Sunbird SACCO's AGM Highlights Growth and Promises Better Member Education
The Sunbird Savings and Credit Cooperative (SACCO) held its Annual General Meeting (AGM) on March 23, 2024, at the prestigious Sunbird Mount Soche Hotel. This pivotal gathering served to reflect on the accomplishments of the 2022/2023 fiscal year and outline ambitious plans for the future.
Among the key resolutions from the previous year were notable changes to the SACCO's financial framework. These included a revised contribution structure, with shares increasing from 6750 kwacha to 11000 kwacha and a mandatory savings requirement of 1000 kwacha. Additionally, there was a significant decision to augment the lunch allowance for directors from 5000 kwacha to 10000 kwacha. The AGM also saw the appointment of new directors and supervisory members, with Leonard Chisale, Happy Kalongonda, and Samson Kwatani stepping into these roles.
Looking ahead to 2024, the SACCO unveiled ambitious targets to propel its growth trajectory. Plans include an 80% increase in membership, a 76% expansion of the capital base, a 67% surge in the loan portfolio, and a 71% boost in surplus.
The meeting featured a comprehensive audit report delivered by Naphtali Chiutsi, shedding light on the SACCO's financial performance. Notable highlights included a significant uptick in active membership, soaring from 2,718 in 2022 to an impressive 5,085 in 2023. Moreover, total assets experienced substantial growth, escalating from 950,308,796 kwacha in 2022 to 1,384,853,659 kwacha in 2023. The net surplus also saw a healthy increase, climbing from 48,942,340 kwacha to 60,675,604 kwacha within the same period.
However, amidst celebrating achievements, concerns were raised regarding member education. It was noted that many members lacked sufficient information about the SACCO's services and operations. In response, the directors acknowledged this issue and pledged to enhance member education efforts, ensuring that all members are well-informed and empowered to make the most of their SACCO membership.