This is why Jamii Sacco is the best

Jamii Sacco top in new SASRA ranking

Innovation, quality, and unique products and services drive the Sacco exemplary growth.

https://www.jamiisacco.com/

Jamii Sacco is among the fastest-growing Deposit –Taking Saccos in the country, new data from the Sacco Societies Regulatory Authority (SASRA) shows.

The Society is inching closer to joining the large-tiered category of DT-Saccos with total assets above Ksh5 billion, having maintained an exemplary growth in recent years fueled by prudent and visionary leadership and management, quality products, and adoption of technology in service delivery. The Sacco is set to close the Ksh 5 billion mark by the close of the 2021 Financial Year.

In the latest SASRA Sacco Supervision Annual Report, 2020, the Sacco ranks second wealthiest by total assets among 57 medium-tiered DT-Saccos. SASRA, the Sacco sub-sector regulator, data indicates the Society had total assets valued at over Ksh 4.67 billion and Ksh3.46 billion total deposits. The Sacco disbursed over Ksh4.09 billion loans to members, according to the report.

Jamii Sacco, which is rated at 36th position among the 175 DT-Saccos in the country, is also among financial institutions that generated high revenue, Ksh0.61 billion, despite the adverse effects of the Covid-19 pandemic on the economy. 

The Sacco’s overall performance and the lending model remained resilient even in the wake of external shocks, as evidenced by the impressive growths recorded in all its financial performance indicators, generally used by SASRA to gauge the performance and growth of deposit-taking financial institutions.

Last year, the Sacco registered an annual growth rate averaging 10.23%, down from 14.58 % in 2019. However, growth between 2016 and 2020 was an impressive 51.13%.

The Sacco Board of Directors declared payment of dividends on shares and interest on savings at the rates of 12.50 and 10 percentages, respectively, amounting to over Ksh 348 million. The annual returns to Jamii Sacco members were among the highest in the country.  

Generally, DT-Saccos paid a total of Kshs 30.61 billion as interest expense on deposits representing 35.58% of the total income. 

The analysis done by SASRA shows that DT-Saccos paid on average 6.01% interest on the deposits in 2020 compared to the banking institutions that paid an interest rate of about 3.42% on customer deposits.

DT-Saccos, such as Jamii, according to the Authority, thus remain comparative competitive financial deposit-taking institutions with dividends earned on the share capital held by DT-SAccos being 8.26% in 2020.

Regarding principle parameters that SASRA uses to measure the growth and performance of Saccos- total assets, total deposits, gross loans, allowance for loan losses, and core capital, Jamii Sacco posted excellent results. 

Analysis of financial statements shows that the DT-Sacco’s system registered respectable growths in all the key measures of performance.

In a fast-evolving technologically-driven financial sector, Jamii Sacco has invested heavily in ICT to adapt to the prevailing changes.

The introduction of e-channels, especially the use of mobile phones to transact business, has revolutionized how the Sacco operations are carried out. The future of the provision of financial services will continue to rely on technology, and Jamii Sacco is keeping with the changing trends and has invested in the new ICT system to enable it to provide safe, fast, and effective techno-driven services to its members and remain competitive in the sector.

According to National Chairperson Anne Ambwere, the Sacco also enhanced and up-scaled the Jamii M-Cash advance to provide more short-term loans and advances. 

“Our members can now access financial products more conveniently. They should utilize the system to promptly access advances and commit to repaying the same as per the terms and conditions applicable.”

Jamii Sacco Mobile Banking Platform (Jamii M-Cash) allows members to access various services by dialing USSD *879# or *806#, anytime and anywhere, 24/7. 

The Sacco CEO Eliud Chepkwony said that with a new Strategic Plan (2021-2025), which focuses on growth in membership, Quality products and services, Operational efficiency, and Institutional capacity building, Jamii Sacco growth would accelerate. 

Members have consistently complimented the Sacco for offering unique products, tailor-made to their specific needs and offering high annual returns.

The Mobile Banking Platform (Jamii MCash) dial *879# or *806# to enjoy the following services:

• Check Account balance
• View Account Mini statement
• Do Cash withdrawal
• Change PIN
• Do Funds Transfer
• Apply for up to six (6) different loan types via mobile phone
• Deposit Cash and loans
• Pay for Utilities