Prime Time Sacco’s impressive growth in 2023 was lifted by improved service delivery to its members, positioning it among the country’s most stable cooperative societies. The Sacco has been conducting aggressive marketing and has sustained its growth momentum in liquidity stability ensuring that members can access credit facilities with ease and other services.
Despite increasing lending rates in the country, the Sacco reduced its interest rates on members’ loans last year, ensuring members can get affordable credit to meet their economic development needs. The Sacco’s loan to members grew from Ksh 451.2 million in 2022 to Ksh 525.7 million in 2023.
During the 27th Annual Delegates Meeting, Mr Thomas Rotich, the Sacco Board of Directors Chairman, expressed his gratitude to members for their support and patronage of the Sacco’s innovative services. The Sacco’s total assets increased from Ksh 891.9 million in 2022 to Ksh 940.8 million in 2023, with the management aiming to hit the billion mark this year.
The Sacco also improved its financial muscle by registering growth in its institutional capital to Ksh 91.8 million and core capital to Ksh 160.3 million. Members’ deposits rose to Ksh 724.4 million last year compared to Ksh 691.5 million a year earlier, and its membership stood at 4,500.
“The notable growth across the board highlights the Sacco’s sustainable financial position and ensures Prime Time Sacco complies with all the Sacco Societies Regulatory Authority (SASRA) prudential guidelines,” Mr Rotich said. Members received increased annual returns, with payment of dividends at 8.5% and interest on deposits at 6%.
The Sacco is developing a digital mobile app and revamping its website as it embarks on the digitization of its financial services to members. Mr Rotich expressed that the Sacco is headed in the right trajectory having recruited a new chief executive officer (CEO) last CPA Nahashon Kimutai Tanui. He said the Board will uphold integrity and good governance at all times to ensure members’ welfare is taken care of.
“The Sacco has at all times maintained effective service delivery due to sound financial controls. For the last five years, the Sacco has not borrowed externally,” said Mr Willy Korio, Treasurer.
The Sacco’s impact on members’ socioeconomic improvement is undeniable as the list of its top savers continues to grow. It’s a testament to the trust and dedication of Sacco to help its members achieve financial stability and security. The Board recognized and rewarded the Sacco’s best savers. Mrs Mildred Bett, the Sacco Supervisory Committee Chairperson, commended the Board for ensuring seamless loan processing that empowered members economically.
The Sacco has designed comprehensive education and training initiatives that aim to provide members with the necessary knowledge and expertise to make sound financial choices. The Sacco’s vision is to be the ultimate choice for offering first-class financial services to members, and its mission is to improve the living standard through quality services by being innovative and responsive to customers’ needs progressively and proactively with shareholders’ value in mind.
Prime Time Sacco, established in 1995 as Keiyo Teachers Sacco, is an exceptional financial institution that has been playing a critical role in eradicating poverty by promoting financial inclusion. The Sacco, based in Elgeyo Marakwet County, is dedicated to ensuring that its members can access more loans for their daily and developmental needs.
During the ADM, Robert Kangogo, the County Executive Committee Member for Co-operatives, Trade, Industrialization, Tourism, and Wildlife, who was the Chief Guest, praised Prime Time Sacco for its exceptional performance, acknowledging it as the top-performing financial institution in the region.
“Our success as a Sacco depends on our ability to work together. I urge each of us to support one another in this endeavor. We must embrace a new approach to achieve better outcomes. Let us champion the saving culture and become the ambassadors of our Sacco. With a collective effort, we will grow and increase our asset base and most important empower our members economically,” said Mr. Kimutai, the Sacco CEO.
