How Taifa Sacco Transformed Lives in 2024

YOUR SACCO FOR ALL SEASONS

Taifa DT Sacco sustained a strong financial performance last year while remaining committed to transforming the lives of its members and achieving new levels of growth, establishing itself as a formidable leader in the financial sector nationwide.

In the face of various economic and social challenges during the financial year ending December 31, 2024, Taifa Sacco delivered remarkable growth across all key performance indicators, solidifying its rank as a top-tier Tier 1 DT Sacco.

Total assets increased by 10%, rising to Ksh 5.324 billion in 2024, up from Ksh 4.79 billion in 2023. This growth reflects the Sacco’s commitment to being a sustainable financial services provider of choice for many nationwide. Taifa Sacco also preserved its financial independence with a robust capital base, ensuring that it adequately meets the needs of its members.

“We have taken intentional and strategic steps to ensure that the vision and mission of the Sacco are executed consistently, all aimed at achieving the greater good for our members,” said Mr. James Giting’a, Chairman, the Sacco Board of Directors.

Behind the Sacco’s upward growth trajectory, is its ability to provide members with innovative savings and credit solutions. The management has greatly improved loan processing, which has led to an increase in loan uptake as members benefit from competitive interest rates.

“The enhanced efficiency in processing and disbursing credit facilities has resulted in a surge in loan uptake. We intend to grow our loan portfolio to Ksh 4 billion by 2027, up from the current Ksh 2.5 billion in 2024,” said Mr. Giting’a.

The Sacco also plans to increase member deposits to Ksh 5 billion by the end of 2025. In 2024, deposits and savings mobilization improved to Ksh 3.94 billion, up from Ksh 3.5 billion in 2023.

“We are grateful to our members, who significantly contributed to our success last year. Taifa Sacco’s elevation to Tier 1 reflects its financial stability, built on a sustainable growth path as we focus on maximizing benefits for our members by offering them affordable loans.”

~ Mr. Samuel Ngugi, CEO.

Members received a total annual payout of Ksh 178 million in dividends on shares, with a rate of 8%, and interest on deposits at 7%. This followed a 10% growth in total revenue, reaching Ksh 730 million. This success stemmed from increased financial activity, driven by the Sacco’s diversified income-generating streams, including growth in the loan portfolio, mobile banking solutions, agency banking, and insurance business, among others.

“We are targeting to grow our total revenue to over Ksh 1 billion in the shortest time possible,” said Mr. Giting’a during Taifa Sacco’s 25th Annual Delegates Meeting, held at Taifa Sacco Plaza in Nyeri town.

Thanks to its innovative, affordable, and accessible financial solutions, Taifa Sacco continued to attract more members, reaching a total membership of 161,000 by the end of last year. The Sacco aims to empower its members with tailored credit solutions, ensuring they receive the financial support necessary to enhance productivity.

Convenient Banking

The Sacco has spread its wings far and wide with 19 branches located in Nyeri, Laikipia, Nyandarua, Nairobi, Nakuru, and Kirinyaga counties. This year, the Sacco’s leadership is considering the viability of opening new offices in Thika and Kenol towns.

“We have also established alternative banking channels, including our robust Taifa Mobile banking platform (*475#), Sacco Link ATM services, cheque truncation services, agency banking, Paybill, and Till services. Our goal is to ensure that our members receive fast, secure, and convenient services,” said Mr. Giting’a. The Sacco has introduced the Taifa Mobi-Loan, which allows members to access loans conveniently through their mobile phones, streamlining the borrowing process and enhancing financial inclusion.

Through the Taifa Bima Insurance Agency, the Sacco provides various insurance covers to its members. The insurance agency posted excellent performance last year. Additionally, Taifa Housing Investment has been assisting members in becoming homeowners.

Taifa Sacco believes in leveraging partnerships to provide its members with innovative financial solutions. By collaborating with organizations like GIZ, the Sacco facilitates green energy loans, enabling members to invest in sustainable projects such as borehole drilling, solar dryers, cooling systems, irrigation pipes, and water harvesting.

New Products

The management has also introduced Taifa Inua Products—a financial package designed to provide accessible and impactful credit facilities for individuals in need of assistance. This specialized financial program specifically supports individuals with limited income streams by providing affordable microloans. The Sacco recognizes the vital role small-scale traders, subsistence farmers, and informal sector workers play in the economy. Through this program, Taifa Sacco offers financial support to help these individuals expand their businesses, improve their livelihoods, and achieve economic stability.

Taifa Sacco’s business model thrives on the trust and loyalty of its members. The organization has heavily invested in state-of-the-art security measures to mitigate cyber threats and has embraced artificial intelligence, keeping pace with digital transformation. This commitment sets the stage for a smarter, safer, and more efficient banking experience for all its members.

In 2024, Taifa Sacco solidified its position as a leading financial institution, winning multiple prestigious accolades at various events. The Sacco also celebrated its 50th anniversary, achieved Tier 1 status, and launched the magnificent Taifa Sacco Plaza, marking a year of tremendous success.

“We are grateful to our members, who significantly contributed to our success last year. Taifa Sacco’s elevation to Tier 1 reflects its financial stability, built on a sustainable growth path as we focus on maximizing benefits for our members by offering them affordable loans,” said Mr. Samuel Ngugi, CEO.

Mr. Peter Theuri, Nyeri County Cooperative Director and Chief Guest, during the Annual Delegates Meeting, commended the Sacco leadership for demonstrating good governance practices.

“The Society has significantly strengthened its financial capacity, enabling it to achieve its objectives. The County Government will continue to support the cooperative movement, which plays a crucial role in development, financial inclusion, and deepening,” he said. He noted that the new cooperative bill will usher in a new era for the cooperative movement, ensuring growth and building confidence. He urged Sacco leaders to prioritize their members in every decision they make.

Taifa Mobiloan

✔ Apply for a loan in minutes—No paperwork
✔ Get instant approval
✔ Receive money directly on your phone.
✔ Repay flexibly.

• Dial *475# or use Taifa Sacco Mobile App.

• Select “Taifa Mobiloan”
• Enter the amount you need and confirm your details.
• Receive instant approval and get your cash immediately!

It’s that simple!

Quick, Reliable, Affordable.