By Isaac Manje.
Kibabii University Sacco Society Limited held its 10th Annual General Meeting (AGM) on the 6th of April, 2024. Among the matters on the agenda were the Chairman’s Report presented by the KIBU Sacco Chairman, Mr. Nobert Wanyonyi, the Supervisory Report presented by Mr. Samwel Sitati, the Treasurer’s report presented by Jackline Wasilwa, and the Auditor’s Report presented by the external auditor, Mr. Phillip Oundo.
Mr. Nobert Wanyonyi thanked the University Management for their continued support of making timely remittances every month. He appreciated the Vice Chancellor who he noted had taken keen interest in the affairs of KIBU SACCO. The Chairman also appreciated KIBU Sacco partners who from time to time had provided crucial services such as oversight (Cooperative department), training (KUSSCO), insurance (CIC), and co-banking services (Pesa-Tech Solutions). Among the challenges noted were the third rule, the housing levy, the inflation of the shilling, non-performing loans, and a significant drop in membership.
It was reported by the Chairman that during the last financial year, the Management Committee accomplished several milestones including developing of eight crucial Sacco policies, developing a business work plan, participating in the County Cooperative Ushirika day and being awarded various trophies, and completing the registration of the amended by-laws among others. Following the Sacco elections that had been held in March 2024, the Chairman thanked all the out-going committee members for serving diligently and dedicatedly with dignity and openness. He requested the incoming committee members to bring in new energy, skills and innovation to bring KIBU Sacco to greater heights.
The KIBU Sacco treasurer, Jackline Wasilwa, reported that the Sacco managed to pay out loans amounting Kshs 65.15 Million and Christmas savings amounting to Kshs 5.12 Million without external borrowings. “Within the same period, member’s deposits grew by 3.16% from Kshs 67.5 Million in the year 2022 to Kshs 69.6 Million. However, we call upon Sacco members to save more to enable the society to meet FOSA minimum threshold of Kshs 100 Million”, said the treasurer. She further reported that the members’ share capital had grown from Kshs 3.47 Million to Kshs 4.05 Million representing 16.55%. The Sacco revenue increased slightly from Kshs 13.3 Million to Kshs 14.1 Million translating to 6.2%.
It was unanimously agreed by the members that a new auditor be contracted by the Sacco since the old one had stayed on for too long. The AGM culminated in rewarding the best savers as per the three electoral colleges in Kibabii University, namely UASU, KUSU and KUDHEIHA. Dr. Duncan Wasike from UASU, Ms. Mukanda from KUSU, and Ms. Gladys Etukon from KUDHEIHA were awarded for being the best savers in their respective electoral colleges.
