Sacco started by Jua Kali artists to start offering FOSA services



A cooperative that was started by Jua Kali artisans and small scale traders in Runyenjes town of Embu County now plans to start offering Front Office Sacco Activities (FOSA) to meet needs of members.
Started 10 years ago with an initial share capital of Sh237,000, Focus Sacco Society has grown considerably and now boosts savings of Sh17 million.
Sacco chairman Rev Linus Muriithi said they resolved to start FOSA services, having set aside Sh10 million deposit as a requirement by the Sacco Societies Regulatory Authority (Sasra).
Speaking during the Sacco’s annual general meeting, Rev Muriithi said they are in the process of registering for FOSA aiming to operationalise it by next year, an achievement that will diversify the transactions to members in savings and lending.
 He revealed the plan to start FOSA is contained in the Sacco’s 2017-2019 strategic plan.
Sacco official Ceasar Munyi said the dedication by the members to save and invest enabled the Sacco to post a profit despite a turbulent year 2017 when political events took centre stage.
“We ran Focus Sacco apolitically. The membership is cosmopolitan drawn from different Kenyan communities. We were not affected by the political happenings last year,” he said.
The Sacco made a profit of close to Sh2 million and issued a dividend of 11 percent on member’s savings.
Formerly known as Runyenjes Jua Kali Sacco, the Sacco membership currently stands at 1194.


Comments

Post a Comment

Popular posts from this blog

EDUCATION

Image
County disburses Sh103 million bursaries as 10,000 applicants unsuccessful BY JOEY KIMEU More than 10,000 applicants for the Sh103 million Embu County Government bursaries were unsuccessful. Even though that was the county’s highest allocation issued in a single financial year, the applications were many and they considered the neediest cases, according to the fund manager Jeremiah Ireri. Ireri revealed that out of the 35,000 applicants only 23,400 were awarded the bursaries that would help pay their school or college fees. Secondary schools took the lion share amounting to Sh58 million while the rest was shared among special schools, vocational training centres, universities and colleges. Speaking during the bursary launch at St Benedict Kithimu Secondary School, Ireri who is county acting Education chief officer called on MCAs to consider increasing the bursary kitty so that as many applicants benefit. Education CEC John Kiamati who was the chief guest said the...
Read more
Image
Imposing Mbeere ACK Cathedral enriches beauty of Siakago town BY WHITNEY NYAWIRA The newly constructed ACK Diocese of Mbeere, St Peter’s Cathedral has not only solved sitting space challenges but also enriched the beauty of Siakago town. The imposing 3,000 sitting capacity Cathedral is an architectural marvel while its finishing oozes finesse and splendor. The building that served as the Cathedral before it had a sitting capacity of only 300 and could hardly accommodate Diocesan services, according to church documents. The new ultramodern Cathedral took five years to complete at a cost of Sh55 million financed through generous giving by Christians and friends of the church. Thousands of Christians turned up for the historic opening, dedication and consecration of the Cathedral on Sunday. All the church’s parishes convened at the Cathedral. The service led by ACK Archbishop Rev Jackson Ole Sapit assisted by Diocese of Mbeere Bishop Rev Moses Masamba and graced by Deput...
Read more

Why parents want Karamugi Secondary School principal transferred?

Image
JOEY KIMEU A section of parents and board members of Karamugi Girls Secondary School in Tharaka-Nithi County want the school principal Elizabeth Wanja transferred for alleged mismanagement of the institution. They claim during her tenure performance index has been on the decline, she has created disharmony with the former board and also with parents, misused school resources and practiced favouritism of some teachers and students while discriminating others. John Ndung’u, a parent In a letter authored by three parents, John Ndung’u, Jamleck Mutembei and Peter Njuguna, who are class representatives and which is addressed to TSC Tharaka Nithi County Director Abukar Hassan, they accused her of conducting a Parent Associations elections contrary to the Education Act, 2013. They claimed she acted as the returning officer and a voter in addition to coercing two teachers to vote for the candidate that she wanted, in her intentions to have a chairperson that she would manip...
Read more