Education is a powerful agent of change and a key driver for fostering economic growth. With regular members education being part of Kanisa Regulated N-WDT SACCO’s mission, the financial institution held its Annual Members Education Day event on 16th October 2021 at Desmond Tutu Conference Centre and virtually via Zoom and streamed live on Facebook. 119 members attended in-person with 228 others joining via Zoom. The event was facilitated by Directors and staff of the SACCO, officials from the State Department of Cooperatives, SACCO Societies Regulatory Authority (SASRA) and Focus Global Solutions.
Mr. George Asadhi, the Surveillance and Compliance Officer from SASRA, took members through the benefits of SACCO regulations and what is expected of them by the regulator. He explained that the regulations increase the visibility of a SACCO as a credible and well-run financial service provider and improves its performance and risk management systems. With the regulatory authority working to introduce a Deposit Guarantee Fund, the members were assured that their deposits will be secured, and that transparency in financial performance of the SACCO will also be enhanced.
Mr. Roy Okonji of Focus Global Solutions educated members on personal finance excellence; elaborating on how the members could create and grow the urge to continuously stretch their level of performance in their financial lives.
To increase members’ awareness on Kanisa SACCO’s credit policy, the Credit Manager Mr. Dennis Osewe took members through the changes in the credit policy and other credit related issues. He elaborated on the causes of arrears, the effects of loan loss provision, the loan recovery procedures followed, and the collateral accepted by the SACCO as loan security.
Mr. Nelson Opany, the Vice Chairperson of Kanisa SACCO and the Chairperson of the Education & Business Development Committee, also updated the members on the activities planned to commemorate the 40th anniversary since establishment of the SACCO in 1981. He announced that the celebrations will be held on 4th December 2021.
At the end of the event, Mrs. Ann Kioi, who is the Chairperson of Kanisa SACCO, appreciated the members for making the day successful, and encouraged them to play their roles to better the SACCO. She also assured the management of the Board’s support of their efforts and that they will work together to ensure the growth of both the members and the SACCO.
