Background, Profile and History of HACO Sacco
HACO Savings and Credit Co-operative (SACCO) Society Limited was
established in the year 1980 and registered under co-operative Act (Cap 490)for members with a common bond through
employment by HACO industries. The key objectives are to provide members
with an avenue for accumulation of savings and credit facilities at
affordable rates of interest.
Over the years, HACO SACCO has witnessed growth in its assets and
resources and its membership as at 31st December 2013 was 524 active members. Total accumulated share capital and deposits
stood at Kshs. 70 million and accumulated statutory reserves of about
Kshs. 3.4 million.
The key objective of the SACCO is to mobilize savings from members and
advance credit to members from their savings. The terms and conditions
of the loans advanced to members are as agreed by members and forms part
of the loan policy of the HACO SACCO which is approved by members at annual General meetings.
HACO SACCO Ltd is managed through committees that are elected by members
at Annual General Meetings (AGM) and three SACCO staff who oversee day-to-day
operations of the SACCO. There are two key committees that run HACO SACCO Ltd.
management committee (MC) and Supervisory committee with the following sub-committees:
(Executive, education, credit) which are responsible for various activities of the society.