July 7, 2019

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Sacco deposits shoot

Urithi Premier Sacco (UPS) Chairman Pius Thuku during AGM in Thika1

Urithi Premier Sacco (UPS) Chairman Pius Thuku during AGM in Thika1

Premier Sacco, formerly Urithi Premier sacco, saw its members’ deposits skyrocket by 31.2% in the year ended December 31, 2018 as compared to the previous year, Sacco chairman Pius Thuku has announced. Thuku said the deposits stood at Sh. 423,558,628 as compared to the previous year which stood at Sh. 322,805,918.

He appealed to members to reconsider their saving patterns and increase their monthly deposits. “This is the only way we can make sound investments and secure our future financial security,” said the Sacco Boss.

He said their membership also rose from 7,364 in 2017 to 8,965 in 2018. “This is an increment of 21.8%,” he said as he thanked members for being part of the success despite of the market challenges.

He revealed that the Sacco’s share capital has grown from Sh. 40,377,770.00 in 2017 to Sh. 51,468,032.00 in 2018.

“This represents a growth of 27.5%,” he noted adding that in order to foster ownership of the Sacco, each member will be expected to own a minimum of 500 shares in the society.

The Sacco chairman said the Sacco’s asset base stands at Sh. 495,647.00.

He said the Sacco has been able to offer members various loan products raging from personal to development with short to long term payment methods.

“Repayment period range from 1 year to 4 years depending on the type of a loan one applies for. Interest rate is 1% per month on reducing balance,” he reiterated.

Thuku said out of the current membership of 8,965, 1500 members have borrowed and their loan books have grown up to Sh. 442,390,979.00.

He urged members to save and borrow to keep the business thriving.