NAIROBI, Kenya, Feb 21 – Ministry of Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Development Cabinet Secretary Mr. Simon Chelugui says the co-operative movement plays a key role in the mobilization of savings which currently stand at Sh1 trillion, commanding an asset base of Sh1.5 trillion and granted members loans totaling Sh980 billion.
Chelugui stated that he signed a Memorandum of Understanding (MoU) with the Council of Governors which came up with a resolution of taking stock of existing co-operatives, with a key parameter being annual general meetings.
“There is an increment of the Saccos’ revenue collection to Sh70.9 billion, the growth in assets to about Sh49 billion, deposits grew to around Sh26 billion while the loans and advances stand at Sh40.8 billion,” said Chelugui.
Chelugui made the remarks when he presided over the Kenya Police Sacco’s Annual Delegates Meeting at the Serena Hotel in Nairobi.
He acknowledged the efforts the Sacco has made of setting up a digital platform which has accumulated 30 percent of their audience increasing the profits.
Also speaking at the event, the Kenya National Police Sacco Chairperson David Mategwa said the Sacco is at an advanced stage of registration as a Data Controller by The Office of the Data Protection Commission.
The society has formulated a Data Protection Policy and Framework to ensure full compliance with the Data Protection Act 2019 and the Data Protection Regulation 2021.
Further, he emphasized that the Sacco will continue to explore more viable options available to grow revenue streams and remain committed to member empowerment through development on viable and affordable investment projects across the country.
“The Board of Directors recommends payment of dividends on share capital of Sh552 million (17 percent) and Interest on Deposits Sh2.7 billion (11percent) making a gross total of Sh3.2billion which is an increment from the previous year,” noted Mategwa.
He added that the Sacco’s Children Education Program has so far supported 201 students, noting that in the previous year they registered 166 students where 148 of them were in various secondary schools and 18 in various universities.
