Solution DT SACCO maintains steady growth, transformation, member value creation in 30 years
Solution DT SACCO continues to scale the heights, 30 years since its inception in 1993. The Sacco celebrated major milestones including sustainability in embers service delivery, value creation, and empowerment, among others.
Despite the year 2022 being a tough economic year – coupled with global inflationary pressures, the weakening of the Kenya shilling against the US dollar, and adverse drought – the society stood firm in ensuring its members’ needs are well served, without forgetting the community at large.
Speaking during the Sacco 30th Annual General Meeting (AGM) held on January 21, 2023, the board of directors chairman Francis Muriithi said the society recorded exemplary performance in the financial year ending December 31, 2022.
Muriithi noted that this has been the tradition of the society, attributing the growth to members’ loyalty and support to the board and the management team.
“I am happy to announce to you that as Solution Sacco, we have remained resilient despite the challenging economic environment. This was a success because of your (members’) belief, and loyalty as you continue patronising the Sacco products and services,” said Muriithi.
The chair revealed that Solution DT Sacco will be celebrating its 30th anniversary on June 30, 2023, remembering the great milestones achieved.
Solution Sacco membership
Solution DT Sacco’s transformational agenda began in 1993 when the society changed its name from Meru Mwalimu Sacco and by-laws to include members from other sectors of the economy. Since then the Sacco operates on a common bond basis, drawing its members from the education, health, Cooperatives, Counties and National Government employees, MSMEs, Chamas and other community-based organizations.
According to the board of directors report, the Sacco membership has grown to 27,500 members as of December 31, 2022, up from 25,000 reported in 2021. This has seen growth in the society members’ deposits to KSh 5.2 billion during the same period under review.
Solution Sacco’s revenue grew to KSh 1.5 billion in the year under review, signifying the society’s efforts and dedication towards growth. This outstanding growth saw the Sacco pay dividends on share capital and interest on members’ deposits at a rate of 15% and 12.5%, respectively.
Falling under the Sacco Society Regulatory Authority (SASRA), Solution DT Sacco has had tremendous growth in assets since 2011. In 2011, Solution Sacco assets stood at KSh 2.3 billion, in 2012(KSh 2.31 billion), 2013(KSh 2.4 billion), 2014(KSh 2.5 billion), 2015(KSh 2.9 billion), 2016(KSh 3.3 billion), 2017(KSh 3.8 billion), 2018(KSh 4.4 billion), 2019(KSh 5.2 billion), 2020(KSh 5.6 billion despite the pandemic) and 2021 at KSh 7.35 billion.
The year under review saw the Sacco assets increase to a whopping KSh 8.3 billion, despite the global economic challenges.
Agency Banking
Solution DT Sacco endeavours to offer efficient, convenient and sustainable service delivery to its members. The society boasts nine branches and 23 satellite offices that bring services to members’ doorstep.
The society partners with other institutions to offer members with agent banking services, including Solution Sacco Mashinani – Solution Sacco Ltd services.
Through these, members can be able to make deposits or withdrawals from their Solution SACCO Account, School fees payments, Rent payments, and Balance inquiries among other transactions.
The Sacco also has a mobile banking solution –leveraging technology – which can be accessed via the USSD code *686# or mobile application.
Service to the community – CSR
Solution DT Sacco continued to expand its service to the community, transforming the lives of many people. The Sacco chair revealed various Corporate Social Responsibility (CSR) pillars undertaken by the society in 2022.
“Under the Education pillar, we supported 60 students drawn from the counties we serve as they joined secondary school by donating essential items necessary for their admission to form one.
“Our ultimate dream is to ensure students get quality education to uplift their socio-economic status,” said Muriithi while presenting the board’s report during the AGM.
In October 2022, the Sacco partnered with the Meru County Government to help fight the hunger prevalence in the regions, exacerbated by the adverse drought and famine.
While donating bales of flour to the County Government, Solution SACCO Deputy CEO Esther Ebuthania stated that the SACCO is keen to uplift and give back to the community as part of its Corporate Social Responsibility (CSR)
The Sacco also partnered with Bonfire Adventures to make holiday planning and travelling easier and more affordable for its Members.
The deal will see Solution SACCO members grow their savings on the Holiday account then the SACCO will in turn negotiate a discount on behalf of its Members.
The partnership is geared towards emphasizing the need to plan for holidays early through saving as well as making travel planning easy.
“This is a strategic partnership to enable our members to plan and easily execute their travel needs for either; Education, business or leisure. Our Members’ needs are very dynamic and we are here to continue building strategic partnerships that will provide Solutions.” Said the Sacco CEO Daniel K. Marete.
Solution insurance
In July 2022, the Sacco partnered with Jubilee Insurance and M-tiba to launch Solution Afya – a comprehensive digital medical cover that guarantees members’ health. The scheme seeks to empower members socially and economically as they receive financial autonomy from the society.
Solution Afya Medical products are offered under the Suluhisho Letu Insurance Agency, a subsidiary of Solution Group, in partnership with Jubilee Insurance Medical cover, which will ensure efficiency in service and M-tiba providing digital support.
The Suluhisho Letu subsidiary focuses on providing insurance products and services to the Sacco members. It offers insurance brokerage services by educating members, offering quality advice, assessing clients’ risk and following up on all clients’ claims based on high professional standards.
