Through innovative financial solutions and strategic growth, Qwetu Sacco is empowering members to unlock wealth.
Qwetu DT Sacco is on a transformative journey, firmly establishing itself as a leader in the financial sector while delivering exceptional services to its members. In 2024, amidst economic challenges, the Sacco has demonstrated remarkable stability and resilience, showcasing strong liquidity and meeting capital adequacy ratios. The financial statements shared at the Special Delegates Meeting reveal a Sacco on an impressive growth trajectory, significantly enhancing members’ livelihoods.
Guided by the ambitious Strategic Plan for 2024-2028, the Board of Directors is committed to more than doubling total assets from Ksh4.81 billion in 2024 to over Ksh10 billion by 2028. The management also aims to amplify the loan portfolio from Ksh3.87 billion to Ksh8.37 billion, increase total income to Ksh1.5 billion, elevate share capital beyond Ksh1 billion, and boost reserves to over Ksh1.6 billion by 2028. Additionally, the Board has set a target of increasing BOSA and FOSA deposits to Ksh5.59 billion and Ksh2.78 billion, respectively, within five years.
Qwetu Sacco is committed to enhancing customer experience and satisfaction to fuel this growth. By embracing technology, it is poised to deliver outstanding services, not only nationally but also to members of the diaspora.
“We have made significant advancements in our ICT system to deliver improved service to our members. Recently, we connected our networks with a fibre system, which has greatly enhanced performance across all our branches,” stated Mr Simon Mbashu Mwawasi, Chairman, Qwetu Sacco, Board of Directors.
Among the digital platforms offered by the Sacco are Pesa Pepe, SpotCash, and the Qwetu Sacco App. These platforms enable real-time, fast, and convenient transactions for members anytime and anywhere.
“Our growth strategy emphasizes leveraging technology. We encourage our members to embrace the new banking tech solutions being implemented by the Sacco,” said Mr Mbashu during this year’s Sacco SDM.
Due to the high demand for Qwetu Sacco mobile loans, particularly from the business sector, management has developed a new digital loan product called Jisort Advance, which is currently in the pilot stage before its full rollout. This product offers members an interest rate of 1% per day and does not require guarantors, as it is fully secured through a member’s deposits or long-term micro premiums. Members will be able to access loans of up to Ksh 10,000, with a repayment period of seven days.
With impressive growth, Qwetu Sacco is preparing to enter a new market in Mombasa County. The Board of Directors has identified a location for a new branch, which is expected to be operational by the end of this year or early next year.
“We have received preliminary approvals from SASRA, and we are now awaiting approval from the County Government of Mombasa,” the chairman stated.
In May of this year, the Sacco launched a share capital drive campaign that has attracted a high number of members, who are purchasing more shares with the promise of high annual returns. This initiative has increased the Sacco’s share capital to Ksh 208.4 million.
“We urge everyone to promote the share drive campaign as an alternative investment for our members due to its high rate of return and the security it offers,” added Mr Mbashu.
Additionally, the Sacco has invested in members’ financial literacy programs, significantly improving their lives, fostering a savings culture, and aiding in wealth accumulation.
The Sacco has conducted zonal education and training forums that have equipped members with various topics to enhance their financial management skills.
“Education and training empower our members to make informed choices when using our products and services, ultimately enhancing their quality of life. Our commitment to transforming livelihoods is unwavering as we continue to grow as a Sacco. We are dedicated to helping our members diversify their income sources and maximize the benefits of the credit facilities we provide,” said Mr. Charles Kaba, the Sacco CEO.
Taita Taveta Cooperative Director Mr. Erastus Gonzi, the chief guest at the SGM, highlighted that good governance and quality service provision have been crucial to Qwetu Sacco’s impressive growth over the years.
“We must all work together and ensure we adhere to all laws and regulations governing the cooperative movement. At the county level, we are committed to supporting Saccos by creating an enabling environment. We are proud of Qwetu Sacco for its role in poverty alleviation and the socio-economic empowerment of our people,” he stated.
Qwetu Sacco offers a variety of products and services tailored to meet members’ financial needs, including Qwetu Mobile Loans, Qwetu Super Deposits, Bakisha Accounts, Toto Wa Qwetu Accounts, Qwetu Micro-credit Financing, Qwetu FOSA Loans, Qwetu BOSA Loans, M-Qwetu Advance Loans, and Qwetu Retirement Benefits Plan, among others.
Earlier this year, the Sacco launched the Qwetu Sacco Plaza, marking a significant milestone in its over 56-year journey of hard work, prudence, and resilience. The new head office reflects high standards and meets the expectations of a national financial institution as the Sacco continues its growth trajectory since its establishment in 1968. From a modest membership of 200, Qwetu Sacco has expanded to include over 61,000 members.
Qwetu Sacco serves as a shining example for other Saccos and a benchmark in the industry. Its innovative financial products and services have significantly contributed to financial inclusion and the empowerment of individuals, groups, businesses, and institutions. The Sacco draws its members from diverse sectors, including teachers, government employees, parastatal employees, corporate organizations, the business community, elected leaders, and bodaboda riders.
Additionally, Qwetu Sacco engages in corporate social responsibility activities through the Kwetu Foundation, which supports needy students in completing their education and sponsors sports initiatives. The Sacco also participates in community activities such as clean-up campaigns and tree-planting exercises across multiple towns.
Qwetu Sacco is licensed and regulated by the Sacco Societies Regulatory Authority (SASRA).
