It was a moment to cherish for Tabasamu Sacco, as it won the highest number of trophies during the 2023 Ushirika Day celebrations, taking home eight trophies won in several categories. This is a significant improvement from the six trophies it won during the 2022 Ushirika Day celebrations.
By maintaining its winning streak, Tabasamu Sacco keeps the rich tradition of recognition for its excellence intact as it strives for excellence in all its critical areas of operation.
This is also setting precedence in the Sacco’s footprints that future leaders would aspire to emulate as a mark of excellence.
Out of the eight trophies, Tabasamu Sacco emerged as the first best in capitalisation under the Employer-based Sacco Tier-4, deposit-taking Saccos. Building a strong capital base is critical for any financial institution and this award affirms its efforts to encourage members to save more.
Improving its liquidity through increased savings will enable the Sacco to meet the loan requests from members besides meeting some of its critical liquidity ratios as outlined under the regulator, Sasra.
Under the employer-based Tier 4 deposit-taking Saccos, Tabasamu emerged as second best managed, second best in credit management and second most improved in the country.
Under credit management, Tabasamu Sacco emerged as third best countrywide. Emerging third in a race where there are more than 350 Saccos in the country is a clear demonstration of its efforts to employ the best practices in meeting members’ financial inclusion expectations.
Among participating Employer-based Tier-4 deposit-taking Sacco, the Society was ranked third best in technology optimization, risk management, deposit management, and credit management.
During the financial year ending December 31 2022, the Kwale-based Society saw its total assets cross the one billion mark, rising from KSh963 million in 2021 to KSh1.052. The 9.2 per cent growth will provide it with the much-needed capital to meet its financial obligations such as issuing loans rather than depending on the costly external financing.
Under the leadership of Board Chairperson Felister Mutisya and Sacco CEO Geoffrey Sitati, the Society recorded the healthiest growth in share capital.
This increased from KSh56.95 million in 2021 to stand at KSh77.65 million in 2022, significantly boosting its liquidity ratio requirements.
With diverse savings and credit products and services, the Society has and will remain a key player in mobilising savings and extending affordable credit to its members. With continuous education and training, members are expected to make informed and better decisions and their financial well-being.
Continuous training is done on the board and the staff to be aware of changes in governance, credit management, and risk management among others.
This is also expected to translate to increased deposits and proper management of loans and enhanced repayments.
With a membership of more than 6,000, the Society aims to increase the same to ensure more and more people in the region enhance savings and access affordable credit facilities.
It plans to improve the balance sheet by encouraging more contributions and weaning itself from external funding. The Society is increasingly emerging as a key financial institution in the region.
The Sacco also plans to have the 2023-2027 Strategic Plan in place focusing on driving its growth prospects.
In addition, it has become a key player in corporate social responsibility where it aims at lifting the living standards of the needy in the society.
For example, it has participated in a jigger eradication exercise in six schools in Msambweni Sub County.
