Qwetu Sacco registers impressive growth in all sectors

The Qwetu Sacco has continued to post a progressive growth in the last financial year.
The success has seen the society’s assets base grow to Kshs 3, 224,056,051 in 2022 up from Kshs 2,816,395,095 posted in the year 2021. This represents an increase of Sh407, 660,956, which is a growth of 14.57 percent.
The achievement is attributed to delegate’s efforts in marketing the institution and continued education on existing members.
Addressing delegates during the Qwetu Sacco annual delegates meeting (ADM) in Voi, Taita Taveta County, Chairman Alfred Mlolwa said the Sacco will pay out dividends of 13 percent on shares and 9.8 percent interest on long-term deposits.
Mlolwa underscored the need for members to capitalize their dividends and increase savings in order to secure higher loans.
It’s worth noting that there is still a chance of re-investing part or the whole of your interests and dividends. We urge our members to embrace capitalizing on the same,” Mlolwa said.
The Chairman said the Sacco has been able to maintain and surpass the minimum capital adequacy ratios pointing out that the society is headed to a major success.
“The total expense to total revenue increased by 3.56 percent. We have to increase our efforts in order to improve our income collection and reduce expenditure where necessary,” he noted.
Despite being an electioneering year, Mr. Mlolwa revealed that the society’s membership grew to 56,159 in 2022 up from 52,772 in the year 2021. This is an increase of 3,387 which is a growth of 6.4 per cent.
Subsequently, member’s deposits grew to Kshs 2,138,702,356 in the same year compared to KSh 1,931,875,338 in 2021 representing a 10.70 per cent growth.
Mlolwa said loans portfolio also grew by 19.53 percent to hit Ksh 2,387,680,175 while share capital grew by 22.72 percent.
All the growth areas have shown a good and satisfactory trend that if maintained in the future will lead to great stability, the chairman told jubilant delegates, further urging them to continue marketing the Sacco savings products and loans which are relatively cheaper.
The chairman however pointed out that the growth in loan portfolio was not commensurate to the growth in members’ deposits as a result of low savings rate occasioned by the campaign period.
Most of the large clients were mostly dealing with spending on campaigns and so led to low savings, he said.
On the Sacco development agenda, Mr. Mlolwa revealed that the Sacco has already moved its head office operations to the new Qwetu Sacco plaza in Voi that is due for official opening later this year.
He further pointed out that challenges previously experienced in the spot cash mobile banking have already been addressed through upgrading of the system.
He said, we promise to keep the pace of improvements as the technology changes. For those who have changed telephone numbers and forgotten pin numbers kindly update to avoid miscommunication
Qwetu Sacco CEO Charles Kaba pointed out that the Sacco focus on encouraging more members to invest in the Sacco on long term deposits which is the cheapest form of capital.
Kaba further advised members to ensure that they increase their share capital to the minimum of Ksh 15,000 and more in order to enjoy the dividends and allow them to participate in the Sacco activities fully.
He said the opening of the new Qwetu Sacco plaza has greatly improved customer service and image of the society.
The new plaza which hosts our headquarters is now operational. We can now be matched with other institutions in the financial business, Kaba said.
The CEO said the current growth was an impressive development that clearly indicated that the Sacco was developing in the right direction.
He said Qwetu had diversified its products in order to cater for savers with different investment plans.
Qwetu Sacco chairman Alfred mlolwa applauded the Sacco for good leadership, fast growing society has in recent years embarked on transforming agenda with an eye of growing the Business and wider membership it has been among the best performing cooperatives in the country.
The Sacco offers a variety of loan products and savings that are well engineered to suit the specific needs of members however members are also trained on finances managements during education day organized annually according to the C E O Charles kaba Qwetu Sacco is using the latest efficient Technology in most of to be convinces.
Since 1976 when the Qwetu Sacco was established the Sacco has last year has been registered growth in membership savings and asset, it is to day one of the fastest growing cooperatives society in the entire coast region.
Operating on and open membership bond, the Sacco has attracted many people from all sectors of the economy, in 2011 the Sacco was licensed by Sacco for the year societies regulatory Authority SASRA to operate front office service activity (FOSA)