At our 36th Annual Delegates Meeting, the general meeting passed a resolution of raising the minimum deposit contribution from ksh 1000 to kshs 2000 or 5% of the basic salary.
The last time the minimum deposit was reviewed was in the year 2007 i.e. ten year later. Over the years many other parameters which have positive correlation with the deposits have been reviewed e.g.
- Loan multiplier has been grown to now four times
- Loan lead time for development loans has been reduced from one month to one week.
- Dividends is now paid on a timely basis and at higher rates
The Sacco Societies Act requires a Sacco to operate within stipulated liquidity ratio. To comply with such regulation and maintain effectiveness and efficiency in our operation, the General meeting so it wise to make such decision. This change not only enables the Society to comply with the statutory requirements but it also enables the Sacco to meet its obligation as and when they arise.
For more information kindly call our finance manager on 0786588666