Chai Sacco is edging closer to attaining ISO 9001-2015 certification. Last year, the Sacco achieved milestones in implementing the Quality Management System (QMS) in line with its Strategic Plan 2019-2023.
The Sacco is also focusing on other two thematic areas that include implementing Completion of Business Continuity Plan (BCP) and Commissioning of the Disaster Recovery site.
“As we come to the close of the Strategic Plan implementation and marking 50 years of existence, we look forward to achieving more milestones,” said the Sacco National Chairman, Mr. Boniface Ayub.
Mr. Ayub, addressing the 49th Annual Delegates Meeting held recently, said the Society has embarked on a members recruitment drive mainly targeting farmers to accelerate growth. “The membership growth will grow our savings. We want to sustain prompt disbursement of loans to members, and maintain high liquidity ratios,” he said.
The Society membership grew from 32,388 in 2020 to 35,076 in 2021, an 8.3% increase.
According to Sacco Chief Executive Officer Mr. Festus Mwambingu, the Sacco offers customized financial products and services and continually embraces change, technology, and innovation for sustainable growth and development, making it a reliable financial institution countrywide.
Chai Sacco’s total assets jumped by 7.5% to hit Ksh4.3 billion in 2021 from Ksh 4 billion in 2020.
“Members’ deposits also increased from Ksh2.8 billion in 2020 to Ksh3 billion in 2021. Rebates payable to members based on their deposits has increased from 8% to 8.5% and dividends on shares improved from 12% in 2020 to 13% in 2021,” said Mr. Ayub.
The Sacco loan portfolio grew by 10% to reach Ksh3.6 billion from Ksh3.29 billion in 2020.
