Riding the Wave of Success: Maktaba Sacco’s 45th Annual General Meeting and Grand Opening Celebration

Maktaba SACCO’s 45th Annual General Meeting marked a significant milestone for the SACCO, as it coincided with the opening of its new offices in the Maktaba Kuu building. The launching of the new offices was graced by Department of Cooperatives Principal Secretary Patrick Kilemi, Commissioner for Cooperatives Development David Obonyo among other dignitaries.

This remarkable achievement is a testament to the Society’s commitment to expanding its services to members and providing a one-stop-shop for all their banking needs. The SACCO seeks to introduce Front Office Activity (FOSA) to its members through the newly opened offices, enabling Maktaba SACCO to offer a comprehensive range of financial products and services to its members, further enhancing its value proposition. With the opening of the new offices, the SACCO continues to grow and position itself strategically for success, marking a new chapter in its journey towards achieving its mission and strategic objectives.

The SACCO Chairman, Mr. John Sigei, reported an impressive performance by Maktaba SACCO during the year. The SACCO recorded a commendable increase in revenue by 10.6% and a rise in total assets by 5.1%. The SACCO’s commitment to cost optimization and expenditure control is evident through the significant reduction in its total operating expenses to total revenue ratio, which reduced from 46.14% in 2021 to 40.82% in 2022. Additionally, the recent introduction of Uwezo loan with a repayment period of 96 months is a strategic move to provide members with more flexible and affordable financing.

The SACCO Chairman also expressed his gratitude for the unwavering support of its members, showcasing their patriotism and resilience in upholding the SACCO’s values and principles. He emphasized that the SACCO’s success is a testament to the dedication and commitment of its members and promised to continue delivering excellent services that meet their evolving financial needs.