By Judy Jerono
Prime Time Sacco is targeting to grow its asset base above the billion mark through improved service delivery, aggressive members recruitment, and growth of loan portfolio.
The Society sustained a stable financial performance last year, registering positive growth in total assets, members’ deposits, core and institutional capital, as well as membership. Its exponential growth in the 2022 financial year saw the total assets increase significantly from Ksh837.07 million in 2021 to Ksh891.88 million.
The Sacco also made strides in deposit mobilization that grew to Ksh691.5 million last year compared to Ksh651.78 million in the previous year, which boosted the Society’s liquidity, ensuring members’ financial needs were addressed to their satisfaction.
“We intend to double our efforts to enhance marketing activities to attract more members who will support our projected growth in the future,” said Mr. Thomas Rotich, Board of Directors Chairman. He was speaking during the Sacco’s 26th Annual Delegates Meeting held at Iten School for the Deaf recently.
With members having access to affordable loans, the Sacco total disbursed loans last year increased from Ksh409.37 million in 2021 to Ksh 451.17 million. “We lowered the interest rate from 1.5% to 1% on reducing balance as approved by delegates, this ensures members can get more and cheaper loans for their development needs,” said Mr. Rotich.
He noted that the Sacco improved its service delivery through procedures and policy controls, adding that loans to members were processed within the time of demand without backlogs. With more cash than members’ loan demands, the Sacco invested excess funds in interest-earning markets, boosting its yearly revenue. The core capital grew to Ksh155.5 million in 2022 from Ksh136.8 million in 2021.
“Our sustained and impressive growth is an indication of our compliance to the Sacco Societies Regulatory Authority (SASRA) rules and regulations,” said Mr. Rotich.
Delegates approved the distribution of surplus to members in the form of dividends on shares at 4.95% and interest on deposits at 8%, amounting to over Ksh 41 million.
The Sacco is planning to bolster its marketing team to boost activities, acquire a van and buy a plot at Biretwo, where its satellite office is set to upgrade to a fully-fledged branch.
The list of Sacco’s top savers continued to grow, a testament to its impact on members’ socio-economic improvement. The Board recognized and rewarded 12 Sacco millionaires.
“We have streamlined services to an effective and efficient level to enhance members’ experience. We will continue providing the best financial services to uplift the living standards of our members. Opportunity is always where you are, never where you were and not where you will be,” said Mr. Rotich.
Prime Time Sacco was voted the best co-operative society in providing financial education and training to members in Elgeyo Marakwet County during last year’s Ushirika Day celebrations. The Sacco also took home the second runners-up trophy for Best Sacco in Members’ education and training and the award for the Urban Sacco with the Highest Dividends.
It has developed elaborate education and training programmes to equip members with the knowledge and skill to make wise financial decisions.
“Our members are also able to give feedback on our financial products and services during the training sessions, enabling us to plan appropriately,” said the Sacco Chief Executive, Mr. Christopher Cheruiyot.
The Sacco’s products are tailored to meet members’ needs and uplift their social and economic status.
“We urge our members to channel their salary through the Sacco’s FOSA for better services and additional loan products. The Sacco has at all times maintained effective services due to sound financial controls and operates without external borrowing,” said Mr. Willy Korio.
Established in 1995 as Keiyo Teachers Sacco, Prime Time Sacco has remained a solid financial institution playing a significant role in poverty eradication by fostering financial inclusion and serving over 3,867 active members.
Based in Elgeyo Marakwet County, Prime Time Sacco is making it possible for members to obtain more loans for their development and daily life needs.
The County Executive Committee Member for Cooperatives, Robert Kangogo, the chief guest during the event, applauded the Sacco for its outstanding performance, noting it is best performing in the region. He called on the members to borrow to improve their lives through various investment ventures.
The County Cooperative Commissioner John Milgo asked the Sacco to recruit more members within the region, noting this will ensure they have access to quality financial services.
Eldoret Branch KUSCCO manager Dalton Juma commended the Sacco for rewarding top savers adding this will encourage other members to save more. He also challenged the Sacco to develop more products to benefit retirees and retain them.
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