Waumini Sacco  embarks on Strategies  aimed at aiding in realization of  maximum growth in the ever changing financial sector industry

Waumini Sacco embarks on Strategies aimed at aiding in realization of maximum growth in the ever changing financial sector industry

BY JOAN WANJIKU,NAIROBI,29TH JULY,2019-The catholic church owned Waumini Sacco society has embarked on vigorous steps aimed  at ensuring maximum growth and profitability in the face of changing environment in financial sector.

The society has so far undertaken  among other steps to improve communication,products and services reviews,  Securing loans with 100% of  the client’s  investments in money markets to name just a few.

In a statement sent to www.upesinews.co.ke  news desk, the Sacco through its secretary Margret Mwaniki says  the  steps are among many other measures that were crafted  during the  retreat held by the board and the supervisory Committee  in May 2019.

Here are  some of the  Key resolutions passed during the meeting:

a) Improvement in Communication Systems
The Board has taken a deliberate move to invest in a modern communication
technology which will provide the membership with a self-driven service. The
system’s implementation is in its last stages and the numbers will be shared soon.

b) Review of Products and Services
As a way of enabling financial independence within our membership the Board has
introduced several new collaterals to enable member’s access more Products and
Services. The new acceptable collaterals include;
1. Using 50% market value of your motor vehicle to secure all loans except
for an asset financing and Mjengo loan.
2. Securing old and new Assets at 75% and 90% of market value for old and
new assets respectively.
3. Securing loans with 100% of your investments in money markets – these
are short term investments in various markets e.g. fixed deposits, unit
trusts amongst others.
4. Securing loans with 100% surrender values of your life Insurance Policies.
5. Securing loans with 75% of investments in balanced investments i.e. long
term investments in equities.

c) Printing of New Loan Forms
As directed during the 39th Annual general meeting that the loan forms should be
reviewed to capture specific amounts of guarantee the same has been redesigned and
will be rolled out in the last quarter of the year.
P.O Box 66121 – 0800
Nairobi, Kenya
Website: www.wauminisacco.com
Tel: 020 402 6009
Mobile: 0734 666 226, 0728 606 059
SMS line: 0727 508 699
Email: info@wauminisacco.com

The Board recruited a Chief Executive Officer CPA Peter I. Obbuyi and the Marketing Manager
Robert Kangethe who reported on 2nd May and 21st June 2019 respectively. The position of the
Finance Manager was filled through the appointment of Elizabeth Muchemi who was previously
with Waumini Housing Cooperative Society as the Project Manager.

Further to our circular dated 22nd March, 2019 and to ensure effective service delivery to members
three subcommittees were further reconstituted as shown below;
i) Education and Marketing Committee
a) Sylvia Gumo Chairperson
b) Maurice Otsieno Secretary
c) Tom Muindi Member
ii) Finance And Administration Committee
a) Jonathan Kiliko Chairperson
b) Monica Njoroge Secretary
c) Margaret Mwaniki Member
iii) Audit Committee
a) Fr. Geoffrey Mawa Chairperson
b) Tom Muindi Secretary
c) Monica Njoroge Member

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