The cooperative movement in Thika West last year managed to build its share capital to Sh 2.1 billion from forty five cooperative societies in the area.
The district cooperative officer, Charles Ndirangu, while addressing the press from his office explained that the deposits last year was an increment of over Sh 700 million compared to Sh 1.7 billion deposited in 2013.
He pointed out that although the share capital increased by slightly over seven hundred million shillings, general membership reduced from 27,000 recorded in the year 2013 to 26700 members in 2012 due to layoffs of employees by employer companies as a result of the hard biting inflation recorded all over the country last year.
Following the directive that Matatu operators form Saccos to improve management and operations, Thika West district registered eight new Saccos last year in the transport sector making a total of fourteen which together managed to raise deposits amounting to 207 million shillings compared to 137 million shillings recorded in 2013.
Ndirangu explained that members in the area last year borrowed loans from their respective societies amounting to Sh 1.8 billion to pay school fees, emergencies and medical expenses compared to Sh 1.5 billion borrowed the same period in 2013.
There was however a very high rate of defaulting in loans repayment in the year under review compared to previous years whereby 86 million shillings was still unpaid by the end of 2014 compared to 79 million owned by the same period in 2013.
This he attributed to the harsh weather conditions recorded last year coupled with hard economic times in the country which led to lack of operational capital for most of the members.
Thika West has 45 active cooperative societies with Kenya Canners having the highest number of registered membership of 5,230.