Gusii Mwalimu Sacco sets the bar high
Gusii Mwalimu Sacco plans to grow membership and accelerate growth through products diversification and enhancing members’ experience. The Sacco’s strategic plan covering 2022-2026 outlines the key focus areas to grow business and ensure members’ satisfaction.
The Society has revamped its digital banking platforms, improving customer experience by offering convenient banking solutions and reviewing upward loan repayment period for some products to a maximum of 96 months from 84 months.
Last year, the Sacco rolled out Gusii Verve Debit Card, which enables members to shop and pay bills as well as to access their cash anytime and anywhere across the country.
Strategic measures being implemented by the Board of Directors and Management places the Sacco ahead of the competition while making it a choice financial institution. “Our future looks bright. We have a clear picture of where we want this institution to be by the year 2026,” said Mr. David Nyangau, Chairman.
In the Financial Year 2021, Gusii Mwalimu registered tremendous growth which the Chairman attributed to members’ commitment and unwavering support and employees’ dedication to ensuring members are served effectively despite the adverse effects of the Covid-19 pandemic. “Our staff members have put their best efforts to transform the Sacco and make it more homely for our members,” said Mr. Nyangau.
Speaking during this year’s Annual Delegates Meeting, Mr. Nyangau said the Sacco remained resilient in the face of economic and social challenges to shape the future of members by enhancing their quality of life through the provision of quality products and services.
The Sacco loan portfolio went up by 7.8% to reach Ksh9.5 billion in 2021 from Ksh8.8 billion buoyed by product restructuring and re-engineering to reflect the financial needs of members. The Society members’ savings and deposits also increased by 11.8%, from Ksh7.6 billion in 2020 to Ksh 8.5 billion in 2021, despite the sluggish growth of the country’s economy.
Mr. Nyangau noted that the management had put in place a mechanism to spur the Sacco’s growth by targeting new marketing areas and enhancing service delivery. Sustained efforts to increase the Society’s income bore fruits, with total revenue jumping by 11.7% to Ksh1.87 billion in 2021 from Ksh1.68 billion in 2020.
“The Board proposes to give an interest rebate on deposits at 12% and a dividend on shares at 13%. This will result in a total payment of Ksh962.76 million,” he said.
The Sacco’s total assets increased by 11.4% from 10.4 billion in 2020 to Ksh11.6 billion in 2021. The membership registered a 7.6% growth to 37,783 last year, from 35,016 in the previous year.
The impressive growth was hinged on quality customer experience as the Sacco focus is to deliver world-class financial solutions to build customer confidence.
“Quality determines the value that our customers place on products and services we offer. The quality of our products and services always meet our customer expectations,” said the Sacco Chief Executive Officer, Mr. Charles Omwansa.
Gusii Mwalimu Sacco is licensed and regulated by the Sacco Societies Regulatory Authority (SASRA). The Sacco is a member-owned and controlled financial institution offering a diversity of financial products and services at a reasonably low-interest rate. It was established in the year 1977 but started operations in 1979.
Gusii Mwalimu Sacco has accelerated its shift to digitalization with positive results as many of its customers are now transacting via mobile banking platforms. Gusii Verve Debit Card is highly secure and allows members to shop and pay bills anywhere in the country and globally. It meets the financial needs of members by providing convenience and accessibility to all Verve-enabled ATMs and Point of Sale (POS).
The Society continues to lead the way in providing a wide range of financial products and services to its members to satisfy their varied and unique financial needs.
www.gusiimwalimusacco.co.ke
Mission
To continue as a Co-operative financial institution offering diversified financial products and services to its stakeholders
Vision
To be a model SACCO Society offering quality and diversified financial products and services to its stakeholders
