IG Steps Up Efforts To Expand Its Presence In Western Kenya

Invest & Grow (IG), the Kakamega-based Sacco, has reported growth its business despite the economic disruption caused by the Covid-19 pandemic. IG Managing Director Peter Vuhia said although the organization was affected by the outbreak, it nonetheless grew its membership contributions by 7% from Ksh9.5 billion to Ksh10.4 billion in 2020. Turnover, though, fell 0.2% from Ksh1.409 to Ksh1.406 billion.

Mr Vuhia attributed the drop to reduced loan uptake and defaults resulting from the economic slowdown effects of Covid-19. “IG Sacco, however, managed to improve its performance throughout the year under review, registering an assets growth of 10% from 8.8% in 2019,” he said

Meanwhile, capital improved by 20% from Ksh713 million to Ksh855 million last year after increasing members’ share capital by Ksh4,000. “Through our strategic plan we agreed to increase our shares and it has brought positive results even as we introduced number of services and digital channels,” Mr Vuhia said, speaking when the IG management met journalists from Kakamega North Sub-County.

He added that IG is committed to have customers enjoy its services. “This led to our non-withdrawal deposits increasing to 7% (Ksh.5.1 billion from Ksh.4.7 billion the previous year, as our credit disbursement increased to Ksh.5.8 billion from Ksh.4.7 billion after reviewing Sacco products features among them extension of loans repayments and introduction of mobile loans products,” Mr Vuhia said.

The Sacco has stepped up efforts to expand its reach in Western Kenya, targeting more members from Vihiga and Bungoma counties as well. In 2020, IG managed to recruit 834 members, lower than 1,754 reached in 2019, due to the closure of learning institutions to counter the spread of Coronavirus.

The meeting brought together print, electronic and broadcast media practitioners from the Kakamega North Sub-County. Mr Vuhia urged media to take an active role in educating the masses on savings and investment as well as promoting the growth of enterprises which, he said, would increase incomes and create jobs for the local economies.