2018 Annual Delegates Meeting

2018 Annual Delegates Meeting

by Stephen Nzioka


This year’s ADM was a unique occurrence in the development of Kingdom Sacco. The ADM which was held on Saturday 24th March 2018 in Nairobi, started with the Patron’s Session characterized by a powerful statement to the Delegates, of clear direction in the development of Kingdom and strong prayers of thanksgiving to God for enabling us build and move Kingdom Sacco forward for yet another year.

The Patron of Kingdom Sacco addressing the ADM

The Patron underscored that the continued development of the Sacco must pivot upon a leadership that fully recognizes our foundation in God and is completely committed to carrying the burden of the people and representing them accurately before God. He emphasized that we have a Word from God to build Kingdom Sacco as a sanctuary so that the members coming to us shall find not just financial solutions, but more importantly, a sanctuary for safety from financial and economic harassment and a standard to adhere to as recorded in Isaiah 13:1-2.

He identified and explained the four components of the standard in our context as:

  1. Spiritual Awareness
  2. Competence
  3. Growth
  4. Alignment to Divine Purpose.


KSACCO performance in 2017

Finance Manager, Kingdom Sacco addressing the ADM

The Sacco registered positive performance in year 2017 in the following aspects, despite various challenges arising from the political and economic environment in Kenya:

2.1. The Sacco’s asset base surpassed the Kshs. 1 billion threshold which saw the institution move from a Tier 4 (Small) Sacco to a Tier 3 (medium) Sacco. Total assets grew to Kshs. 1.116 billion by close of 2017.

2.2. Total revenues grew by from Kshs. 85.2 million in 2016 to Kshs. 99.7 million in 2017, having factored interest expenses on members’ deposits.

2.3. Investment income grew by 72% from Kshs. 11 million recorded in 2016 to Kshs. 18.9 million in 2017.

2.4. The loan portfolio retreated marginally from Kshs. 774.2 million in 2016 to Kshs. 749.6 million in 2017 due to the negative impacts of the political situation in the Kenya in 2017.

2.5. Non-withdrawable deposits grew from Kshs. 522 million in 2016 to Kshs. 622 million in 2017 while withdrawable deposits closed the year 2017 at Kshs. 246 compared to Kshs. 245 million in 2016.

2.6. The membership of Kingdom Sacco also underwent growth in 2017 to close the year at 16,489 active members.


The ADM was taken through the following key areas of focus for the Society’s development in 2018 and beyond:

3.1. Development and implementation of initiatives and partnerships to deliver affordable housing to our members through the Sacco’s established investment company (Mensa Investments Limited);

3.2. Sustained business development and growth initiatives across defined segments in Kenya and the Diaspora.

3.3. Enhancement of the Society’s Core Banking System and the supporting ICT infrastructure to boost efficiency and guarantee security and improved service delivery across various channels;

3.4. Ongoing review and enhancement of financial solutions and internal capacities to achieve and sustain efficient operations and quality service;

3.5. Partnerships with local and international development institutions to facilitate member empowerment and institutional growth.


The following resolutions were passed at the 2018 Annual Delegates Meeting:

4.1. Board Indemnity
The ADM resolved to retain the indemnity cover for each member of the Board of Directors at Kshs. 150,000.

4.2. Borrowing Powers
The ADM resolved that external borrowing by Kingdom Sacco shall not exceed twenty five per cent (25%) of the Society’s total assets unless the limit has been waived by the Sacco Societies Regulatory Authority (SASRA). It was further resolved that this limit should remain consistent with the provision of the Sacco Societies Regulation on external borrowing for Deposit-Taking Saccos.

4.3. Payment of Interest on Deposits and Dividends on Shares:
The ADM passed a resolution on payment of dividend on members’ shares of 11% per share and interest on members’ deposits at the rate of 6.5%.

4.4. Dividend and Interest Capitalization:
Kingdom Sacco remains focused maintaining a strong and growing capital base as a key pillar of financial stability, sound operations and sustainable growth. Capital adequacy and strength are not only beneficial for regulatory compliance but also for strengthening the balance sheet to facilitate more growth in line with our strategy. It also enhances the borrowing capacity for members as the single individual borrowing capacity is enhanced. While the minimum share capital for membership to Kingdom Sacco shall remain Kshs. 6,000, the ADM approved the Board’s proposal for annual buildup of the share capital. The ADM approved capitalization of 30% of the dividend and interest payable to each member annually until attainment of share capital of Kshs. 30,000 for individual members
and Kshs. 50,000 for corporate members. Besides the above benefits, members will earn more dividends from the increased shareholding.


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