Bandari Sacco is living up to its motto – Power to Succeed – by regularly equipping members with requisite and relevant financial literacy.
During a recent Members Education Day, the Sacco Board of Directors and Management conducted financial education and training with the assistance of top financial trainers.
Speaking during the Society’s Mombasa members’ education forum, Mr Ken Sungu, Board of Directors Chairman, noted that Bandari Sacco’s 47 years of existence had been characterized by impressive financial growth and stability.
“Bandari DT Sacco has maintained strong leadership that is anchored on solid governance and core values. That is why many Saccos from across the country visit us for bench-marking. In terms of performance, the Sacco now has an asset base of over Ksh11 billion with a membership of over 20,000 paid-up members,” he said.
The Sacco has installed a robust, stronger, safer core banking system that has enhanced seamless business transactions.
Mr Sungu said the objective of education and training is to educate members on important issues that will empower them to be effective contributors to the overall growth of the Sacco.
“In pursuit of our vision of Championing members’ socio-economic transformation, today’s training will go a long way in helping you to improve your socio-economic status. The Core Mandate of the Society is to empower members by availing competitive credit facilities,” he said.
Bandari Sacco’s leadership and management are keen to use financial education as a tool to boost growth.
With proper financial education, members are motivated to save higher amounts and patronise more of Sacco’s products and services, thus optimising performance.
The Sacco’s investment in members’ financial literacy has translated to growth in its deposit and ultimately the capital to lend out, besides immensely contributing to members’ financial wellness. “Saving is a sacrifice that can only be driven and maintained by clear financial goals without which members may find it hard to accumulate wealth,” said a facilitator.
The members’ education forum attracted a higher number of Sacco savers who were taught proper management and leadership skills besides being equipped with personal finance management knowledge and skills.
The education and training came not long after the Sacco organised a successful Chamas Symposium and Trade Fair that attracted about 500 participants under the theme of dominating the business space.
Envisioned to champion members’ social and economic transformation, Bandari Sacco has remained innovative in providing solutions that enhance members’ livelihoods. The Sacco’s strategic plan is customer-centred and is implemented through the most efficient human capital management and environmentally friendly practices.
The outstanding Sacco also involves communities and other stakeholders to deliver on its targets and attain its mission’s goal of being the gateway to financial success through innovative products and services.
The Board has institutionalised Good Governance Practices to optimise strategic partnerships, alliances, and corporate image while supporting communities through corporate social responsibility activities such as the High School Scholarship programme.
Sound corporate governance with a clear strategic plan has ensured that Sacco delivers convenient and accessible financial services through branches and digital channels.
Since 1975, Bandari Sacco has remained a strong and tested national brand decorated with numerous accolades over the years. It recently won the Country’s best Deposit-Taking Sacco in Risk Management Ushirika Day award, attesting to the Sacco’s tight structures and strategic management to assess and control threats to its capital and earnings. Last year, the Sacco emerged as the winner of the Best Microfinance Institution during the Kenya National Chamber of Commerce and Industry (KNCCI) Mombasa Awards.
The latest Sacco Societies Regulatory Authority (SASRA) annual supervision report 2021 ranks Bandari Sacco position 14th among the Country’s wealthiest Deposit-Taking Saccos, with total assets valued at Ksh11.02 billion, Ksh7.39 billion in gross loans, and Ksh6.99 billion in total deposits.
The Sacco recently launched three new loan products to satisfy its member’s financial needs through new and transformative credit facilities: A mortgage loan, Jahazi Loan and Asset Finance loan.
With its outstanding performance, high return on investment and customer-oriented service delivery Bandari Sacco stands out. The Society paid dividends on share capital at 18% and interest on members’ deposits at the rate of 11.5 % early this year.
