Society posts high annual growth in all key segments despite economic hardships
Tabasamu Sacco remains true to its vision as the best financial service provider serving diverse members, with leadership now targeting to grow its asset base above a billion mark by the end of the financial year 2022. In 2021, the Kwale based Deposit Sacco shrugged off tough and challenging times brought about by the pandemic to post notable financial performance in the year 2021.
Its total assets grew from Ksh 877.8 million in 2020 to Ksh 963.19 million in 2021, with the management targeting to surpass the one billion mark by the close of the 2022 financial year. The Society loan disbursement grew from Ksh 363 million in 2020 to Ksh482 in 2021. Members’ deposits increased to Ksh 584.4 million last year from Ksh 536.6 million in 2020. The turnover grew by 7.8% to hit Ksh153 million.
The Sacco Board of Directors Chairperson Felister Mbaika Mutisya reported that strategic management and improved service delivery enabled the Society to remain resilient in the face of economic challenges. Speaking during this year’s annual delegates meeting held at Diani Forest Lodge, Kwale county, Mrs. Mutisya said the Sacco’s share capital increased by 31.22% to Ks56 million. The Sacco grew its membership by 9% to 5,965 in 2021.
The Sacco also experienced a positive index in other key growth segments meeting all the prudential ratios as required by the Sacco Societies Regulatory Authority (SASRA). Mrs. Mutisya exuded confidence that Tabasamu Sacco will achieve its growth targets and adequately meet members’ financial needs with this stable growth.
“The Sacco has undergone a robust transformation and remains fit to play the central role of promoting members’ economic development agenda by providing affordable, accessible, relevant, and unique financial solutions,” she said. Last year members approved the change of governance structure to the delegates system.
“The Board has also started re-engineering Sacco’s marketing strategy while strengthening prudent financial controls, building our staff capacity through training and benchmarking,” she said.
The Sacco is banking on information technology to improve service delivery and take its services closer to all members. Last year, members approved opening two satellite offices, one in Samburu, which started its operations in November 2021, and another in LungaLunga which commenced operations in March 2022.
The Sacco’s success can be attributed to its mission of mobilizing members’ savings and empowering them economically by providing quality financial products. It offers both Back Office Service Activity and Front Office Service Activity products and services.
Having started its operations in 1977, Tabasamu Sacco has experienced tremendous growth over the years. The Sacco, which initially had its membership open to teachers only, today has a diverse membership drawn from various sectors of the economy, including; teachers, national and county government, organized groups, government ministries, parastatals, NGOs, and the private sector.
As core values, the Sacco is guided by integrity, transparency, customer focus, equality, creativity, and innovation.
“Members at Tabasamu Sacco are assured that they will have their financial needs well-taken care of. The Sacco remains strong with the capability to serve members effectively at all times,” said the Sacco CEO, Mr. Geoffrey Sitati Khakame.
