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Vision Afrika Sacco gets new board chair Ayub Gatheru Maingi

Nakuru, Kenya – Vision Afrika Sacco, a leading co-operative in Nakuru and neighbouring counties, has appointed a new board chairman.

Ayub Gatheru Maingi was elected to take over from Benjamin Thoithi, effective April 2024.

Ayub Gatheru’s career profile

Maingi boasts a diverse background in technology, business management, and cooperative leadership, spanning over a decade.

In an exclusive interview with Sacco Trend Magazine, Gatheru revealed that he founded a technology business solution, which has given him leverage in incorporating technology trends in leadership.

“I have honed my skills in both the technical and business aspects of the industry. As the Managing Director and Founder of Smartnet Technologies Limited, I have spearheaded innovative solutions and driven business growth in the ever-evolving technology sector,” said Gatheru.

Gatheru founded SmartNet Technologies Limited in 2012. He also serves at the Housing and Sacco Cooperative Leadership since 2016.

The new chair holds a Bachelor’s degree in Business Information Technology and a Diploma in Computer Engineering.

Vision Afrika Sacco’s performance

Gatheru takes to the helm of Vision Africa Sacco leadership, which prides itself on tailor-made products and services that are member-centric and offer affordable and competitive market rates for their financial needs and expectations.

Vision Afrika Sacco Deposit Account.

The Sacco loan portfolio grew to KSh 708.3 million during the financial year ending December 31, 2023, up from KSh 596.9 million in 2022, representing a 20% increase.

The increase in loan portfolio accelerated the society’s asset growth from KSh 665.9 million reported in 2022 to KSh 787.3 million. Member deposits increased to KSh 499.2 million from KSh 446.5 million while share capital
grew to KSh 126.5 million, up from KSh 91.5 million.

The Sacco surplus increased to KSh 22.9 million during the same year under review, after reporting a gross income of KSh 126.7 million.

Vision Afrika Sacco declared a return on member investment amounting to KSh 15.2 million, paid in terms of dividends on shares and interests on deposits. The Sacco paid 10% dividends on ordinary shares and 15% on Mjengo shares while deposits earned an interest of 1% during the year under review.

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