POWER TO SUCCEED
Bandari DT Sacco adapts to new changes to enhance growth and member engagement.
Bandari Sacco has embarked on transformative journey to boost growth through members’ engagement.  The Deposit Taking Sacco is transforming its business model to adapt to the constantly evolving business environment. It is committed to accelerating its growth trajectory and empowering its members to succeed in life.
To achieve this, the Sacco has implemented various changes to enhance operational efficiency and offer better value in delivering its services to members. These changes include a complete overhaul of its core banking system to deliver convenient and secure financial solutions through the use of technology. The Sacco has installed a robust, stronger, safer core banking system, enhancing seamless business transactions.
Additionally, the Sacco has tailored its products and services to be more customer-centric to meet members’ needs better and has introduced more diversified options targeting different groups of clients such as Chamas, SMEs, and the Diaspora market.
The Sacco is currently undergoing a major transformation with the aim of becoming a leading financial institution while maintaining its position as the largest Sacco in the coastal and Northern Eastern region.
To ensure the success of this transformation, the Sacco Board of Directors has organized extensive Education, Training, and Information forums with delegates, members, and staff. This will enable them to contribute effectively to developing their co-operative and improve their personal finance management.
“We believe that working together can create a better future for all our members. The education and training forums will help us change holistically to achieve our desired growth targets while making us adapt and sail in the same boat,” said Mr Ken Sungu, Sacco Board Chairman. He spoke during the 2024 Delegates Engagement Forum, held recently.
The Sacco leadership and management are also planning to reach out to members and empower them to succeed through financial literacy programs.
Envisioned championing members’ social-economic transformation, the Bandari Sacco Board of Directors is keen to bring members and all stakeholders on the bond in its transformative journey.
“We want to remain the gateway to financial success by providing innovative products and services that adequately meet their needs. This way, we will remain ahead of the competition and expand our market share nationally,” said Mr Sungu.
The Board and management have ensured that the Sacco sustains its upward growth to remain among the country’s largest DT-Saccos with an asset base of over Ksh13 billion. “We want to grow our balance sheet faster by increasing our loan book. The Sacco offers the most competitive loan products in the market,” noted Mr Sungu.
With a solid financial base, approval rating from the regulator (SASRA), and sound corporate governance, Bandari Sacco has significantly empowered members’ lives through competitive products for over 49 years.
Mr Nelson Nyoro, Mombasa County Co-operatives Director, noted that the Sacco’s success is anchored in its ability to create a learning culture and embrace diversity. “Everyone has a role in developing their Sacco. Constant engagements with delegates and members have a great impact on progress. Bandari Sacco must ensure that you build capacity for the Board, delegates, staff, and members,” he said.
Under the Sacco’s new blueprint, the Board seeks to transform it into a regional powerhouse anchored on strong systems and structures that spur growth and provide its members with seamless and superior customer experience.
“Our focus is to improve customer experience by utilizing ICT to offer hassle-free services to our members. To achieve our growth targets, it is essential that we engage our delegates and members to ensure that everyone comprehends our strategic direction. This will foster cooperation and synergy towards achieving our goals,” stated Mr. Joseph Bee, the Sacco CEO.
Bandari Sacco’s leadership engages distinguished financial trainers during education forums to equip members with the power to succeed. This has changed their personal finance management, ensuring they create wealth and secure their retirement. With proper financial education, members are motivated to save more and patronize more of Sacco’s products and services.
“Our commitment lies in providing comprehensive education and training on crucial financial issues to our delegates, staff, and members. This empowers them to not only improve their lives but also contribute to the growth of our Sacco. We firmly believe that financial literacy is the key to unlocking the full potential of our members,” emphasized Mr. Bee.
During the delegates’ engagement forum, financial consultant Dr Ng’ang’a Gachara urged delegates to lead by example in saving money and supporting Sacco products. “Your actions speak louder than words. As leaders of the Sacco, it’s crucial that you set an example for others to follow. Saccos offer a secure way for you to grow your wealth, save for the future, and borrow for important projects. Take advantage of these opportunities now, and you’ll reap the benefits down the road,” he said.
The Sacco’s investment in members’ financial literacy has translated to growth in its deposit, loan book, and membership.
“Clear financial goals are crucial to sustaining and driving the sacrifice of saving, without which it can be challenging for individuals to accumulate wealth,” said Dr. Gachara.
Besides education and training, the Sacco also organizes the Annual Chama Expo and Trade Fair, whose objectives include building the institutional capacity of Micro, Small, and Medium-sized Enterprises(MSMEs) and Chamas, improving their operational capacity, and enabling them to attract and retain more members while also enhancing their financial capabilities. The annual conferences provide Chamas with a platform to share experiences, ideas, challenges, and information.
Ranked the 13th large-sized DT Sacco nationally, Bandari has always met all the prudential requirements set by the SASRA.
The Society has become a benchmark center for others and won various awards, including the second best in capitalization, employer-based Tier-1 DT Sacco during International Day of Co-operatives (Ushirika Day). The Sacco announced attractive dividends on members at 18% and interest on deposits at 12% for the financial year 2023.
