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    Home»Politics»Kwale»Mandatory Housing levy chokes Saccos, say stakeholders
    Kwale

    Mandatory Housing levy chokes Saccos, say stakeholders

    Coast Times DigitalBy Coast Times DigitalMarch 4, 2024No Comments8 Views
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    By Reporter

    The forced changes in mandatory deduction of Housing Levy, Social Health Insurance Fund (SHIF), and National Social Security Fund (NSSF), have affected the operations of Saccos, stakeholders have revealed.

    Tabasamu Sacco Board chairperson Felister Mutisya said the increased deductions have interfered with members’ contributions and loan repayment since their salaries are chocked.

    Mutisya said the situation has resulted in loan repayment defaults and the inability of members to grow their savings thus jeopardizing the future of Saccos.

    “The introduction of mandatory housing levy, enhanced NHIF, NSSF deductions and deteriorating Kenyan shilling have seen our members’ income being affected both at Sacco and individual level,” she said

    Mutisya said the housing levy, primary health and retirement contributions have made it impossible for the Saccos to take away the required amount of monthly loan repayment percentage because most members remain with little after deductions.

    She said they have advised their members to consider loan rescheduling to avoid defaults and for proper learning and smooth operations of the Saccos.

    Mutisya, however, said she is optimistic for good things to happen as the government of the day is working around the clock to create a conducive business environment and stabilize the economy.

    The Board chairperson made the statement during the 46th Annual Delegates Meeting at Pride Inn Hotel in Kwale County.

    The conference brought together various members and partners from around the Saccos, banks and representatives from county and national government.

    The conference was geared towards reflecting on the performance, challenges affecting various saccos and appropriate resolutions and possible partnerships.

    Mutisya said as an institution they have resolved to adopt technology to tap into new opportunities to enhance service delivery and keep business afloat.

    She said to curb corruption and fraud, Sacco has drawn its policy guidelines from the Data Protection Act, 2019 and the Data Protection General Regulations, 2021 to ensure the security of members and their savings.

    Mutisya said the Sacco has registered with the financial reporting centre to restrain unclean monies and prevent money laundering.

    Head of Sacco Banking, Cooperative Bank of Kenya Edward Mutuaruhiu urged the Saccos to embrace Artificial Intelligence to grow the sector.

    He said the Sacco industry must harness the full potential of technology to efficiently survive in the competitive business environment.

    “We can not reach a wider audience or survive the various challenges if we don’t take advantage of technology for improved service delivery and growth,” he said.

    Mutuaruhiu said the Saccos should also focus on investing in cybersecurity to enhance members’ safety and earn trust.

    He said ethical and accountable governance is key to any business.

    Mutuaruhiu said Saccos should practice good leadership governed by transparency, good policies and ethical standards.

    He said future Sacco leaders must be well-vetted and give their best to live a good legacy.

    He underscored the importance of increasing membership and contributions to strengthen the Saccos.

    The Head of Sacco Banking said only institutions with adequate capital and proper management can withstand storms occasioned by various natural and human phenomena.

    Mutuaruhiu also advised young people to redirect their energy to sustainable growth by engaging in savings and investments.

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