BEST CUSTOMER CARE
It was a big payday for Bingwa Sacco members, who collectively pocketed over Ksh340 million in dividends and interest rebates on their deposits. This windfall comes in the wake of yet another remarkable fiscal year for the Sacco, which achieved exceptional financial performance, solidifying its reputation as a reliable and profitable investment for its members.
The Sacco has created a thriving community of over 200,000 members.
Renowned for its exceptional customer care, Bingwa Sacco has positively impacted the livelihoods of its members, supporting them on their journeys to achieve their dreams.
During the recent 40th Annual General Meeting, the Sacco’s leadership highlighted its achievements in 2024, showcasing an institution on a promising growth trajectory. The Sacco reported remarkable growth across all key metrics. Notably, its revenue surged, with the surplus before tax nearly doubling. Total interest income reached a new milestone, hitting Ksh1.15 billion in 2024, up from Ksh875 million in 2023.
The Sacco’s total assets rose to Ksh8.98 billion last year, up from Ksh7.6 billion the previous year. This growth was fueled by the Sacco’s ability to provide convenient, fast, and secure services to members, as well as affordable loan offerings. The loan portfolio expanded to Ksh4.98 billion from Ksh3.97 billion in 2023, while member deposits increased to Ksh4.57 billion in 2024, compared to Ksh3.8 billion in 2023.
The Society complied fully with all regulations set by the Sacco Societies Regulatory Authority (SASRA) and other government requirements. “We have instituted robust internal controls to safeguard our members’ funds, and we wholeheartedly encourage our members to continue investing with the Sacco to drive collective growth,” said Mr. Francis Mugo, Chairman, Bingwa Sacco Board of Directors.
Mr. Mugo also revealed that the Sacco is in the process of developing a new strategic plan as it aims to become the financial institution of choice for all.
Bingwa Sacco is among few Saccos that were not impacted by the Kuscco scandal, which caused significant financial losses for some. “The Board is dedicated to investing in credible institutions to ensure the safety of members’ funds,” Mr. Mugo said.
Bingwa Sacco has invested in cutting-edge technology to offer members convenient access to services anytime and anywhere. It has also introduced agency banking through Bingwa Sacco Agency Mashinani, establishing local outlets that serve members right at their doorsteps.
The Sacco has consistently received top awards during the national Ushirika Day celebrations for its outstanding achievements. Last year, the Society won accolades for being the Most Efficient and the Best in Capitalization DT Sacco, ranking top in both categories. It also bagged trophies for second-best in Risk Management DT Sacco and nationwide categories.
“I can confidently assure our members that the Society upholds the highest standards of transparency in all its operations and strictly adheres to the approved budget. As the supervisory committee, we can confirm that our members’ resources are managed with exceptional efficiency. We extend our gratitude to the management for their prudent administration,” said Mr. Joseph Karingi, Chairman, the Supervisory Committee.
CPA Elizabeth Warui, the CEO, affirmed that Bingwa Sacco values member empowerment by offering quality services and continuously researching to develop new products. “Everyone is valued equally at Bingwa Sacco. Our services are uniquely customer-centric, designed to empower members to reach their goals. Delivering the best customer care is what defines us,” she asserted.
Bingwa Sacco has set itself apart by delivering outstanding customer service, ensuring member satisfaction, and facilitating sustainable growth. Its mission is to mobilize savings and deliver quality, affordable credit products tailored to meet the specific needs of its members, thereby maximizing their benefits. As a leading Sacco in offering effective financial services, Bingwa Sacco continues to make a profound and positive impact on the lives of its members.
