Centenary Sacco is changing communities’ livelihoods in all its operations areas. Inspired by the co-operative values of self-help, self-responsibility, equality, equity, and solidarity and the ethical values of social responsibility and caring for others, Centenary Sacco established a Foundation in 2014. The Foundation is the vehicle that drives all the Sacco’s Corporate Social Responsibility initiatives. It is set up as a separate legal entity with its own independent Board of Directors and patrons who oversee its operations.
Since its establishment, the Foundation has manifested its commitment to the socio-economic development of its host communities by improving the quality of people’s lives through appropriate and sustainable social interventions. The Sacco is building a better world.
The Sacco recently presented sponsorship cheques to needy and bright students to enable them to pursue their O-level Education.
The Foundation also supports various initiatives and projects, providing sustainable solutions to social challenges in several thematic areas: Health, Water and Sanitation, Environment Sustainability, Economic Empowerment, Education and mentorship. Besides, it offers assistance during disasters and humanitarian emergencies. As co-operatives countrywide celebrate International Co-operative Day (ICA) under the theme Co-operatives Build a Better World, Centenary Sacco will be counted among institutions transforming the livelihoods of many in the country.
The Sacco stands tall among co-operatives fostering economic participation, fighting against environmental degradation and climate change, keeping financial capital within local communities, and improving people’s socio-economic status.
Its Foundation’s vision – Ushirika with a Difference- demonstrates the Sacco’s commitment to supporting community empowerment, administering social investment programmes, and fostering strategic partnerships with other partners and stakeholders for good corporate citizenship collaboration. Through CSR activities, the Sacco has also enhanced teamwork values among staff through a proactive employee volunteer programme, besides improving corporate image and public relations.
The Society has expanded its Corporate Social Responsibility activities to benefit communities by donating foodstuff and financial support to children’s homes. “We want to ensure we reach more people within areas that we have presences and support them uplift their lives and achieve their dreams,” said Sacco Board of Directors Chairman Mr Michael Mbaabu.
He added that Board members are driven by the urge to enable members to improve their livelihoods by executing their duties with a great measure of honesty, integrity, transparency, and team spirit.
Mr Mbaabu attested that the Board recognizes good corporate governance as fundamental to earning members’ and all stakeholders’ trust.
The Sacco Chief Executive Officer, Mr Benson Mugiira, said they focus on member empowerment by offering tailor-made products and services that meet customer expectations and provide them with opportunities for advancement and personal growth.
“The Sacco has designed regular intensive and interactive education and training programmes to enlighten members on new developments, products and services, investment opportunities and existing challenges,” he said.
Sacco set to join the Sacco-Central
Centenary Sacco members approved amendment of by-laws allowing the Society to join Kenya Sacco Central Liquidity and Shared Services Co-operative Society Ltd, popularly referred to as the Sacco-Central. This means that the Sacco will enjoy shared technology services and access to the National Payment System.
The Sacco members agreed on this during a recent Special General Meeting, where they also elected the Board of Directors in a well-coordinated, peaceful and orderly election.
“We believe joining the Sacco-Central will bring more benefits to our members and also help grow the Sacco since we will be able to more mobilize more savings by offering competitive financial solutions through effective, efficient and affordable technology,” said Mr Mugiira.
In the financial year 2021, Centenary Sacco posted notable growth in all key segments. Its success is anchored on embracing good governance practices. Governance is a key pillar in its strategic direction, with the Sacco leaders constantly enhancing and building the capacity of members to make the right investment decisions.
The Sacco has established a rigorous and disciplined governance structure that is premised on the best practices to promote financial growth and the welfare of members. “Our by-laws set out qualifications and maximum term on elected Board members. This has ensured seamless succession while attracting a good mix of skills and competences, which is good for this institution,” said Mr Mugiira.
Centenary Sacco’s growth curve continues to rise as its management implements changes in its service delivery. Members enjoy expediency in banking through Sacco Agents, Visa-branded ATM cards, Mobile Banking, and Personalized Cheque Book solutions.
The Sacco is in the process of rolling out a Mobile Loan Product that will meet members’ short-term financial needs instantly. The Sacco mobile banking platform, M-Centenary, has played a significant role in mobilizing high deposits. The Sacco is licensed and regulated by the Sacco Societies Regulatory Authority (SASRA).
