Invest and Grow (IG) Sacco has been actively working towards sustainable community development, in accordance with the seventh co-operative principle of concern for community. They have organized several Corporate Social Responsibility Programmes to support various institutions and communities in need.
For example, they recently donated photocopier machines and printing papers to Friends Malava Primary School, celebrated Utamaduni day with Daisy Special School in Kakamega, and provided sewing machines, double-decker beds, and food items to pupils from Ebukuya School for Deaf in Luanda Constituency, Vihiga county.
The Director, Tobias Oriedo, representing IG chairman Kennedy Keya, expressed the Sacco’s joy in celebrating with the 120 pupils through their CSR outreach while giving out the goodies. The school’s headteacher, Martin Okelo, commended the Sacco for their generosity and urged more partners to join in and help the growing institution.
Recently, the deposit-taking Sacco launched its third Strategic Plan as it eyes to position itself as a leader in financial services provision countrywide.
The blueprint covers the 2023-2027 period and will see the Sacco shift its business model to align with the government development agenda and stay at par with the latest banking technology advancements.
As a guide to the Sacco’s s growth, the Strategic Plan sets high standards for the Society with a reputation for offering high-quality financial solutions to its members.
Ranked 11th wealthiest DT Sacco by the Sacco Societies Regulatory Authority (SASRA), IG Sacco is among the country’s most liquid and best-managed co-operative societies. With an asset base of Ksh12.96 billion at the close of the 2022 financial year, the Sacco’s liquidity ratio stood at 126.23% last against SASRA’s minimum requirement of 15%.
A well-grounded Sacco with the financial muscle to meet all the members’ financial needs, IG has always maintained a strong financial position with commendable ratios of core capital and institutional capital to total assets.
In 2022, the Sacco disbursed loans to members valued at Ksh9.52 billion, while posting a total income of Ksh1.76 billion.
Co-operative and MSMEs Cabinet Secretary Simon Chelugui, who presided over the launching of the Sacco’s Strategic Plan in Kakamega town, commended the leadership and management for their collaborative efforts in making IG Sacco the best.
He noted that the Sacco had greatly embraced technology to deliver convenient banking services to members across the country.
“It is worth noting that IG SACCO is now celebrating its 46th year following its inception in 1977. Over the years, the Sacco’s assets have grown significantly, with a strong membership of 33,724 people, an impressive asset base of Sh13.2 billion, a notable income of Sh664.2 million, and an impressive loan portfolio amounting to Sh9.8 billion.
This is no mean achievement. They are the result of persistent hard work, prudent management practices and a collective spirit demonstrated by both the Board and the Management, bolstered by the unwavering trust of the society’s members,” the CS said.
Mr. Chelugui said the government recognizes cooperatives as pivotal instruments in advancing the Bottom-Up Economic Transformation Agenda, adding that the Cooperative movement has mobilized savings of Ksh1 Trillion, commanding an impressive asset base of Ksh1.5 Trillion, and a substantial loan portfolio amounting to Ksh980 Billion.
IG Sacco Board of Directors Chairman Kennedy Keya noted that the Sacco is ready to seize new opportunities by being innovative.
“Our new Strategic Plan is a roadmap for the Sacco’s future. We thank all our members, staff, Board and stakeholders for their contribution,” he said.
Mr. Keya noted that the Sacco has a long history of serving members with integrity, innovation and dedication. “The environment is changing, we will adapt to meet the evolving needs of members and stakeholders.”
He hailed the new growth plan as a critical step towards sustainable growth in years to come adding they had researched and analyzed trends in the market in developing the document. “All objectives are aligned with the Sacco’s mission and vision. The Strategic Plan is a dynamic and flexible document to guide decision making, resource allocation and measure performance,” he said.
With priorities, goals and actions for the next five years clearly outlined, Mr. Keya said they will be reviewed periodically to ensure the Sacco keeps abreast with market realities.
“We can achieve our goals and make a positive impact on the lives of our members and Kenyan communities at large,” Mr Keya said oozing confidence.
The Sacco is projecting to double business in three years. “The blueprint seeks a stronger and more resilient financial institution for all. We are confident that our collaborative efforts will lead to sustainable prosperity both for our members and the wide community in Kenya and beyond,” said the Sacco CEO, CPA Peter Vuhyah.
The strategic plan is premised on seven pillars that include Membership Growth, Financial Management, Product and Services, ICT, Human Resources, Governance and Leadership.
Mr Benjamin Adama, Kakamega County Minister in charge of agriculture, said IG Sacco offered great opportunities for farmers and Small and Medium enterprises to thrive.
SASRA Board Chairman Jack Ranguma lauded the Sacco for taking a step in the right direction which will ensure it deepens financial inclusion and encourages a savings culture.
Commissioner for Co-operative Development David Obonyo noted that the Sacco’s success is a result of good governance. “IG Sacco is the leader in the western Kenya region, a model Sacco, trailblazing for others. The Sacco leadership and management must keep up the good work.”
