Safaricom DT SACCO anchors transformational cause on corporate governance, digital automation – hits KSh 10b assets in just 20 years

Good corporate governance ensures sound business practices and creates confidence from members and other stakeholders. This is according to Safaricom DT SACCO Chief Executive Officer Joseph Njoroge.
The Sacco that spans 20 years – one of the youngest societies in Kenya’s Co-operative Movement –continues to scale heights among tier-one SACCOs since it was formed in 2001.
Njoroge reveals to Sacco Trend Magazine that the exemplary performance reported by Safaricom DT Sacco in the past 20 years is pegged on the society’s core values; – Customer Focus, Innovation, Reliability and Integrity – referred to as CIRI by the management.
“The core values define how we treat our customers and how we deliver our services. CIRI ensures that we have the best customer experience, we have reliable products and services and we remain honest to the cause.
“These are beliefs that Safaricom Sacco staff uphold and they have assisted in achieving the results that you see outside there,” says Njoroge, in an exclusive interview with Sacco Trend Magazine.
From a membership of less than 200 members, the Sacco has been expanding its market coverage to over 15,000 members as of December 31, 2022. The CEO noted one of the key transformation agendas taken by the society was to open up its membership (common bond).
The Sacco draws its membership from the staff of Safaricom PLC and its partners, Technology companies such as Nokia, Huawei, and Adrian and individual members and their spouses.
The Sacco amended its by-laws to incorporate members from the corporate world, including chamas, groups and SMEs, during the 22nd Annual General Meeting (AGM).
Governance structure
Safaricom DT Sacco is licensed and supervised by the Sacco Society Regulatory Authority (SASRA) and therefore operates under the provisions of the Sacco Societies Act and the Regulations.
These policy frameworks give Sacco members priority as the supreme decision makers through the governance organ – the Annual General Meeting (AGM).
Njoroge notes that the society has been operating based on the policy standards since its initiation.
“This power is delegated to the Board of Directors that are elected by the members. Safaricom Sacco operates within a clearly defined governance framework which provides for delegated authority and clear lines of responsibility without abdicating the responsibility of the Board.
“Through the framework, the Board sets out the strategic direction of the Sacco while entrusting the day-to-day running of the organisation to the executive management led by the Chief Executive Officer, with their performance against set objectives and policies closely monitored,” he says.
The Sacco board directors serve for a maximum of two terms of three years each, after which the nomination committee reviews their performance.
“This practice is not popular with most organisations but it has worked well for us. We have a clear succession plan that ensures smooth transition.”
Strategic Plan
The Sacco has also been riding on a five-year strategic plan, grafted to focus on key growth pillars in the socio-economic environment.
According to the CEO, the current one which will be ending in December 2023 was anchored on six key pillars which include;
1. People
- Having competent and motivated employees
- Quality membership
2. Service Delivery
- Improvement of customer service – having a Net Promoter Score (NPS) of 90%
- Provision of relevant services and products
- Member engagement
3. Finance – growth in all financial parameters including deposits, loans, share capital and assets.
4. Technology –
- Automation of key processes
- Deployment of available technologies and media
5. Risk Management
- Formulation of quality decisions
- Improving the quality of loan book
- Employing adequate Know Your Customer (KYC) procedures and policies
6. Stakeholder engagement – compliance with all regulations.
“This year, we will be formulating a plan that will guide the Sacco for the next five years,” the Sacco CEO adds.
Digital transformation
CEO Njoroge says the Sacco continues to leverage technology and trends to improve its service delivery to members. The Sacco intends to grow its digital service delivery to 100% automation.
“Digital Transformation is a key strategic pillar that the Sacco deliberately took in 2019. The Sacco invested in a robust Enterprise Resource Planning (ERP) that has seen the automation of most processes.
“This has enabled the Sacco to improve the efficiency in the delivery of products and services. Our plan is to have 100% automation and adoption of digital channels by all members.”

The services under the transformation range from member onboarding, transactions, loan application and payment, among others.
Safaricom DT Sacco also looks set to revamp its credit facilities by coming up with tailored products that meet the rising needs of its members.
“Our products need to be superior and responsive to members’ needs. We will therefore review and revamp our products.
“We will also focus on lowering our Performance and accountability reporting (PAR) to 2% from the current 3.5%,” notes the CEO.
These transformational agendas have seen the society report growth in key performance indicators like asset base, loan portfolio, member deposits and share capital among others.
Sacco performance
Data from the financial statements for the year ending December 31, 2022, shows Safaricom DT Sacco reported a 16% growth in assets to KSh 10 billion. The growth in assets comes as a result of an 11% increase in the Sacco loan book from 6.2 billion in 2021 to KSh 6.8 billion in 2022.
“We closed the year on a high with the Sacco posting an impressive performance in growth and profitability. Our assets growth is a milestone worth celebrating,” said Safaricom DT Sacco board of directors’ chair Paul Msava during the 22nd Annual General Meeting held on February 11, 2023.
Members’ deposits grew by 14% to KSh 7.8 billion, up from KSh 6.8 billion reported during a similar period in 2021.
The Sacco share capital increased from KSh 613 million reported in 2021 to KSh 730 million reported during the year under review.
This outstanding growth has seen the Sacco pay dividends on share capital and interest on members’ deposits at a rate of 14% and 9%, respectively.
Msava noted that the performance affirms the robustness of all important aspects of the Sacco business, revolving around customer excellence and employee commitment.
The continued growth has seen Safaricom Sacco recognised for exemplary performance over the years.
Sacco accolades in 2022
The society bagged over 10 awards in the financial year under review, ranging from local and international organisations.
These awards reaffirm the Sacco commitment to offering the best customer experience. They include;
Ushirika Day Awards – Best SACCO in Technology Optimisation (Deposit Taking SACCOs), Best in Technology Optimisation Countrywide, and 3rd Best in Risk in Risk Management
CSR Awards – Best in Health and Wellness Initiatives, recognising the Sacco exceptional leadership and commitment to Corporate Social Responsibility.
Champion of Governance (COG) – Awards recognises organisations with the highest standards of good governance practice. It also recognises innovation in business governance. The Sacco was named COG winner in the Co-operative Sector category, and 2nd Runners Up for the overall champion.
Safaricom DT SACCO also bagged a Gold Mark for Excellence in Enterprise Information Technology Adoption. The society’s mobile App SafCIRI was also recognised.
2023 prospects: Medical Cover in partnership with CIC Insurance
The Sacco launched a medical cover product for members, in partnership with CIC Insurance. This will give members and their six family members an opportunity to access outpatient medical services including maternity, dental, optical and last-expense benefits.
“This product will go a long way in addressing the huge challenge of affordable medical care, especially to members in the informal employment,” the Sacco chair said, urging members to enrol for the new product.
This is part of the Sacco future prospects, which the CEO affirms to be anchored on Information, communication technology.
“The future is digital, we plan to have more services and products offering being automated. The plan is to come up with innovative and affordable products that will uplift members’ livelihoods in line with our motto of “empowering you”.
“On service sustainability, we have to ensure that the Sacco meets the expectations of the members by offering competitive returns,” said Njoroge.
The Sacco also rides its future on a strong corporate governance strategy, aimed at giving back to the community.
“With the Co-operatives principle of “People Helping People”, the Sacco sets aside a budget every year to assist the needy in the Community.
“In 2022, we undertook two key CSR activities i.e we sponsored a medical camp in conjunction with KNH and later in the year we visited Njoo Dada, a home for teenage mothers where we launched various initiatives to assist them in picking up pieces and continuing with their lives,” adds the CEO.
Business Continuity Plan (BCP)
To deal with the prevailing economic challenges, like the rising global inflation experienced in 2022, Njoroge reveals that Safaricom DT SACCO has a business continuity plan (BCP) that gives it proper planning.
“We have policies and procedures that we adhere to in our operations. We also have Business Continuity Plans (BCP). for instance, during the general elections, we had a BCP that had different scenarios before, during and after the elections.
“With this in place, we are always prepared and we don’t act on procrastination but on real data. We do undertake market research and situational analysis of all possible business outcomes,” he adds.
The Sacco looks set to grow its assets to KSh 11 billion in the current financial year ending December 31, 2023.
If you need to join a Sacco, don’t look any further. Safaricom Sacco is the Sacco of choice. It’s a one-stop shop for all your financial needs.
How to join Safaricom DT Sacco
“…just go online, how to join Safaricom Sacco and we have online paperwork and we are able to recruit you immediately … you need to have either the collateral or the guarantor, and you need to be able to be referred by someone at the Sacco.
People who are looking for a home in financial space, I am appealing to you to join Safaricom Sacco,” said Safaricom DT Sacco vice chair Elizabeth Mudogo in an exclusive interview with Sacco Trend Magazine.
The Sacco membership is open to employees of SAFARICOM LTD, Spouses of Members, Children above 18 years, Individuals introduced by Sacco members and employees of other corporates admitted as per the Membership Policy.
Individual members (Alpha Membership) are eligible to patronise loan facilities after Six (6) months of consistent savings in the Back Office Services Activity (BOSA).
For Group and Chama membership, eligibility is guaranteed after patronising Front Office Services Activity (FOSA) section for the same period.