{"id":24639,"date":"2021-03-22T20:56:00","date_gmt":"2021-03-22T20:56:00","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=24639"},"modified":"2021-03-22T20:56:00","modified_gmt":"2021-03-22T20:56:00","slug":"chai-sacco-posts-10-per-cent-growth-in-a-tough-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year","title":{"rendered":"Chai Sacco posts 10 per cent growth in a tough year"},"content":{"rendered":"

AfricaPress-Kenya:<\/strong> Chai Sacco posted a 10 per growth in 2020 attributed to operational efficiency on a tough year for financial institutions due to the Covid-19 pandemic.<\/p>\n

This saw the society, which is the main sacco in the tea industry, announce a 12 percent dividend payout on share capital and rebates of 8 percent on member deposits.<\/p>\n

Chairman Boniface Ayub noted that activity had gone down in March to April during the peak of coronavirus restrictions.<\/p>\n

\u201cThe Society\u2019s performance tumbled two months from March when the first Covid-19 case was reported in Kenya. However, the Society put in place strategies which led to a quick turnaround and ensured an upward growth trajectory,\u201d said Ayub during the Sacco\u2019s Annual General Meeting (AGM) held on Saturday and headlined by PS Cooperatives Ali Noor.<\/p>\n

The year under review saw Chai Sacco grow its asset base by Sh365 million to Sh4 billion. This is as revenues grew 3 percent from Sh546 million toSh562 million.<\/p>\n

Members share capital grew by 16 percent from Sh420 million to Sh488 million. Member deposits also rose by Sh200 million to Sh2.8 billion.<\/p>\n

\u201cThe Society\u2019s interests remain constant and members are assured on return on their deposits that\u2019s why the deposits have grown,\u201d said Mr Ayub.<\/p>\n

Loans to members rose 6.7 percent to Sh3.3 billion up from the Sh3 billion recorded in 2019.<\/p>\n

With the third quarter of 2021 almost over, Ayub projected a good outlook with rising member deposits, repayment of loans and revision of loan products.<\/p>\n

\u201cThe Board and management have put in place a business continuity plan to cushion the society against adverse effects in case of a disaster or unforeseen situations like the Covid-19. This is to safeguard the Society\u2019s assets and minimise interruption of service delivery to our members,\u201d said Mr Ayub.<\/p>\n

The Society\u2019s membership grew 3.6 percent in 2020 seeing Chai Sacco to 32,3888 which was a fall from the 6.75 growth witnessed in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Kenya: Chai Sacco posted a 10 per growth in 2020 attributed to operational efficiency on a tough year for financial institutions due to the Covid-19 pandemic. This saw the society, which is the main sacco in the tea industry, announce a 12 percent dividend payout on share capital and rebates of 8 percent on member […]<\/p>\n","protected":false},"author":84,"featured_media":24644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[7960,1539],"class_list":["post-24639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-chai-sacco","tag-covid-19"],"yoast_head":"\nChai Sacco posts 10 per cent growth in a tough year - kenya<\/title>\n<meta name=\"description\" content=\"Chai Sacco posted a 10 per growth in 2020 attributed to operational efficiency on a tough year for financial institutions due to the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chai Sacco posts 10 per cent growth in a tough year\" \/>\n<meta property=\"og:description\" content=\"Chai Sacco posted a 10 per growth in 2020 attributed to operational efficiency on a tough year for financial institutions due to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-22T20:56:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/03\/chai_sacco_posts_10_6058500772942.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"830\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Chai Sacco posts 10 per cent growth in a tough year\",\"datePublished\":\"2021-03-22T20:56:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year\"},\"wordCount\":322,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/03\/chai_sacco_posts_10_6058500772942.jpg\",\"keywords\":[\"Chai Sacco\",\"COVID-19\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/chai-sacco-posts-10-per-cent-growth-in-a-tough-year\",\"name\":\"Chai Sacco posts 10 per cent growth in a tough year - 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