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BY JOAN WANJIKU,NAIROBI,27TH MARCH 2019-Catholic church owned Waumini Sacco society limited has approved Dividends payment of Kshs 23,034,061 at a rate of 9.25% on the share capital and Interest of Kshs 244,629,023 at the rate of 8.25% on members’ deposits to members who were in the register as at 31st December 2018.
The rate of dividends and interest on members’ deposits for year 2018 was lower than for year 2017 because of
compliance with regulatory requirements.
The SACCO retained Kshs 65,554,900 as 2018 reserves compared to Kshs
36,281,222 retained in 2017. That raised the Institutional Capital from 6.0% in 2017 to 6.7% in 2018. The SACCO
needs to meet the regulatory requirement of 8% Institutional Capital and must be compliant by 2019.
The announcement was made at the SACCO’s 39th Annual Delegates Meeting (A.D.M) held on 16th March 2019 at
Christian Leadership Centre – Ufungamano House. Delegates also passed other important issues and adopted resolutions that will guide the sacco through the financial year 2019.
WWW.UPESINEWS.CO.KE covered the event and managed to capture some highlights of the 39th ADM which are as follows.
1) New Loan Application Forms
The delegates recommended that the proposed new Loan Application and agreement form be sent to the delegates for
approval. The NEW loan application form requires that guarantors indicate the amount they have undertaken to
guarantee. The application form is attached therewith for comments and approval. Kindly fill in the attached approval
form and send it back to the SACCO using firstname.lastname@example.org by 5th April 2018.
2) Chairman and Supervisory Committee Annual Reports.
The Chairman of the SACCO and Chairperson of the Supervisory Committee presented their annual reports which were
adopted. The reports are contained in the Annual report and financial statement booklet.
3) 2018 Accounts and Auditors Report.
The SACCO Auditors M/s Henry Smith & Wilson Certified Accountants presented Annual Report and Financial
Statements for the Year 31 December 2018. The accounts were approved.
4) Appropriation of 2018 Surplus and Declaration of Dividends.
5) Consideration and Approval of 2019/2020 Budget.
The revised budget of year 2019 and proposed budget for year 2020 was presented and approved with amendments.
6) Special Resolutions
i) Borrowing Power: Delegates approved borrowing of Kshs 50 Million; this was maintained from 2017 approval.
ii) Suspension of Agnes Mbuya: Members upheld suspension of Agnes Mbuya hence she was expelled from the
iii) Expulsion of Michael Machaka: Members expelled Michael Machaka from the Supervisory Board.
The following members who applied to the nomination committee for the vacant position in the Board of Directors
position and Supervisory Committee position and were successful were re-elected/elected.
A. Board of Directors:
• Jonathan Kiliko – Re-elected
• Margaret Mwaniki – Re-elected
• Maurice Otsieno – Re-elected
• Tom Muindi – Elected
P.O Box 66121 – 0800
Tel: 020 402 6009
Mobile: 0734 666 226, 0728 606 059
SMS line: 0727 508 699
B. Supervisory Committee:
• Mariana Mercy – Re-elected
C. The following are the current Board of Directors of the SACCO after the elections.
• Rev. Fr. George Maingi
• Sylvia Gumo
• Rev. Fr. Geoffrey Mawa
• Monica Njoroge
• Felix Ratemo
• Jonathan Kiliko
• Margaret Mwaniki
• Maurice Otsieno
• Tom Muindi
D. The following are the current Supervisory Board
• Susan Wasike – Chairperson
• Mariana Mercy – Secretary
Note: The Supervisory Board will be served by two members until the next election because one member was
expelled on the day of the ADM.
E. The board later met and reconstituted the office as follows:
i) Executive Committee
• Rev. Fr. George Maingi Chairperson
• Sylvia Gumo Vice Chairperson
• Jonathan Kiliko Treasurer
• Margaret Mwaniki Hon. Secretary
ii) Credit Committee
• Rev. Fr. Geoffrey Mawa Chairperson
• Maurice Otsieno Secretary
• Tom Muindi Member
iii) Education and Marketing Committee
• Sylvia Gumo Chairperson
• Monica Njoroge Secretary
• Felix Ratemo Member
iv) Finance And Administration Committee
• Jonathan Kiliko Chairperson
• Tom Muindi Secretary
• Monica Njoroge Member
v) Audit Committee
• Felix Ratemo Chairperson
• Maurice Otsieno Secretary
• Fr. Geoffrey Mawa Member
8) Any Other Business (A.O.B)
The petition of 10 issues raised by ten delegates on SACCO governance was exhaustively addressed.