In the year 2023, Bingwa Sacco Society achieved great success driven by technology, innovative products, supportive membership, and focused and sound management. The Sacco once again established itself as a true champion in the Kenyan Cooperative sector, maintaining its position as the go-to financial solutions provider in the agri-based Sacco sub-sector in Kirinyaga County and Kenya at large.
The Society has a network of 19 branches across Kirinyaga, Nairobi, Kiambu, and Kajiado counties, with its headquarters located at the ultra-modern BINGWA SACCO PLAZA in Kerugoya town.
Last year’s impressive achievements come at a significant moment as the Sacco prepares to celebrate its 40th anniversary.Â
Bingwa Sacco’s commitment to providing quality, affordable, and diversified loan products to its members resulted in a stellar growth of its loan book by over Kshs 800 million to reach Kshs 4.67 billion. The Society’s total assets rose from Kshs 6.8 billion in 2022 to Kshs 7.64 billion by the end of financial year 2023.
“The exceptional achievements of our Sacco in the financial year 2023 were made possible by the unwavering support of our members. As a board, we are dedicated to upholding the highest standards of corporate governance, integrity and ethics, which are deeply embedded in our corporate culture,” said Mr. Francis Muriithi, the chairman, Bingwa Sacco Board of Directors. He was addressing members during the Society’s 39th Annual General Meeting held recently in Kerugoya town.
By integrating information and Communication Technology(ICT) as a central component in its operations, the Sacco has made it easy for their members to access services 24/7 from anywhere through alternative banking channels supported by a very robust core banking system. Members can make account deposits through M-pesa Paybill number 765244, in addition to accessing the mobile banking platform by dialing *667*2# to enjoy a range of services.
The Sacco is also in the process of rolling out its agency banking network to bring services closer to its members.
Despite challenges posed by the post-COVID-19 and adverse weather affecting businesses and agriculture during the year, the Sacco successfully navigated through innovation and flexibility, ensuring consistency in its performance and service delivery to members.
Accountability and transparency have been at the heart of all the Society’s activities, overseen by a vigilant Supervisory committee to ensure compliance with all the regulations of the Sacco Societies Regulatory Authority (SASRA).
Looking ahead, the Society remains focused on providing the best financial products and services to meet the ever-evolving needs of its members.Â
“We strongly believe in empowering our members socially and economically, and in achieving this, we remain committed to providing them with the very best financial services,” said CPA Elizabeth Warui, the Sacco acting Chief Executive Officer, as she addressed members during the recent AGM.
In September this year, the Sacco will celebrate its 40th anniversary since inception, marking a legacy of tremendous growth and success spanning 40 years.
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