Premier Sacco chairman urges Kenyans to change saving patterns

Premier Sacco Chairman Pius Thuku has urged Sacco members to change their saving patterns by increasing their monthly deposits to be eligible to favorable loans.

Thuku says the Sacco’s deposits went up by 31.2% in 2018 and the same is expected to rise again in the year 2019.

He said the deposits stood at Ksh 423,558,628 in 2018 as compared to the previous year which stood at Ksh 322,805,918.

“Increasing our monthly contributions is the only way we can make sound investments and secure our future financial security,” said the Sacco Boss. He said their membership also rose from 7,364 in 2017 to 8,965 in 2018, an increment of 21.8%.

He thanked members for being part of the success despite of the market challenges.

According to Thuku, the share capital has grown by 27.5% from Ksh 40,377,770.00 in 2017 to Ksh 51,468,032.00 in 2018.

He said in order to foster ownership of the Sacco, each member is expected to own a minimum of 500 shares in the society at a Ksh 20 per share.

The Chairman said the Sacco has been able to offer members various loan products ranging from personal to development with repayment period ranging from 1 year to 4 years depending on the type of a loan.

Thuku said membership currently stands at 8,965, 1500 with an estimated Ksh 442,390,979.00 already out loaned to members.

He urged members to save and borrow saying it is the core business of the organization.

 

  

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