Bestrock Sacco pays dividends to members online due to COVID-19 pandemic



The management of the Kitui based Bestrock Savings and Credit Cooperative Society Limited has paid a total of 1,480,508 shillings dividends to around 500 members online due to the COVID-19 health crisis.

Normally, the society pays the dividends to the members during their society’s annual general meetings that are held in April each year.But the cooperators could not hold this year’s annual general meeting because of the COVID-19 pandemic.

“We paid the dividends through the Cooperative Bank of Kenya’s Internet Banking on June 10,2020 because we could not pay them through the annual general meeting due to the COVID-19 pandemic, ”

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The society’s Chief Executive Officer Michael M.Mutua told the media in his office on Friday, July 17, 2020.

And he described the bank’s online banking as very efficient. “The system is good for saccos that have no the Front Office Service Activities (FOSAs).

It is cost-effective.We saw that it is a very good system and we as a sacco can use the platform because we have no FOSA at our sacco,” Mutua added.

He said they transferred the dividends to the members through whichever the banks.“And we adhered to the government’s COVID-19 pandemic rules,” the society’s leader said.

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Mutua said that they are paying the dividends in batches as a result of the pandemic. “And we are going to pay the second batch, also of around 500 members, after the members have surrendered their bank account numbers to us,” the CEO further said.

He disclosed that the sacco currently has a total of around 4,300 members who are from the Kitui County.

The sacco was started in 1999 and its headquarters are in Kitui Town.“We have not stopped lending to the members during the COVID-19 pandemic because most of the members are the business people,” the CEO added.

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We have also intensified the monitoring of loans in the field, Mutua announced. “We as a sacco have a COVID-19 loan response monitoring committee through which we are monitoring the loans on daily basis,” he told the media.

And he added that the committee also analyses the businesses loans to know which sectors are affected at what level.The end of the story.