Gusii Mwalimu Sacco has continuously maintained a high ranking in the country’s Sacco sub-sector owing to its efficiency in service delivery, which has contributed immensely to members’ economic and social empowerment.
The latest Sacco Supervision Annual Report 2022, released by the Sacco Societies Regulatory Authority, places Gusii Mwalimu Sacco as the country’s 12th wealthiest Deposit Taking Sacco in terms of asset base.
According to the report the Sacco has over Ksh12.85 billion in total assets and Ksh9.20 billion in total deposits at the close of financial year 2022. Last year the Sacco significantly supported members to achieve their development goals and meet other financial needs by disbursing affordable credit facilities. Its gross loans stood at Ksh11.26 billion at the end of the fiscal year.
Among the Sacco’s notable achievements is a strong financial position that has ensured members’ financial needs are well addressed. This has enabled many of the Sacco members to uplift their economic status and live fulfilled lives.
In 2022, the Sacco posted a total income of Ksh2.10 billion, ensuring that members get high returns on their investment in the form of dividends on shares and rebates on deposits at the rate of 12% and 14%, respectively.
With five branches spread across five regions, the Sacco, which has its headquarters at Kisii town has ensured that members get services closer to their places of work. In addition, its fully functional core banking system has made banking seamless as members can transact from the comfort of their phones anytime.
Members are also provided with Verve-enabled ATM cards which enable them to shop and pay bills as well as to access their cash anywhere across the country. Access to loans is also instant through mobile phones for registered members.
Mr David Nyang’au, Board of Directors Chairman, said it has taken visionary leadership to drive the success of the Sacco to these new heights, albeit through excellence and dedication.
He said the Sacco is also fostering new collaboration to maximize members’ benefits while enhancing transparency and accountability in serving members.
“The Sacco is on the right track, sharply focused to deliver to members. We will ensure the Sacco grows to new heights in membership, and assets and offer innovative products and services,” said Mr Jared Moenga, the Sacco CEO. “Quality determines the value that our customers place on products and services we offer. The quality of our products and services always meet our customer expectations.”
Envisioned to be a model Sacco offering quality and diversified financial products and services to its stakeholders, Gusii Mwalimu has lived to its mission of offering diversified financial products and services to its stakeholders at competitive rates for long-term financial strength and stability.
A proud members-owned and controlled financial institution offering a diversity of financial products and services, Gusii Mwalimu management has ensured that members get the best banking services in the most convenient manner. Members are powered to succeed, an obligation the Sacco has fulfilled since it was established in 1977.
The Sacco has set the bar high with plans to grow membership and accelerate growth through product diversification and enhancing members’ experience. The Sacco’s strategic plan covering 2022-2026 outlines the key focus areas to grow the business and ensure members’ satisfaction.
The Society has revamped its digital banking platforms, improving customer experience by offering convenient banking solutions and reviewing upward loan repayment period for some products to a maximum of 96 months from 84 months.
Strategic measures being implemented by the Board of Directors and Management places the Sacco ahead of the curve while making it a choice financial institution. “Our future looks bright. We have a clear picture of where we want this institution to be by the year 2026,” said Mr. Nyang’au, Chairman.
He noted that the management had put in place a mechanism to spur the Sacco’s growth by targeting new marketing areas and enhancing service delivery.
The Society continues to lead the way in providing a wide range of financial products and services to its members to satisfy their varied and unique financial needs.
