Palscity Sacco recently marked a significant milestone by hosting its 2nd Annual General Meeting (AGM), where it announced impressive dividends and returns for its members. The AGM, held under the leadership of Chairman Alphonce Juma, showcased the Sacco’s commitment to financial empowerment and community support. The event highlighted key achievements, challenges faced, and future projections for the cooperative’s growth and member satisfaction. Here is the Chairman’s report.

In the midst of a challenging economic environment, Palscity Sacco demonstrated resilience and agility, achieving notable growth in both shares and savings. The Sacco reported a steady increase in its membership base, with a total of 1,159 registered members and 206 active members participating in the AGM. This growth reflects growing confidence in the Sacco’s values and services, driving increased deposits and loan uptake among members.

During the past year, Palscity Sacco disbursed significant loan amounts totaling Ksh.276,100, offering various loan products tailored to meet diverse member needs. This contributed to the Sacco’s overall financial stability and growth, further bolstered by effective deposit mobilization campaigns and member engagement efforts.

The AGM also highlighted top performers in terms of deposits and shares, recognizing members like Alphonce Juma, Ian Ngeywa, and Lazarus Odongo for their substantial contributions to the Sacco’s financial strength. These members, along with others, played a crucial role in driving deposit growth and ensuring the Sacco’s continued success.

Chairman Alphonce Juma emphasized the importance of bolstering reserves and increasing the minimum share capital per member to secure the Sacco’s future and maintain a competitive advantage. This strategic approach aligns with the Sacco’s commitment to enhancing member satisfaction and expanding service offerings, ensuring that dividends and returns remain favorable for all qualifying members.

As part of its forward-looking perspective, Palscity Sacco plans to recruit online and physical county Sacco officers to enhance agent support and promote the Sacco’s agenda at the grassroots level. The Sacco has also attracted interest from potential partners, including the USAID team, showcasing its innovative initiatives and strong market presence.

The 2nd AGM of Palscity Sacco celebrated achievements, addressed challenges, and outlined a promising path forward for its members. With a focus on shares, dividends, and member-centricity, the Sacco continues to uphold the principles of the cooperative movement, fostering financial stability and empowerment for all its stakeholders.