Ardhi Sacco has kicked off a new and robust growth plan that will propel it to the peak of the best financial institutions in Kenya.
The Deposit-taking Sacco launched M-ARDHI LOAN, a new loan product that enables members to access instant loans via their mobile.
This marks the start of another successful journey for the Sacco that recently celebrated its Golden Jubilee in a pomp and color event graced by top dignitaries in the Co-operative Sector.
For convenient and efficient banking and a customer-centered business model, Sacco’s future will be driven by information and communication technology.
The Society has invested more in technology, infrastructure, education, people, and systems to continuously better service delivery. Besides the M-Ardhi Loan, the Sacco’s Pesa Pepe mobile banking platform remains an innovative solution that is growing rapidly.
Members enjoy other attractive FOSA products with more lined up as the Sacco ensures all members’ financial needs are adequately addressed.
Since its establishment in 1971, Ardhi Sacco has remained a strong financial pillar to thousands of members who have accomplished many personal and business developments through its reliable financial support.
Mr David Obonyo, the Commissioner for Co-operative Development, who graced the event, lauded the Society for its outstanding accomplishment.
“Ardhi Sacco remains among the best managed co-operatives. We must commend the founding Board, Staff and members for their commitment to the success of the Sacco,” he said.
Mr Obonyo noted that the Sacco sub-sector has continued to register growth, and the government has initiated several measures to support the sustainable growth of co-operative societies and protect members’ money held by Saccos. He urged Sacco members to increase their Sacco savings for a better future.
Mr Jonathan Cheruiyot, National Chairman, said Ardhi Sacco’s 50 years’ journey of changing and touching lives had been a great success.
“In 50 years we have experienced both exciting and dramatic changes. We have continually adapted, evolved and thrived as we make Ardhi Sacco a better Society,” said Mr Cheruiyot.
The Sacco has established a strategic partnership with CIC, KUSCCO, Co-op Bank, and CAK, further ensuring that members get more benefits.
Celebrating milestones
Ardhi Sacco’s journey started on 5th October 1971 by employees of the Ministry of Lands and Settlement (currently Ministry of Lands and Physical Planning), each member contributed a minimum of Ksh20. In 1972 it had 746 members, share capital of Ksh 193,000, and a loan book of Ksh 181,000.
It opened the common bond later to accelerate the growth.
Over the years, it has grown in leaps and bounds, and today, Ardhi Sacco has over 24,000 members, Share capital and members’ deposits valued above Ksh 1.607 billion, a loan portfolio worth more than Ksh 1.7bn, and an asset base exceeding Ksh 2.1 billion. That is quite an achievement.
Its success in transforming lives goes far and wide; thousands of members have attained financial independence through the Sacco support. The Society has continued to allocate timely loans in the form of emergencies, school fees, and development.
“Families have developed, graduates produced, health improved, homes constructed, whe have put smiles on the faces of the needy, provided investment opportunities, improved living standards and offered ways to manage many financial challenges,” said Mr Cheruiyot.
In 1999 Ardhi Sacco opened Front Office Service Activity (FOSA) at its Survey of Kenya headquarters in Ruaraka. In 2002 it opened a branch in Ardhi House.
According to Mr Cheruiyot, the Board of Directors intends to strengthen service delivery by sticking to service charter, building a loyal and patronizing membership, and continuous upgrade of ICT to sustain growth in the future.
Mr John Muthamia, Chief Executive Officer (CEO), said the Sacco has flourished over five decades due to the first board’s excellent voluntary work, employees, and members.
“A lot has changed in the 50 years, but our focus remains steadfast. The Sacco represents a vibrant and real alternative to many traditional and modern financial services,” he said. “Strategically the Society shall continue to be agile and ready to take care of your financial needs for the next 50 years.”
According to the CEO, the Sacco is structured as a member-focused cooperative and value-based organization living up to Accuracy, Responsive, Diversity, Humility, and Integrity (ARDHI) values.
Mr Muthamia states the Sacco’s mission is to continue offering affordable financial products and services at the highest level of service for long-term growth and financial security.
With about 200 millionaire top-savers, the Sacco is targeting to grow its list of highest savers through various initiatives to achieve its strategic goals, including growing loan portfolio and surpluses that will translate to higher members’ annual earnings.
“Our vision for the future is to create value for our members every day. We want long term relationships, not just membership accounts,” Muthamia said.
