HomeUncategorizedBestrock Sacco members hold their society's 12th annual general meeting

Bestrock Sacco members hold their society’s 12th annual general meeting

The members of the Kitui Town based Bestrock Savings and Credit Cooperative Society Limited held their society’s 12th annual general meeting recently. The function attended by thousands of the members took place at the Kitui Multipurpose Development Training Institute.

The Kitui County Cooperatives Chief Officer Paul Ngei Monyi was the chief guest where he was representing the County Trade, Industry and Cooperatives Development Minister, Rose Mawia Mutuku, at the function. In his speech, the Bestrock Savings and Credit Cooperative Society Limited Chairman, Francis Muli Kithae said: “The Bestrock Sacco today celebrates 25 years of existence since its inception on May 6, 1999.

The society was established to promote the welfare and economic interest of its members in accordance with the cooperative principles of voluntary and open membership, democratic member control and economic participation by the members, education, training and information, cooperation among cooperatives and concern for the community in general.”

And he added that the society does not borrow from the banks to pay dividends “and our bank (the Cooperative Bank of Kenya) is here, they can confirm that.” On the member education, the sacco leader disclosed that the society last year trained some 300 members in the Kitui County’s Kitui region and that some 109 members turned up for the training in the county’s Mwingi region.

According to him, the year under review saw the membership grow by 310 more new members bringing the total number of the members to 5,258 to date. Kithae announced that their share capital grew by some 14 per cent in the year under review from 27,622,864 shillings to 31,579,532 shillings. “If you raise your share capital to 300,000 shillings, you automatically qualify for a loan times four of your deposits,” he told the members.

“The Bestrock Sacco board declares the 4 per cent on deposits and some nine per cent dividend payout on the share capital. It will be paid immediately if the members approve,” the cooperator added. “Thank you and God bless you all,” Kithae said. The society’s Supervisory Committee Chairman, Justiny M. Kivunzi also addressed the occasion where he said they covered all the operations, governance, risk management and assessment of the society’s internal procedure for the period of 12 months.

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“Our committee noted a good achievement as a pointer to growth for the year under review,” the cooperator said. The members are encouraged to save more even when they have been given loans to improve the sacco income, Kivunzi added. “The sacco has put in place clear organogram which illustrates a good flow of command in the society,” he said.

And in her speech that was read for her by Chief Officer Paul Ngei Monyi, Minister Mutuku highly thanked the members for attending the event well. “The annual general meeting is a compliance issue as you all know,” the minister said. Mutuku added that the cooperative members are the society’s supreme authority.

She said that the cooperative movement in Kenya employs many people. “My ministry is very proud of the Bestrock Sacco because it is the best rural sacco in this county,” she said. “I challenge the cooperatives leaders to lead by example,” the minister said. The CO also addressed the function after having read the minister’s speech.

The Bestrock Savings and Credit Cooperative Society Limited Honorary Secretary Ted K. Munyoki, the society’s Chief Executive Officer Michael M. Mutua, the society’s Marketing Manager Catherine Mutia and the Plateau Motors Limited Sales Director Daniel Maundu Nditu also addressed the occasion among others.
The end of the story.

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