By CN Writer
Nufaika Sacco sustained a positive growth trend in the 2020 financial year, registering excellent financial performance across all segments, which was enabled by the use of modern technology in services delivery.
The Board of Directors announced payment of dividends on shares at the rate of 14 percent, which is one of the highest rates in Kirinyaga County.
The Sacco has introduced modern technology to deliver sustainable and profitable growth during this Covid-19 pandemic period and in the future.
The Sacco’s asset base increased to Ksh 189.87 million in 2020 from Ksh 189 million in 2019, while the members’ deposits stood at Ksh 119.8 million, up from Ksh 117.7 million in 2019.
“We thank our members for their patronage and support, which has made us realize tremendous growth. We are urging members to increase their monthly deposits and shares to secure their financial security,” said the Sacco chairman Wilson Ndungu.
He spoke during the 83rd Annual General Meeting held at Kaitheri Polytechnic hall, where he encouraged members to be careful when guaranteeing loans to avoid later inconveniences when one defaults.
The Sacco membership registered 17.8 percent growth to reach 3,087 owing to an aggressive recruitment campaign.
“Nufaika Sacco will achieve more with members continued support and co-operation. I request all of us to operationalize our motto “Pamoja Utajiri Wetu,” said the Sacco Supervisory Committee Chairman George Karimi.
