By ROBERT NYASATO
Gusii Mwalimu Sacco members will get Sh265 million as dividends, a director with the society has announced.
Mr Evans Masira said the over 20,000 members will receive Sh11.50 per share, which is Sh2 more than what they got last year.
Speaking to members in Nyamira town, Masira said the membership of the sacco was now increasing as members from other ministries joined owing to good management.
"In the past, the sacco only used to accept teachers, but these days we have members from the police, provincial administration and other ministries," he disclosed.
Masira who was accompanied by a member of the supervisory committee Isaac Mabeya, said the sacco was giving its members a variety of products which he said had helped teachers and other members improve their living standards.
The official said payment of the dividends could be effected from April this year and payment could be done at the sacco’s branches in Kisii and Nyamira counties.
Interest rates
He noted that the interest rates the sacco was charging for its loans was too small compared to what other banks were offering.
The director cautioned members against going for loans in other banks which he said were overcharging them through high interest charges.
Mabeya on his part asked members to increase their shares if they expected to get more dividends in the next financial year.
He expressed his disappointment that majority of the members were not doing proper saving as they spent much of their salaries in activities which were not viable.
The members who spoke during the meeting thanked the Sacco’s management for good leadership, which had resulted to better dividends this financial year.
