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Noble Sacco mulls opening new branches, agency services

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SACCO Chairman Mr. David Rono

In a bid to expand its presence within the expansive North Rift region, Noble SACCO is considering opening branches as well as running agency services this year.

The plan will see the society realize steady growth in membership while also gradually increasing its asset base, the Chairman, Mr. David Rono, said during the 42nd Annual Delegates Meeting (ADM) at the Eldoret Sports Club.

In 2021, the SACCO saw its assets post 13.78 percent growth to Ksh. 2.9 billion from Ksh. 2.5 billion reported by December 2020. “Members’ deposits in aggregate increased from Ksh1.6 billion in 2020 to Ksh1.8 billion in 2021, representing a growth of 11.43 percent,” noted Mr Rono.

In the year under review, the society’s net earnings also surged by 13.81 percent to KSh503 million from KSh442 million reported a year earlier.

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SACCO Chairman Mr David Rono

By Enock Kipturgut

In a bid to expand its presence within the expansive North Rift region, Noble SACCO is considering opening branches as well as running agency services this year.

The plan will see the society realize steady growth in membership while also gradually increasing its asset base, the Chairman, Mr. David Rono, said during the 42nd Annual Delegates Meeting (ADM) at the Eldoret Sports Club.

In 2021, the SACCO saw its assets post 13.78 percent growth to Ksh. 2.9 billion from Ksh. 2.5 billion reported by December 2020. “Members’ deposits in aggregate increased from Ksh1.6 billion in 2020 to Ksh1.8 billion in 2021, representing a growth of 11.43 percent,” noted Mr Rono.

In the year under review, the society’s net earnings also surged by 13.81 percent to KSh503 million from KSh442 million reported a year earlier.

Across Kenya, over 50 SACCOs have backed the creation of a Central Liquidity Facility and a Shared Services Platform that is billed to significantly change how the savings and credit entities are run, including providing access to the National Payment System.

The delegates resolved to maintain the 14,226-member society’s borrowing power at KSh300 million.

The Chief Guest, Mr. Robert Kithanju Njue, Chairman Kenya Teachers SACCOs Association (KETSA), lauded the management and Board for the growth trajectory assumed by the society.

Mr. Njue observed that the branding of the SACCO is a critical tool that can aid the recruitment of more members outside of its primary target constituency – the teachers.

The KETSA Chairman also urged SACCO management and board to undertake feasibility studies before opening any new branch or satellite unit, to ensure prudent use of members’ money. Mr Njue also congratulated Noble SACCO for joining KETSA and the subsequent appointment of Mr. Rono as the Association’s National Treasurer and a director representing North Rift.

He called on teachers’ SACCOs that have not joined KETSA to join it in order for their members to enjoy the benefits of negotiations with the employer, the Teachers Service Commission.

During the ADM, delegates re-elected board of directors whose term of office had lapsed but were eligible for re-election.

The supervisory committee position attracted four delegates but only two, Mr. Zablon Biwott and Mr. Edward Biwott, qualified to vie. Delegates voted through acclamation where Edward Biwott won with 190 votes against the incumbent Mr. Zabion Biwott, who garnered 113 votes.

Uasin Gishu Cooperative Commissioner, who presided over the election, declared Mr. Edward Biwott as the new director to serve on the supervisory board. Delegates appointed external auditor Mazars to audit the SACCO’s financial statements for 2022.

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