Kenya National Police DT Sacco celebrating 50 years of member empowerment
Kenya National Police DT SACCO stands tall in the country’s co-operative movement and will be celebrating its Golden Jubilee with much to showcase. It is the epitome of sound governance practices, which have made it a giant SACCO in Africa.
The heritage and history of the SACCO date back to 1972 and its journey to the peak of Kenya’s co-operative movement is decorated with numerous accolades and recognition that goes beyond the borders. The SACCO is a pacesetter in the co-operative movement, owing to its impeccable value delivery to shareholders. Five decades of existence marks yet another chapter for a SACCO that has impacted thousands of livelihoods, winning the trust of shareholders and sustaining an impressive financial performance.
Fifty years on, and from a very modest beginning, the SACCO has grown in stature and maturity, brand and credibility, and its achievements as Kenya’s premier Co-operative Society transcends regional boundaries. It is a center where others go for benchmarking, from near and far.
The 50 years of the SACCO’s existence have become synonymous with 50 years of member empowerment, socially and economically, through robust and resilient strategy. Kenya National Police DT SACCO has taken bold steps in poverty eradication, providing innovative and reliable financial services while preserving shareholders’ value and maximizing their returns on investment.
The SACCO is unique as a national top-ranking Co-operative Society serving thousands of members; it is a motor for economic progress and integration and a facilitator of members’ and communities’ development.
The Society started on a humble beginning with a membership of 690 and has grown to the current membership of 65,606 with an asset base of over Ksh 44.1 billion as of 31st December 2021.
Founded to mobilize savings and provide affordable credit facilities to members, the DT SACCO has successfully supported members accomplish their personal and business development goals. Members’ success stories abound, attesting to the Society’s accessible financial support.
Dr. Fred Matiangi, Cabinet Secretary, Ministry of Interior and Coordination, who graced the SACCO’s 50th Annual Delegates Meeting, praised the institution for its remarkable performance in uplifting livelihoods through providing quality financial solutions. “Most of our police officers are living comfortable lives and made successful investments through the support of this SACCO,” he said.
Mr. Hilary Mutyambai, Inspector General of Police, affirmed that the SACCO is a strong and reliable economic pillar; greatly assisting police officers accomplish development goals.
The success of Kenya National Police DT SACCO is anchored on its commitment to the best principles of corporate governance, ensuring it complies with existing laws and regulations, including international best practices. Quality, integrity, innovation, and teamwork are tenets that are core to all its business operations.
Recently, the Society embarked on a journey of incorporating the Environmental, Social, and Governance (ESG) criteria of operations, which will ensure that institutional returns are derived objectively and in a socially and environmentally responsible manner.
The SACCO has adopted the best business practices, financial reporting standards, and implementation of principles and practices for good corporate governance while building a solid enterprise risk framework and strategies.
Technology is a driver of the SACCO business model, enabling deepening accessibility of financial services to the membership, with the Society deploying various systems to allow seamless and efficient delivery of products and services.
These strategic management plans have seen the Society bag top awards and recognition nationally and internationally. “The SACCO emerged the winner in FiRe awards and the overall Winner for compliance to the International Financial Reporting Standards (IFRS) for 2021 edition,” said the SACCO National Chairman, Mr. David Mategwa.
Besides, the Society’s Global Credit Rating was also upgraded to BB+/A2 up from BBB/A3 in 2020 with a stable outlook. The SACCO was also recertified in November 2021 under the ISO 9001:2015 QMS Standard.
The latest Financial Statements show Kenya National Police DT SACCO continues to maintain an upward growth trajectory in membership, deposits, assets, institutional capital, and loan portfolio. The Society’s total assets grew to Ksh44.1 billion, up from Ksh39.1 billion in 2020, an increase of 12.7%, while members’ deposits grew by 10.3% to Ksh23.5 billion in 2021 from Ksh21.3 billion in 2020.
The SACCO disbursed loans and advances worth Ksh37.3 billion in 2021, a 14.4% growth from Ksh32.6 billion in 2020. The revenue rose by 16.7% to Ksh7 billion, up from Ksh6 billion in 2020.
In what has become a tradition, as in the years before, Kenya National Police DT SACCO paid members high dividends on shares and interest on deposits. The Board of Directors announced a total payment of Ksh516 million dividends at the rate of 17% and Ksh2.4billion rebates at 10.8%, making a total gross payout of Ksh2.9 billion.
The DT SACCO has been organizing financial literacy training and coaching for members at regional and national levels for their economic well-being while at the same time recognizing and awarding the Best Savers. The Society also organizes top savers conferences to enhance member engagement and promote saving culture.
The Kenya Police Investment Cooperative, a SACCO offshoot enabling members to acquire and own property, registered commendable financial performance as total assets increased by 14.78% to Ksh445 million, and members’ deposits jumped by 15.43% to Ksh105 million. The Investment Cooperative has a membership of over 6,500.
Under Corporate Social Responsibility, the SACCO runs a Children Education Program that currently sponsors 117 students in various secondary schools and 6 in different universities.
The Society also constructed and handed over a dispensary to the GSU Reece Company and donated tablets to Utumishi Boys Academy, besides funding the construction of a block at Utumishi Girls Academy. In 2022, the Society will construct a stadium at the Kenya Police DCI academy for the National Police Service.
“This is a SACCO we are proud of, a good example of an excellent co-operative society that has accomplished much in transforming livelihoods while upholding all the required rules and regulations,” Mr Ali Noor, CBS, Principal Secretary, State Department of Co-operatives.
