Wangamati, Wetang`ula urge residents to embrace saving culture

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Governor Wangamati addressing Ng`arisha delegates at Iko Resort, Chwele

Bungoma residents have been urged to create a habit of saving money through joining Savings and Credit Cooperative Societies.

Addressing delegates of Ng’arisha SACCO during the Annual Delegates Meeting held in Chwele, Bungoma Governor Wycliffe Wangamati appealed to Bungoma residents and Western at large to embrace the culture of saving in order to open up opportunities for greater development.

Governor Wangamati addressing Ng`arisha delegates at Iko Resort, Chwele

He commended Ng’arisha SACCO members most of whom are teachers, retired teachers for the spirited effort that they have put in place to ensure that their society grows even bigger.

Governor Wangamati used the opportunity to assure members of the SACCO that the County government is willing to buy Bungoma Posta ground plots that are owned by the SACCO. That was after the societies Chairman Mr. Benedict Simiyu appealed to Bungoma County government headed by Hon Wangamati to consider buying Posta plots.

Speaking in the same meeting, Bungoma County Senator Moses Wetang`ula who was the Chief Guest commended Ng’arisha SACCO for forming and developing the society.

“Let me tell you, for those of you who travel across the world, all those wonderful, tall buildings that you see in Europe are owned by societies,” said Hon Wetang’ula.

Senator Wetang`ula giving his address

“In Europe, societies own those big houses, big businesses, there is a society that owns two trains,” he added.

“There is no business keeping your money in banks because those banks are trading using your money, make profits and only give you a fraction of what they earn from your money,” explained Wetang’ula.

Wetang’ula expressed his satisfaction with Ng’arisha SACCO`s interest rates offering to enroll as a member in the meeting. Governor Wangamati also enrolled as member during the meeting.

Senator Wetang’ula appealed to County governments across Western to embrace SACCOs and support the fully in order for citizens to use them to empower themselves economically.

The society`s Chairman Mr. Benedict Simiyu expressed his confidence in the growth of the SACCO acknowledging Directors of the SACCO for great performance.

“I acknowledge and appreciate the immense input and support that I have received from my fellow board members in guiding the SACCO,” said Mr Simiyu.

He used the opportunity to appeal to citizens to join the SACCO in order to access several financial services offered at the society.

Ng`arisha SACCO Chairman Benedict Simiyu speaking to journalists

According to the brief financial report presented to members during the meeting, the total turnover had increased to Ksh 396,151,537.47 from Ksh 316,420,638.60 realized in 2016 representing an increase of 25%.

Interest income grew by 26% to Ksh 342,332,092.45 from Ksh 272,227,848.50 in the year 2016.

Share capital increased by Ksh 10,766,845.60 to Ksh 75,404,443.60 from Ksh 64,637,598 registered in the previous year representing a 17% growth which is   due to the increase of share capital from Ksh 12,000 to Ksh 13,000.

Member deposits also grew to Ksh 1,018,918,941.55 from Ksh 931,607,572.40 in 2016 representing a 9% increase.

The total net assets also increased to Ksh I.8 billion from 1.6 billion as at 31st December 2017 representing a growth of 13%.