TNT members in their AGM meeting [Photo-Mike Musungu, WKT]
The Trans National Times Sacco (TNT) recorded high growth in its revenue and assets in the 2021 financial year despite the hardships caused by the COVID-19 pandemic in the country for the past two years.
According to a report presented by TNT chairman Mr. Evans Sichangi at the Sacco’s 33rd annual delegates meeting in Kitale, the Sacco recorded a 54 percent increase in investments, a 28 percent increase in revenue, an 8 percent increase in total assets, and an 8 percent increase in loans.
The Sacco achieved a profit of Kshs 42,795,965 before tax in 2021 compared to Kshs 19,492,785 in 2020.
Mr. Sichangi further said that the Sacco achieved Kshs 217,212,003 through interest on loans and advances in the year 2021 as compared to Kshs 184,786,986 in the year 2020, a 10 percent share dividend amounting to Kshs 12,186,407 that will be distributed to members in May.
He said there is a need for members to invest in income-generating activities in order to improve the Sacco’s status as a world-class financial service provider.
During the annual general meeting, the Sacco had changes in its administrative structure, with some of the board members exiting from the leadership after hitting the retirement age.
Joshua Otwori, Mulongo Wanjala, and Abraham Kipkoech were chosen to replace them.
Mr. Manoah Alichula, the Sacco’s secretary, said that TNT is set to launch its Lodwar branch, adding that they also have plans to take over Bungoma, Kakuma, Lokichar, and West Pokot counties.
The Sacco, which began in 1977 with 200 members, now has over 23,000 members. It was licensed as a deposit-taking Sacco in October 2011.
Mike Musungu is a reporter at Radio Simba in Bungoma and a correspondent of Trans Nzoia County for the Western Kenya Times.
