Winning trophies is mirrored in the Society’s drive for member satisfaction
Bingwa Sacco Society Ltd took the first position in 2023 as the best in capitalisation, moving one step up the ladder compared to 2022.
This is a remarkable effort in its efforts to encourage members to increase their savings, which are considered as critical for efficient Sacco operations.
With a strong presence in major parts of the country, Bingwa also emerged as the first best in capitalisation under agricultural based deposit takings Saccos in the country.
By improving and retaining the same position it held in 2022, the Sacco is demonstrating its efforts and determination to improve its capital base.
An improved capital base is instrumental in meeting the Society’s liquidity ratios hence being able to give out loans and meeting a healthy balance sheet.
It also scooped the top position as the most efficient agricultural based deposit taking Sacco nationally, the same position it took in 2022.
It emerged as the third best managed agricultural based deposit taking Saccos during the period, cementing its place as one the country’s best performing Sacco.
With a membership of more than 200,000 and the first one to reach the mark, it also won the third position as the best in risk management among agricultural based deposit taking Saccos.
Competing against the country’s Saccos has won the society a place in the high table, where it is able to learn the best practices from other players in the sector.
This has also had a positive bearing on its good governance practices, increasingly winning trust and confidence among its current and prospective members.
Winning in different departments is also enough signal of its efforts to improve in critical areas of the society and become an all-round society.
In 2022 alone, the Saco whose head office is in Kirinyaga County recruited more than 16,000, as it moves to ensure more Kenyans access their life changing products and services.
By the close of December 2022, the Sacco had loaned its members more than KSh3.19 billion, which is significantly set to improve their living standards.
At a time when technology is emerging as a key driver of growth, the Society has deployed and implemented various strategies aimed at enhancing their customer experience.
Under the leadership of the Board Chair Mr. Francis Muriithi and Acting Chief Executive Officer Elisabeth Warui, the Society has set a culture of excellence for others to emulate.
With a wealth of experience spanning about 40 years, the Society is positioning itself as a critical financial player, leading efforts to mobilise savings and extend affordable credit.
With a wide range of products and services, the society can appeal to all segments of the country’s population.
The Sacco’s remarkable success was attributed to its unwavering dedication to the agricultural sector, as it consistently provided vital financial services tailored to meet the unique needs of farmers and rural entrepreneurs.
Agriculture is the country’s economic mainstay and uplifting farmers is touching at the heart of the country’s social and economic transformation.
These accolades highlight Bingwa Sacco’s ability to provide excellent financial services while effectively managing risks, solidifying its position as a leading player in the cooperative sector.
Bingwa Sacco, which is Africa’s first agricultural-based Sacco in Kenya and Africa, provides Back Office Service Activities (BOSA) as well as Front Office Service Activities FOSA).
Licensed by the Sacco Societies Regulatory Authority (Sasra) as a deposit taking Sacco since 2011, the society has remained a key financial inclusion player in the country.
The triumphs celebrated on Ushirika Day have not only solidified Bingwa Sacco’s position as a leader in the agricultural-based Sacco sector but have also motivated the team to continue their mission of empowering rural communities.
Its success story serves as an inspiration for other financial institutions to prioritize the agricultural sector and foster financial inclusion in underserved regions.
Recognizing the diverse needs of its members, Bingwa Sacco has developed a comprehensive loan portfolio that caters to various aspects of members’ economic needs.
It envisions a thriving agricultural sector where farmers have access to comprehensive financial services that propel their businesses forward.
By leveraging their rich history, expertise, and commitment to innovation, Bingwa Sacco is poised to continue its journey of transforming lives, strengthening communities, and bolstering agricultural prosperity throughout Kenya and beyond.
