Counties News Sacco News

IG DT Sacco set pace in promoting member empowerment, through value creation

IG Sacco chairman Kennedy Keya, KUSCO Managing Director George Ototo, addressin the media after the Sacco 45th Annual General Meeting (AGM) held on February 25, 2023

The Invest and Grow (IG) Deposit Taking (DT) Sacco is setting a desirable example in championing the bottom-up economic growth and sustainability with a primary goal of helping its members meet their financial needs and goals.

The society continues to set an example for other societies in the cooperative movement, as demonstrated in its financial statement for the year ending December 31, 2022. Despite the tough economic times caused by the rising global inflation and the diverse effects of drought, IG DT Sacco remained resilient in executing its mandate and meeting the growing needs of its members.

Speaking during the Sacco 45th Annual Delegate Meeting (AGM) held on February 20, 2023, at the Royal Swiss Hotel, the Sacco board of directors’ chair Kennedy Keya attributed the outstanding growth to members’ loyalty, support and the efforts levelled by the board and the management.

“I pass my gratitude to every one of you for the overwhelming support towards the growth of the Sacco. I humbly encourage you to sustain the team spirit that we have natured over the years as we aim to invest and grow IG Sacco and its membership to greater heights of success,” said Keya.

In attendance was the chief guest George Ototo, Kenya Union of Savings and Credit Cooperatives (KUSCCO) Managing Director and Ben Kagalo, Director of Cooperatives Kakamega County.

Ototo congratulated the Sacco director and the management for their continued dedication that has brought the Sacco to its current outstanding position. He encouraged members to continue being good ambassadors to the Sacco, helping it realise its mandate and create value for its funds.

The Sacco Chief Executive Officer Peter Vuhya in his speech urged the members to continue patronizing the society’s tailored products and services.

“We make investing easy and accessible for everyone. Our team of experts will help you identify investment opportunities that align with your goals and values,” said Vuhyah.

Sacco performance and awards

IG DT Sacco registered growth in its key parameters including assets, loan portfolio, member deposits, share capital and revenue, among others.  The asset base increased by 11% to KSh 12.9 billion in 2022, up from KSh 11.69 billion reported in 2021.

Income grew by 9% from KSh 1.71 billion in 2021 to KSh 1.86 billion. There was a sharp increase in loan portfolio from KSh 7.44 billion in the year 2021 to 9.12 billion during the same year under review.

The Sacco share capital grew to KSh 1.3 billion from KSh 1.1 billion in 2021, registering a 15% rise. Non-withdrawable deposits increased by 10% from KSh 5.4 billion in 2021 to KSh 5.9 billion as the loan portfolio grew to KSh 8.5 billion, up from KSh 6.37 billion in the previous year, representing a 34% increase.

Following this growth, the board of directors recommended payment of dividends at a rate of 17% on share capital, 15% on Plaza shares, 12 % on non-withdrawable deposits and 8% on interest on savings.

IG DT Sacco members following the proceedings of the 45th Annual General Meeting (AGM) held on February 25, 2023.

In 2022, IG DT Sacco won several awards during the 100th Ushirika Day Celebration and the Institute of Certified Secretaries Champion of Governance. The Sacco become the Best overall cooperative in Kakamega County, the best in loan services to members and 1st Runners Up in Education and Training to members in Kakamega County.

Education to members and future prospects

The Sacco is currently conducting members’ education across several counties including Kakamega and Vihaga in line with the cooperative principle of education, training and information to help the members know and make informed financial decisions.

The chairman pointed out that the members of the diaspora will undergo the same education program virtually.  He continued to say that the members who might have missed the training sessions physically can access the material from the Sacco social media pages.

With the plans underway to establish a vibrant ICT system, IG DT Sacco looks set to upgrade its core banking system, which will automate most of its banking and other Sacco operation. This upgrade includes digital loan products, e-loan guaranteeing that will enable members to guarantee each other using an online platform, a members portal which will enable members to get statements from the members portal, Sacco mobile application which will enhance interaction with M-banking.

Additionally, the Sacco is in the process of establishing a call centre that will enable service delivery and prompt communication. Vuhya in his statement pointed out that the system will automate the Sacco workflow for each department to ensure that all members’ enquiries are taken care of.

Sacco Trend
Author: Sacco Trend

Sacco Trend

About Author

Leave a Reply

You may also like

Patrick Kilemi, the Principal Secretary of Co-operatives and Micro, Small & Medium Enterprises (MSMEs) Development at the State Department for Cooperatives
News

Government pushes for cooperative principles to be taught in primary schools

The government is making strides to integrate the principles of cooperatives into the primary school curriculum.  cooperatives play a vital
Unaitas sacco expands reach with new branch in Othaya town
News

Unaitas sacco expands reach with new branch in Othaya town

Unaitas SACCO has expanded its presence with the opening of a new branch in Othaya town, Nyeri County. Established in
error: Content is protected !!
×