This archive report was first published on 11 May 2020.
On May 11, 2020, Unaitas Sacco held its virtual annual general meeting (AGM), where members approved Sh470 million in cumulative returns on shares and savings.
Members own shares in the Sacco besides the deposits held in the institution, which is closer to becoming a commercial bank. The payout breakdown indicates that Sh270 million was on investments while Sh200 million was interest on deposits.
This is higher compared to Sh400 million paid out during the previous year. However, despite the increased total payout, 2019 was a worse year, returning only seven per cent compared to eight and nine per cent respectively for the years 2018 and 2017.
“The growth in performance is attributed to confidence in governance and management structures and aggressive business development strategies we have put forth,” said Unaitas Chief Executive Martin Muhoho.
The sacco, founded by tea farmers in Central Kenya, has grown membership to over 320,000. Nairobi County Director of Cooperatives Dolphin Aremo officiated the virtual AGM, which was necessitated by the Covid-19 pandemic.
“The plan is to have the various delegates following the proceedings online but they will have an opportunity to fully participate despite them being apart from each other,” said Muhoho.
