Invest and Grow Sacco fails to disburse Sh2b
Kakamega-based Invest and Grow Sacco could not disburse Sh2 billion budgeted as members’ loans last year as a result of coronavirus pandemic.
Sacco chairman Kennedy Keya said though it recorded a 23.3 jump in loans uptake in 2020 compared to previous years, it is still stuck with Sh2 billion meant for loans.
Sacco, he says, disbursed Sh1.1 billion last year to raise the loan portfolio to Sh5.8 billion.
“We managed this after a review of our products where we extended repayment schedules, introduced mobile loan products and multiplier ratios," he said.
He was speaking at the 44th annual delegates meeting where he told delegates that retirement, financial constraints added a huge strain to a situation worsened by shut down of economic activities to combat Covid-19 during the year under review.