Ollin Sacco has continually posted high growth to maintain its position among the leading Cooperative societies in the country.
In the 2021 Financial Year, the Sacco recorded positive growth in the face of a harsh economic period caused by the Covid-19 pandemic.
The Sacco continued to post positive growth due to members’ loyalty and support with the asset base growing by 16 percent to Ksh7 billion in 2021 from Ksh6 billion. Members’ deposits increased by 17 percent to Ksh4.78 billion compared to Ksh4.08 billion in 2020.
During the financial year ended 31st December 2021, Ollin Sacco also loaned members over Ksh5.27 billion a growth of 14 percent from Ksh 4.6 billion in 2020.
The Society membership grew by 26% to reach over 17,500 up from about 14,000 in 2020.
“The Sacco has continued to register impressive growth in all parameters courtesy of your loyalty, commitment, and patronage of the Sacco products and services,” said the Sacco Board of directors Chairman Mr. Albert Ndegwa. He was speaking during the 45th Annual General Meeting held at Kutus Primary School.
He said that Sacco has embarked on member education and training to equip them with personal financial and management skills, knowledge on investment opportunities and enlighten them on Sacco products and services. “I urge members to continue taking advantage of these training seasons for their advantage,” he said.
Following a successful year, members were paid dividends on shares at the rate of 17.5% and interest on deposits at 12.5%, which is among the highest percentage in the country.
Mr Ndegwa said the Sacco intends to grow its membership and asset base by the year 2025 to 40,000 and Ksh15 billion respectively. The Society will ride on technology to attain growth and improve customer satisfaction.
At the same time, the Sacco intends to extend its reach by opening branches and increasing the number of Sacco Agents across counties it operates. “In the present strategic plan the Sacco will continue establishing more branches that are market driven,” said the chairman.
He urged members to update details of their next of kin in case of any eventuality transfer of estate becomes easier.
Mr. George Ototo, the KUSCCO CEO, who was the guest of honour during the event, commended the Sacco for its outstanding growth and commitment to transforming livelihoods.
The Sacco has traditionally built a reputation of setting the pace in the provision of quality financial solutions in all the areas it operates.
All development goals are achievable with Ollin as the Sacco offers competitive loan products that are cheap and instant, where members apply and get their loans daily. These affordable credit facilities include group loans, business loans, estate loans, buy-off loans, secured loans, stop-gap loans, alpha (Karibu) loan, mapato loans, Agri loans, E-loan, and education fund.
Ollin Sacco Society Ltd was registered on 14th June 1976. It had a membership of 163 on inception but the membership currently stands at 17,584.
The Sacco is located in Kerugoya town, Kirinyaga County, and has branches in Mwea, Kitengela, Kiserian, Kimana Loitoktok, Kianyaga, Thika and Narok.
