• The Sacco registered a 54% growth in investments, 28% growth in revenue, 8% growth in total assets and 8% growth in loans.
• A 10 per cent share dividend amounting to Sh12,186,407 will be issued to members in May.
A teachers' Sacco overcame the economic hardships caused by Covid-19 to register 54 per cent growth in revenue and assets in the 2021 financial year.
Membership of Trans National Times Sacco includes the Teachers Service Commission employees, Police Service Commission officers, county government employees, people from private and business sectors, among others.
Chairman Evans Sichangi told the 33rd delegates meeting, the Sacco registered 54% growth in investments, 28% growth in revenue, eight per cent growth in total assets and 8% growth in loans.
The Sacco achieved a pretax profit of Sh42,795,965 in interest on loans and advances in 2021 as compared with Sh19,492,785 in020, Sichangi told delegates at the African Theological Seminary in Kitale, Trans Nzoia.
The Sacco achieved Sh217,212,003 through interest on loans and advances in 2021 as compared with Sh184,786,986 in 2020. A 10 per cent share dividend amounting to Sh12,186,407 will be issued to members in May.
“Members should invest in income-generating activities to improve our liquidity," Sichangi said.
"We intend to transform the TNT Sacco into a world-class financial service provider by promoting savings culture and responsible credit use for economic empowerment."
The Sacco also had a transitional change in leadership structure as some of the board members retired. They were replaced by Joshua Otwori, Abraham Kipkoech and Mulongo Wanjala.
Secretary Manoah Alichula said the entity, which is ready to launch its Lodwar branch, also aims to expand to Bungoma county, Lokichar and Kakuma.
The Highest contributors were Wanmalwa Juma Ben, Samwel Esogon, Kitui Geoffrey, Philies Ogeto, James Zinga, Jackson Kitui, David Nyongesa , Esthger Wngeci Kamau and George Mbati
They also included Nyongesa David, Alice Katiegi, Eliud Wesonga Wechuli, Joseline Jeptek, Herman Juma Mohammed, Nyota Sacred Organisation and Kephas Onsinyo, Cheptembai Beatrice, Nyongesa Maurice and Ibrahim Njenga
The Trans Nzoia secretary of the Kenya National Union of Teachers George Wanjala called on the Sacco to keep adopting prudent financial management services.
“Teachers who are the custodians of this Sacco should lead by example by ensuring the funds are well managed to serve the intended purpose. We should lead by example to the society," Wanjala said.
The Sacco was started in 1977 with 200 members; it has 23,000 members today.
It was licensed as deposit-taking Sacco in October 2011 and has complied with the rules and regulations by the Sacco Societies Regulatory Authority.
(Edited by V. Graham)