Thursday, July 11, 2013

Bingwa Sacco beats rivals to the top

Members of Bingwa Savings and Credit Company Limited during a past meeting. Photo/FILE

Members of Bingwa Savings and Credit Company Limited during a past meeting. Photo/FILE 

By STELLAR MURUMBA mstellarnelly@yahoo.com

Bingwa Sacco Limited is beating the odds as other financial institutions have their stability put to the test.

Recently, Bingwa board of directors announced a 14 per cent dividend pay out following what they termed as a remarkable growth.

According to Sacco Marketing Manager James Kibui, the institution has made outstanding gains in the industry.

“Over the weekend we received six awards from the Cabinet Secretary for Commerce and Industry Mr Adan Mohemmed and for Bingwa Sacco there is no looking back,” he said.

The awards include the Best Managed Financial Institution in Kirinyaga County, the Best Education and Training Finance Institution in the country, the best ICT Compliance Sacco in the country, Sacco with Highest Shares Mobilisation and Sacco with Highest Deposit at Co-operative Bank in Central Kenya.

Bingwa was also awarded Sacco with the Highest Dividend Payout as at July 6, 2013, attributed to its aggressive marketing strategy.

The firm, which targets mostly tea farmers, had its current assets up by Sh800 million from the initial Sh1.9 billion.

Speaking to the Nation on Thursday, Mr Kibui said mobilised funds have also increased from Sh554 708 000 in 2011 to Sh697 883 000 last year, with member’s deposits standing at Sh730 417 000 shillings.

Mr Kibui revealed that he is satisfied by the way shareholders have been repaying their loans with balance increase from Sh790 million two years ago to Sh961 million in December last year.

Cumulative loan disbursed by the society since inception stands at Sh8.4 billion from Sh7.2 billion as at May 2013.

Mr Kibui said the Sacco plans to diversify its membership from Kirinyaga County to entire country.

“Our customer membership stands at 75,000 and is still growing even as we speak,” he said.

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