2023-27 strategic plan in place and will invest in more technology-driven platforms so as to reach out and serve more members,” said Runyenjes. Focus Realtors Sacco was established more than 14 years ago by a group of cleaners, kiosk owners, porters and shoe shiners and has made significant strides to become a financial powerhouse with a commercial building in Runyenjes town, Embu County, valued at more than KSh 100 million.
