State of Affairs

Introduction

Capitalization Process

Share capital is non withdrawable but transferable upon leaving the society. Therefore a member can choose to leave behind the share capital and continue earning dividends or transfer it to a nominee or sell it to another member so the outgoing member receives the money. Share capital needs to grow in order to meet the core capital prudential standards as prescribed by SASRA. Possible methods of building share capital.

  1. Re-group members’ savings into share capital and members deposits.
  2. Retention of a percentage of the surplus
  3. The society encourages members to use their dividends to boost their deposits and/or share capital.

Considering the gradual growth of WASKOM membership and in order to achieve adequate representation of all members, the board reviewed and is strengthening the delegate’s methodology of regional representation which is part of its By-laws.

Each region nominates/elects the delegates to facilitate member related activities and issues within their respective geographical areas. These delegates must represent members of their regions in the Sacco’s Annual General Meetings.

The Sacco adopted a secure, fast and convenient means of disbursing members’ loans through Safaricom MPESA bulk payment platform. This is in addition to the already existing bank’s Electronic Funds Transfer (EFT) product that we have been using to process bulk payments faster.

As promised in our AGM of 2015, we are presently running the new Sacco financial system in parallel to the existing as part of an effective roadmap of transitioning the new system.

We have developed and now commissioning Waskom Sacco website which will adequately improve communication within the Sacco members, the office staff and the board. Your feedback on the new feel of this technology is highly welcome and appreciated.

As part of the board’s objective for the year 2015, we embarked on serious process of planning on how to move our society to the next level. This is a long term process that covers areas such as business growth & development, corporate governance, business systems & processes, information technology and human resource management.

I wish to report that the board, the Sacco staff and various members’ representatives have been conducting a series of strategic planning consultations and sessions throughout the year 2015.

With reference to the previous members’ education seminars/forums, the board recognizes and appreciates the views and ideas received from members. These views which are touching on our products and service delivery did not go to waste as these have been factors of our strategic planning sessions.

This Strategic planning document which comprehensively gives a 5-year roadmap for Waskom is at its last leg of preparation in readiness for its presentation during our next AGM for members’ acknowledgment.