The Kenya Highlands Sacco Society will commence the construction of its modern Kericho Town building next year.
The Sacco Chairman Mr Richard Mutai told a Special Delegates Meeting recently that they had started the process of putting up the project, having applied clearance from the relevant authorities who have given the green light to undertake the multi-million project.
“We are working on the technical aspect as we expect the project to start early next year,” he said.
The Sacco purchased a prime plot in the town where it is expected to construct a landmark ultra-modern building.
The chairman also told delegates they had finalized the 2023-2028 strategic plan, which envisages growth in total assets and revenue toKsh10 billion and Ksh1.8 billion respectively, in the next five years.
“This is an ambitious target and requires a concerted effort from all of us. For us to grow our total assets to Ksh10 billion we must grow our loan book by 2 billion yearly. This calls for an upgrade of the IT system and the enhancement of education and marketing to members. Despite the tough economic times, the Sacco has grown steadily in the last eight months,” he said.
The Society membership grew by 10 per cent representing an addition of 10,178 new entrants. It disbursed loans and advances amounting to Ksh2.35 billion as of 31st August 2022.
Mr Mutai said the Society had opened two satellite marketing offices in Kiptagich in Olenguruone and Kaptumo in Nandi, which have high business prospects.
“We did a feasibility study and found the two to be viable. We hope to upgrade them to fully-fledged branches soon,” he said.
He added that the Sacco had also introduced new products targeting the dairy and business sectors.
“We urge our members to remain loyal to the Society, which will improve their financial wellness in the long run,” he said.
The Chef Executive Officer Mrs Alice Kosgey noted that the economy had started recovering from the effects of the Covid-19 pandemic remaining optimistic that the Society will achieve its business and growth targets.
Kericho County Co-operative Officer Mr Leonard Otii praised the management of the Society for following prudent and sound financial management that had seen them pay good dividends to their members.
