Harambee Sacco held its 53rd delegates meeting, boasting an improvement in its financial performance for the year 2023.
The Sacco’s National Chairman, Macloud Malonza, was delighted to announce that, for the first time since its inception, the Sacco is declaring dividends of 12 percent.
This, he claims, is a remarkable increase that has enhanced book profits, for the success and growth of the Sacco.
Speaking at the event, the Sacco’s National Treasurer, Rollah Gatwiri, noted that in the previous year, Harambee Sacco reported the most improved performance in its 53-year history, despite local and international economic turmoil, fueled by among other things, inflation, and global conflicts.
Gatwiri stated that the total revenue for the said year grew to Sh5.686 billion, up from Sh5.012 billion in the previous Financial Year.
Further, she emphasized that those results were attributed to continuous patronage of Sacco products, management efforts geared towards product enhancement and performance-driven initi
atives, focusing on loan book growth.
The audits of Harambee Sacco for the year 2023, revealed no irregularities or illegal acts committed by the directors, employees or stakeholders of the Sacco.
Through the audits, it was confirmed that share capital and assets had grown all the while, which encouraged delegates to increase money earned from member loan interests.
At the same time, the Board of Directors proposed a resolution to the delegates for deliberation and approval, which is the power to borrow under Section 33 of the society’s By-Laws.
This resolution gives society powers to borrow under Section 33.1, which specifically states that loans may be obtained from non-members (Financial Institutions), subject to the maximum amount and terms approved by the General Meeting and provided the total external borrowing does not exceed the limit prescribed in the regulations.
The Board of Directors, therefore, proposed borrowing powers of the society, be increased from Sh5 billion to Sh6 billion and be util
ized on a need basis, in order to cushion the society in case of any liquidity requirement.
In attendance was Harambee Sacco Vice Chairperson, Mrs Millicent Simiyu) and Director Rosemary Muriithi among other members and guests.
Source: Kenya News Agency
WINDHOEK: The late Dr Hage Geingob was a visionary leader who understood the crucial role business played in the economic growth and building of opportunities for the people of Namibia.
This is how the Namibian business fraternity will remember President Geingob, according to Zebra Kasete, president of the Chamber of Mines of Namibia. Members of the business fraternity gathered at the late Head of State’s private residence, Casa Rosalia in Windhoek, to pay their respects on Monday.
‘Dr Hage Geingob was not only a great leader, he was a guiding light for the mining fraternity. Throughout his tenure he exemplified unwavering moral and ethical principles which paved the way for his ambitious endeavour in reshaping governance and instilling transparency and accountability in the private sector,’ Kasete stated.
Kasete was the last business leader to meet with Geingob. It is in this meeting where the late country leader made the remark, ‘I’ll leave the country in good shape.’
Kasete remarked that Geingob had sh
ared with him that he wishes to leave behind a legacy of strong governance institutions with good systems and predictable processes in Namibia and the African continent at large.
Also speaking at the tribute ceremony was Sven Thieme, Executive Chairman of the Olthaver and List Group/Cleanergy Namibia, remarked that under Geingob’s leadership, Namibia gained recognition on the global stage as a destination for investment in the development of green hydrogen.
President of the Bankers Association of Namibia, Conrad Dempsey said in honouring the president’s legacy, the bankers association will continue to do what matters – building a Namibia that can compete on the global stage and driving an inclusive Namibian society where no one is left behind.
Representing Namibian young entrepreneurs and women in business, Mareka Masule, vice chairperson of the Namibian Network of the Cosmetics Industry, said Geingob created an environment in which young people could thrive and constantly grow.
‘He never ignored the vi
ews and aspirations of us young people,’ added Masule.
The tribute also included performances by various artists and musical groups such as the Nam Gospel United Choir.
Source: The Namibia Press Agency