State of Affairs

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 briefed in our last AGM, we have fully gone live with the new Sacco financial system (SaccoPro) and the office team are presently handling the catch-up/backlog transactions posting to ensure that every member gets prompt savings and loans account statements.

We therefore encourage members to furnish the Sacco office with their personal email address to facilitate automated and real-time processing of electronic statements of their savings and loan accounts.

As launched during our last AGM, the phase one of the Waskom Sacco website is up and this has adequately improved 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 from the year 2015 and have finalized the documentation.

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..

As endorsed by members during our AGM of the year 2016, the board has facilitated and finally partnered with TransUnion Africa CRB to facilitate and improve our lending and loan recovery strategy.

We have updated all our loan application forms with revised terms and conditions of lending as per this new engagement with a Credit Reference Bureau which includes.

  • Querying your Credit Rating/Score from the CRB which attracts a fee of Kshs. 100 per loan application with exception to “Instant” Loan applications. This new fee takes effect from November 2016.
  • Listing both your Positive and Negative Credit information in the CRB.

Members are therefore urged to read and fully understand the revise terms of lending.

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