Operational efficiency and service excellence boosted Wakenya Pamoja Sacco’s growth across key segments in the financial year that ended 31st December 2022.
The Sacco is set to launch a digital credit facility as its Board of Directors and management seek to leverage on information and communication technology to grow business and enhance accessibility and convenience of service delivery.
“The Sacco will be launching a digital lending product in May this year (now operating), members will be able to get advances through their mobile phone anytime and anywhere,” Mr. Mr Francis Ayieko, Sacco chairman, said.
Mr. Ayieko, who was addressing delegates during the Sacco’s annual meeting recently, said the Society posted positive growth, noting the loan portfolio grew by 7.3%.
“Our main agenda is to enhance the socio-economic welfare of our members by providing them with accessible and affordable loan products. I am happy that the Sacco has been able to transform the livelihoods of most of our members,” he said.
In 2022, the Sacco disbursed loans and advances to members amounting to Ksh676.09 million, up from Ksh630.04 million in 2021. “I urge our members to take advantage of our reduced interest rate on loans to borrow to initiate development projects that will improve their lives. The Sacco will continue addressing their concerns,” Mr. Ayieko said.
The Sacco total assets increased from Ksh1.64 billion in 2022 from Ksh1.58 billion in the previous year. Its financial position also maintained a healthy status, with share and institutional capital recording a commendable growth rate.
The total revenue stood at Ksh368 million at the close of the year, boosted by interest income. Interest in members’ savings increased by 17%. The Board announced a total payment of over Ksh15.7 million as annual earnings for members in the form of dividends on shares and rebates on deposits.
“I wish to thank our directors and delegates for their dedication and honouring the call to grow non-withdrawable deposits through standing orders. Let us urge members to grow their savings,” he said.
Mr. Ayieko said Board is implementing various recommendations given by the Sacco Societies Regulatory Authority (SASRA) that will move the Society to new levels of growth. He encouraged members to support the Sacco by patronizing its attractive products for personal development and enabling the Society to achieve its objectives.
The Sacco Chief Executive Officer, Mr. Isaac Omwenga, said they would continue educating and training members to make them aware of available products and investment opportunities. “Despite economic challenges witnessed in the country, this Sacco has performed fairly. We will intensify our marketing campaigns to grow business, net more members and enhance our brand visibility,” said Mr. Omwenga.
The Sacco’s active members stood at 121,192 at the end of 2022.
Vincent Nyang’wara, Chief Officer of Public Service and Administration, Kisii County, said they are partnering with the Sacco to support the economic empowerment of residents.
“It is a good thing that the Sacco is recruiting young people, enabling them to save and grow their money. We are working with the Sacco to help our people diversify their income-generating activities,” he said.
Mr. Joseph Nyakundi, the Supervision Chairman, noted that the Sacco business was conducted in accordance with government laws and Sacco by-laws.
Started in 1976, Wakenya Pamoja Sacco has, over the years, diversified its products offering to offer financial solutions tailor-made to members’ needs. The Sacco is committed to achieving the highest levels of customer satisfaction through continuous improvement of products and services.
