always there meeting sacco 2019 mob: 0702 605248, timau mob: 0702 689209, sipili mob: 0724 212281,...

42 Years of Transforming Lives

ANNUALGENERALMEETING

2019

Date: 23rd February, 2019 Time: 10.00am, Venue: Wiyumirire Primary School.

saccoalways there for you

OUR CORE VALUES

1. Quality service.2. Initiative and proactive.3. Team work.4. Accountability and transparency.5. Partnership and collaboration6. Environmental sustainability.

OUR MISSION

To mobilise resources for the provision of quality, affordable and efficient financial services to our clients and other stakeholders

OUR VISION

To be the leading financial service provider contributing to community economic empowerment in Kenya

42 Years of Transforming Lives

Head officeNanyuki: Tel: 062-2031969/ Mob: 0725 453 124

Branches: Nanyuki Mob: 0704 675 896, Nyahururu Tel: 065-2032119, Mob: 0725 453 123,Kinamba Mob: 0702 689532, Rumuruti Mob: 0705 488884, Wiyumiririe Mob: 0702 605248, Timau Mob: 0702 689209,

Sipili Mob: 0724 212281, Naromoru Mob: 0724 212282

• No account maintenance fee• Attractive interest rates on savings• No charges on cash deposit• Competitive interest rates• Age upto 18 years

Enables parents and children accumulate savings for their future.

Benefits and Features

Junior StarAccount

42 Years of Transforming lives

Annual General Meeting 2019

42 Years of Transforming Lives1


42 Years of Transforming Lives 2

MINUTES OF THE ANNUAL GENERAL MEETING HELD ON 25/02/2017 AT WIYUMIRIRIE PRIMARY SCHOOL.

MEMBERS PRESENTThe meeting was attended by 272 Members.

IN - ATTENDANCE�� Mr. Hon. Biwott – CEC, Trade, Tourism and Co-operatives in Laikipia�� CIC Insurance�� Ndirangu Mwangi and Co. Auditors�� KNUT, Laikipia�� KUPPET, Laikipia�� County Co-operative Officers�� Ecom Technologies Ltd

PREAMBLE:The meeting started at 1.25 pm with prayers led by Madam Mbithi. The notice to convene the meeting was read. Guests and institutions present were introduced.

AGENDA1. Reading and confirmation of the previous AGM Minutes2. Matters arising3. Chairman’s Report to the AGM4. Supervisory report5. Report and Financial statements of the year 20176. Any Other Business

MIN 1/24/02/2018: READING AND CONFIRMATION OF THE PREVIOUS AGM MINUTESThe minutes were read by the Hon. Secretary. They were proposed by M/no 511 and seconded by M/no 3591.

MIN 2/24/02/2018: MATTERS ARISING FROM THE MINUTES.No matters arose from the minutes.

MIN 3/24/02/2018: CHAIRMAN’S REPORT TO THE AGM.The report was read by the secretary. The report gave highlights on;�� Important Sacco statistics�� Member deposits and share capital�� Growth of business�� Risk management contribution by members�� Dividend and interest payout.

Members questioned why the society would hike risk fund contribution from Ksh 20 to Ksh 50 per member per month. They were taken through the figures of 2016 and 2017 where it came out clearly that the expenditure was exceeding income by huge amounts.The report was proposed for implementation by Mno 2431 and seconded by Mno 3104.

MIN 4/24/02/2018: SUPERVISORY REPORTThe report was presented to the AGM by the supervisory secretary. It covered the following areas;



�� Society growth�� Loaning�� Sacco investment�� Loan provisioning�� Challenges experienced in 2017

The report was proposed by Mno 2007 and seconded by Mno 2144.

MIN 5/24/02/2018: REPORT AND FINANCIAL STATEMENTS OF THE YEAR 2017a) The office of the treasurer presented the report and financial statements for the year 2017 to the AGM.

�� Assets Ksh 2,561,117,754�� Liabilities Ksh 2,141,119,322�� Share capital Ksh 119,235,009�� Reserves Ksh 300,763,424

Liabilities and shareholders fund Ksh 2,561,117,754

b) The treasurer made the following proposalsi) That the AGM approves the report and financial statements for the year ended 31/12/2017.ii) That dividends be paid at 13% and interest at 11.2%.iii) That the borrowing power be retained at Ksh. 450,000,000.

The Report and Financial Statements and treasurers proposals were approved through a proposal by Mno 5155 and seconded by Mno 3277.

MIN 6/24/02/2018: ANY OTHER BUSINESSThe Chief Guest Hon. Biwott applauded the Sacco for asset growth and encouraged the members not to rely on one revenue line.

Having no other business the meeting ended at 3 pm with prayers by Mr. Kahando

Minutes recorded by …….………………………………………………………Christopher GichimuHon. Secretary

Minutes confirmed by ……………………………………………………..……….. James MuhandiChairman



SUPERVISORY REPORT TO THE AGM AT WIYUMIRIRIE ON 23TH FEBRUARY 2019

Honorable members, distinguished guests we are glad this day to have gathered here to evaluate the progress and the shortcomings of the society as the supervisory board for the year ended 31st Dec 2018.

1. SOCIETY GROWTH

The membership of the society in the year ended 2018 has increased to 25745 as compared to 2017 which was 21714. An increase of 4,031 members. This growth was realized in all classes of membership.

2. DECEASED AND RETIRED MEMBERS

During the year ended 2018, eighty seven (87) members retired from various professionals and unfortunately we had twenty seven (27) cases of death of our members.

3. THE YEAR 2018 LOANING

This is the core business of the society. During the year ended, customers had benefited from all loan products as follows;

Nanyuki Kshs. 700,499,480.00Nyahururu Kshs 387,702,286.00Wiyumiririe Kshs 120,857,001.00Kinamba Kshs 157,899,622.00Timau Kshs 132,107,317.00Rumuruti Kshs 233,801,575.00Sipili Kshs 142,029,730.00Naromoru Kshs 112,217,633.00Total loaning Kshs 1,987,114,644.00

4. YEAR 2018 BRANCHES LOANS BOOK SUMMARY

It is of importance to note and know how the loan book of each branch stood as at 31st December 2018.

Nanyuki Kshs. 966,922,381.77Nyahururu Kshs 500,163,808.60Wiyumiririe Kshs 148,363,094.85Kinamba Kshs 212,421,547.75Timau Kshs 180,466,399.26Rumuruti Kshs 285,778,931.84Sipili Kshs 181,655,234.89Naromoru Kshs 123,106,563.56Total loaning Kshs 2,598,877,962.56

5. LOAN PROVISIONING AS AT 31ST DECEMBER 2018

It is a requirement from the regulator (SASRA) to be classifying our loans according to how loans are being paid.

Classification provision Loan amount required provisionPerforming loans 1% 2,533,262,309 2,116,343,842Watch loans 5% 19,894,694 19,924,508Substandard loans 25% 8,033,350 16,966,525Doubtful loans 50% 4,294,862 7,849,910Loss category 100% 33,392,746 11,186,893

2,598,877,961 72,828,484.99



It is good to note this provisioning normally affects our dividend and interest especially the three last classifica-tion. i.e. substandard, doubtful and loss.

6. THE YEAR 2018 CHALLENGES

During the year ended the society encountered some challenges which affected the business in one way or anoth-er.

i. Competition from other financial institutions

ii. Default cases of loan

iii. Loan recovery – assets financed projects i.e, proboxes and sientas which have been out of business.

iv. Loaning being higher than savings.

In this year 2019 we do hope and trust that business will be fruitful and give good returns.

May God bless you all as you travel back home.

Yours;

Supervisory board.



ACCOUNT OPENING REQUIREMENTSIndividual Account

• Original and copy of national ID or passport• Passport photograph (taken at the branch)• Copy of KRA pin certificate

Groups Account • Signatories’ original and copy of ID card• Group minutes• Original and copy of the group’s registration certificate• Group’s bylaws • Signatories’ copy of PIN certificates

Institution Account/Organisation Account/Company Account • Certificate of registration as well as its copy• Certificate of incorporation • Bylaws • Directors resolution• KRA Pin certificate

CREDIT PRODUCTSNormal Loan A product designed for salaried people.Features

• Maximum loan qualification; 4 times the deposits• Loan period shall not exceed 60 months• A third basic rule applies

Fanikisha Loan Features

• Maximum repayment period is 72 months• Multiplier is 4 times the deposits• Subject to 2/3 rule

Emergency LoanFeatures

• Maximum repayment period is 12 months• Multiplier is 3 times the deposits• A third basic rule applies • Processed instantly

Development Loan Features

• Maximum repayment period is 84 months • Multiplier is 5 times the deposits

Preferential Loan Features

• Open to members who plough back their interest on deposits and dividends in full for 3 continuous years

• Multiplier is 4 times the deposits• Maximum repayment period is 72 months

Salary Advance Features

• Salary received through FOSA three consecutive months• Maximum of Ksh. 300,000• Processed instantly • Repayment period of up to 6 months.

Salary In Advance Features

• Salary received through FOSA three consecutive months

• Maximum of 70% expected net salary • Interest charged on disbursements • Repayment period is 1 months• Processed instantly

Dividend Advance Features

• Maximum 75% of expected dividends• Must have no arrears in loan repayment

Settlement Loan A product designed to assist newly employed customersFeatures

• Part of loan capitalised (to meet minimum share capital requirement)

• Maximum loan amount Ksh 40000• Provide certified letter of appointment/posting letter.• Processed instantly.

Fosa PrimeFeatures

• Salary to be channelled through FOSA• Maximum repayment period is 72 months• Multiplier is 4 times deposits• Subject to 2/3 rule

UNISON MICRO CREDIT PRODUCTSChama LoanBenefit

• Flexible loan amounts• Weekly and monthly instalments• Easy security requirement• Multiplier is three times the deposits

Jasiri LoanBenefits

• Individual business loans• Fast processing of loans• Flexible security on loans• No hidden charges• Loans from Ksh. 10,000• Multiplier is 4 times the deposits

Masomo LoanBenefits

• Initial loan ceiling is not exceeded • Fast processing of loans• Issued to group members/individual business members

Asset Finance

• Fast processing of loans• Loan partly secured by the asset • No hidden charges

Project financing• Flexible repayment period• Moratorium of 6 months with repayment of interest on

monthly basis• Income from the project channeled through the Sacco, through

a memorandum between the Sacco and the borrower• Financing up to 80% of the project

42 years of transforming lives


Branches: Nanyuki Mob: 0704 675 896, Nyahururu Tel: 065-2032119, Mob: 0725 453 123, Kinamba Mob: 0702 689532, Rumuruti Mob: 0705 488884, Wiyumiririe Mob: 0702 605248, Timau Mob: 0702 689209, Sipili Mob: 0724 212281, Naromoru Mob: 0724 212282

Development Loan

Features• Maximum repayment period is 84 months• Multiplier is 5 times the deposits• No minimum deposits required

A product designed for members for a bright future upon retirement and old ageFeatures• Minimum contribution per month Ksh .100 only.• No ledger fees charged on the plan.• No minimum balance.• Withdrawal only at maturity of the plan.• Contribution can be through standing order, cash deposits, pay bill, cheque, and any

acceptable mode of payment.• Lump sum cash or cheque deposit allowed.

Silver Seed Plan

42 years of transforming lives


Branches: Nanyuki Mob: 0704 675 896, Nyahururu Tel: 065-2032119, Mob: 0725 453 123, Kinamba Mob: 0702 689532, Rumuruti Mob: 0705 488884, Wiyumiririe Mob: 0702 605248, Timau Mob: 0702 689209, Sipili Mob: 0724 212281, Naromoru Mob: 0724 212282

always there meeting sacco 2019 mob: 0702 605248, timau mob: 0702 689209, sipili mob: 0724 212281,...

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