By Hezron Roy
Walimu Solidarity Savings and Credit Co-operative (Sacco) has recorded a profit of Ksh 18 million, a year after being registered by the Kenya Union of Post Primary Education Teachers (KUPPET).
Speaking during the Sacco’s first Annual General Meeting (AGM) held on December 7, 2022, the Sacco Chairman Edward Obwocha urged members to continue supporting the Sacco by increasing their monthly contributions from the current minimum of Ksh 850 to higher amount.
“As a committee, we are greatly impressed by the uptake of loans and growth of the business. This is a vehicle of member empowerment whose vision is coming true. I urge members to continue supporting the Sacco by borrowing and also by increasing their shares contributions,” said Obwocha, who is also KUPPET’s National Secretary Secondary.
The Sacco was registered in 2021 and is led by Obwocha as the Chairman, Moses Nthurima as secretary and also KUPPET Deputy Secretary General and Paul Maingi as its treasurer who is also KUPPET’s National Organising Secretary.
The Sacco will declare dividends on the earnings, although Obwocha encouraged members to plough the money back into the Sacco so as to build the institution’s capital base.
He added that only members with a share capital of at least Ksh 20,000 will earn the dividends.
He revealed that in anticipation of further growth, the Sacco’s board members and staff have been undergoing training to increase their capacity, and also reviewing the Sacco’s by-laws to provide a more enabling management regime.
From issuing loans once a month during its launch, the Sacco has speedily moved to weekly disbursements, with loans up to twice a week on some occasions, depending on demand.
During the course of this year, the Sacco has successfully delinked its operations from the National Governing Council Welfare Fund, which is its progenitor.
The primary capital for the Sacco, which stands at more than Ksh 80 million currently, came from the conversion of the National Governing Council Welfare Fund, with the union providing additional funds and members’ contributions.
The Sacco’s loans are payable within 10 months, but the Sacco Central Management Committee has hinted of plans to extend the period, subject to capital growth.
During the KUPPET’s 23rd Annual Delegates Conference (ADC) held in Eldoret National Polytechnic on December 18, 2021, the Secretary General Akelo Misori confirmed that the long awaited union’s Sacco had already been registered, further emphasizing that it will be a game-changer for the union and its members.
Creating the Sacco was among top manifestos of the current National Executive Board (NEB) members led by the National Chairman and Emuhaya Member of Parliament Hon. Omboko Milemba, and Misori when they were re-elected for another five year term.
According to the union’s NEB in their Manifesto document, the Sacco-which was as a result of converting the union’s National Governing Council (NGC) Welfare Fund to a Sacco, will mobilize members’ savings and mark a new beginning for teachers’ empowerment as the Sacco will create a special fund to cushion members during strikes.
KUPPET NGC comprises of elected national officials namely: The National Chairperson and Vice Chairperson, the Secretary and Deputy Secretary General, the National Treasurer and Assistant treasurer, National Secretary Gender, National Secretary Tertiary, National Secretary Secondary, National Organizing Secretary, 47 Branch Executive Secretaries and 12 nominee women representatives.
Through the initiative, the union’s efforts of striving to empower its members to withstand strikes by creating investment vehicles to mobilize savings and resources to sustain the union during emergencies will be supplemented.
“Drawing on lessons from teachers’ unions in Ghana and Swaziland, KUPPET intends to launch a Sacco wholly bankrolled by the union. The Sacco will be achieved by the conversion of the National Governing Council Welfare Fund, a process which is already underway,” reads the manifesto document.
