Vision Afrika Sacco records 25% in assets, projects growth at KSh 1b mark

Since its formation in 2004 Vision Afrika Sacco has continued to record immense growth in key performance indicators. This can be attributed to members’ loyalty and great support in making sure the Sacco remains true to its mission of providing affordable financial services.
Despite the tough economic environment marred by `rising global inflation, supply chain disruption and drought, the year 2022 saw Vision Afrika Sacco remain resilient in carrying out its mandate and creating value for members’ funds.
Speaking during the 19th Annual Delegates Meeting held on March 11, 2023, the Sacco board of directors’ chair Benjamin Thoithi noted significant growth in membership, loan portfolio and assets.
In the financial year ending December 31, 2022, Vision Afrika Sacco membership grew by 3,700 members to 27,586 members.
“The Sacco has always aspired to create a good relationship with its members in order to secure the members as they believe that every financial institution is anchored in new members forming a pool of repeat customers who patronize the institution and later become loyal customers,” said Thoithi.
They even conducted a customer satisfaction survey during the same year under review, to improve customer service.
Members’ deposits increased to KSh 439.4 million as share capital grew to KSh 91.5 million, with the society ramping up recruitment and deposit mobilisation drive.

Proper management and maintenance are key to the success of a Sacco, aspiring to cultivate a healthy loan book which generates most of society’s revenue and asset base. The loan portfolio showed an exemplary growth of 25% up from KSh 478.2 million to KSh 596.8 million.
This saw the Sacco total assets increase by 25% as the board of directors projects it to grow to KSh 1 billion mark in the next two years.
“This shows the Sacco is in a positive growth trajectory but a lot can be done in the recruitment of new members. We are focused to become a billion shilling Sacco, as envisaged in the strategic plan that focuses on growing the Sacco membership by 10,000, improve service delivery and sustainability,” said the chair.
The Sacco gross income grew to KSh 112.2 million compared to KSh 86.9 million reported in 2021, paying out Ksh 16.2 million in dividends at the rate of 10% for the share capital,15% for the Mjengo shares in a continuous drive and the returns as interest on deposit at 2%.
Thoithi revealed that Vision Africa Sacco is in the progress of constructing the society’s head office in order to make its brand more distinct, not only in Nakuru but beyond.
Vision Afrika Sacco endeavours to offer efficient and convenient services to members. The society is obligated to get its services closer to the members using new market frontiers.
The society has introduced alternative banking channels (ABCs), like the agency which awaits approval from the Sacco Society Regulatory Authority (SASRA). This is expected to tap into the market potential, enabling members to access their accounts anywhere anytime.
This will be a great modification to the usual Sacco operations creating excellent results as it will increase the Sacco market presence and get a good market share.
The society rolled out robust m-banking services, accentuated with a mobile application, to ease member service delivery.
The Sacco intends to conduct a feasibility study in areas of Elburgon, Barnabas Centre, Mau Narok and Burnt Forest Centre, which is deemed fit for branch opening. The Sacco has branches in Nakuru, Molo, Gilgil and Naivasha.
The Sacco draws its membership from the business community, salaried members, groups, chamas and farmers.
It provides a wide range of credit and saving products in both Back Office Service Activity (BOSA) and Front Office Service Activity (FOSA). The Sacco also has a Housing Co-operative Society providing land and housing loan products.