Baraka Yetu Sacco registered impressive growth in the fiscal year 2021, shrugging off numerous social and economic challenges bedeviling the financial sector. Barely months after rebranding and changing its name from APS Baraka, the non-deposit-taking Sacco is all set for take-off to the higher heights.
Baraka Yetu Sacco is well-positioned to offer competitive financial solutions to diverse members with a more appealing name to any target market. Last year, the Sacco membership increased by 13% to reach 9,851.
“In our Strategic Plan 2022-2025, we have drawn our focus more on activation and maintaining a loyal membership. Our strength is in numbers, we must all take active role to ensure we attract more and reduce dormant members,” said Seraphine Okal, Sacco Board Chairperson.
She said the Sacco projects to grow total assets to Ksh330 million this year and urged members to patronize loan products to make it happen. In 2021, the asset base increased by five percent from Ksh231.3 million in 2020 to Ksh241.89 million.
Total members’ deposits jumped by 10% to Ksh191.5 million, while the total loans and advances grew by 8% to Ksh222.88 million in 2021 from Ksh206.6 million in 2020. “We encourage members to save more since we have given different avenues of channeling your funds to the Sacco. This will ensure our members will have more borrowing power and enjoy high returns on investments,” said Mrs. Okal.
The Sacco projects disbursing loans worth half a billion this year, up from Ksh287.8 million distributed last year. “This will be achieved if members keep saving more and repaying loans as required,” said Mrs. Okal, who was addressing the Sacco’s 19th Annual Delegates Meeting at a Nairobi hotel recently.
