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Defense Sacco(Desacco) Holds Its Second Annual Delegates Meeting

Migunamiguna1
By Migunamiguna1 | self meida writer
Published 20 days ago - 0 views


The Defense Sacco held its second Annual Delegates Meeting (ADM) on 05 February 2021 .The ADM which brought together sixty (60) delegates from the various units was held to receive and adopt the 2020 audited report, appoint this year's Desacco auditors and the Board of management as well as the supervisory committee.


Desacco has been hailed as one of the fastest growing cooperatives barely 2 years after it was established despite the Covid-19 scourge.


In her speech read by Brigadier Githaiga,Desacco Chairperson Major General Fatuma Ahmed said the Sacco registered an estimated 88 per cent increase in members’ deposits in 2020 compared to 2019. This, she said,resulted from increase in the number of members from 3,499 in the year 2019, to 9,570 members in December 2020, an increase she attributed to enhanced sensitization in various units.


She encouraged all members to patronize the available products for the growth of the Sacco.

She affirmed that the Sacco is soon rolling out a three-year strategic plan (2021-2023) aiming to hit 25,000 members with members savings of Sh1.5 billion and assets in excess of Sh 2 billion.


The Board of Management proposed a dividend of 10 per cent and interest on deposits of 8 per cent which was approved by delegates. The same will be in the member's accounts by early next week. 


She emphasized that the core mandate of the Sacco was to promote members’ savings and access to credit facilities.


The Chief Executive Officer (CEO) Col Sammy Kipng’etich promised that the Sacco shall roll out Front Office Services Activities (FOSA) soon.


Nairobi County Director of Cooperatives Dolphine Aremo termed the exemplary performance as significant and rare to find saying that the books of accounts have projected a rapid growth in the near future.

One is eligible to be a member if they are KDF staff or have retired from the service. This is effected upon payment of a of a minimum of Sh3,000 monthly contribution.


The Chairperson thanked the Chief of Defence Forces and the entire KDF fraternity for the immense support towards the growth of the Sacco.

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