Fenesi.com Start, Run and Grow Your Business In Kenya
Related Articles
SISDO, a leading microfinance company in Kenya which focuses on irrigation, livestock farmers and small traders, has adopted a strategic plan that will see the company disburse loans to a staggering one billion shillings from Ksh.300M in 2012. At the same time, the company plans to see its loan book grow from Ksh.270M to Ksh 2.5 billion shillings in 5 years.
This is one of the recommendations contained in the company’s new five year Strategic Plan that the shareholders of SISDO adopted at their Annual General Meeting held at the Harlequins Sports Club.
According to the chairman of SISDO Board of Directors, Prof. Roselyn Gakure, the microfinance institutions was already on course to attain the ambitious target. She noted that SISDO had already disbursed more than Ksh.300M in the first six months of 2012 up from Ksh150M during the same period last year.
“We see this as a very achievable target, going by what we have been able to achieve in the first six months of 2012. The new management has taken this new challenge from the Board with a lot of gusto and we are happy to report to our shareholders that we are already on course in attaining our objectives set in the new strategic plan”, said Prof.
Gakure.
The new chief executive officer of the company Mr. Moses Banda told shareholders that one of his key deliverables was to convert SISDO into a deposit taking institution and a bigger loan book would give SISDO the asset base to deliver on that objective.
According to the chairman’s report which was debated and adopted at the meeting, the company made a profit after tax of KES. 12M compared to KES. 19.45M recorded in 2010 which was a 37 percent drop. Its loan portfolio grew from KES218 million to KES. 270 million which was a 24 percent growth over 2010 while balance sheet grew by 13 percent from KES. 414M to KES. 467M during the same period under review.
“We are at a very significant point in our growth plans and I am confident that we shall be a deposit taking institution in no time. For example, our clients who number over 10,000 have cash collateral deposited with us in excess of KES. 207.6M up from KES.181.5M deposited the previous year. This means that this is cash that is available for onward lending if we were a deposit taking institution. We don’t have to look far, our current client base is sufficient hunting ground for deposits”, Mr. Banda told shareholders.
Photo Courtesy of congresoflacso50.org
