From good to great: Taifa’s new head office promises a better customer experience
Taifa Deposit-Taking Sacco will relocate to a new headquarters this year. This follows the completion of its ultra-modern state-of-the-art Taifa Annex, a seven-storied plaza built with the Society’s funds, making it a debt-free investment.
A quality of artistry of international standards, the towering plaza has become a new landmark that is hard to miss in Nyeri town. The stunning modern structure is visible from afar, standing out amidst the town’s bustling streets. It has transformed the town’s skylines.
“The building is the first in Nyeri County to be constructed using the most modern technology and compliant with the green energy model,” said James Giting’a, chairman, Taifa Sacco Board of Directors.
The plaza is a true masterpiece of modern architecture, embodying the highest banking standards that Taifa Sacco has set. It boasts excellent quality, functionality, and resilience, all essential requirements for Taifa Sacco’s operations.
With more volume of space per person – giving more choices in where and how to work, the Sacco is keen to enhance brand visibility, customer experience and satisfaction. The new headquarters offers employees an excellent working environment. Its design incorporates open workspaces and modern amenities that reflect its strong commitment to creating the best working conditions for its people.
With this new headquarters commitment, the Sacco will continue significantly impacting the local economy, empowering members and supporting small businesses in growing.
The new building redefines Taifa Sacco’s physical presence and sets new standards for workplace innovation. The Sacco fosters creativity and collaboration, and the new head office reflects its dedication to excellence. The Sacco can now offer a working environment comparable to that of leading banking institutions, thus attracting and empowering the best talent.
The Sacco’s Impressive Growth
By changing banking, Taifa Sacco is changing lives. The Sacco pursues a proven customer-centric strategy in providing a broad range of financial solutions and services to help financially empower its customers.
The Society is currently implementing its 2021-2025 strategic plan that has propelled it to become a significant player in the financial sector.
In the financial year that ended 31st December 2023, Taifa Sacco achieved various milestones, cementing its position as a financial provider powerhouse focused on empowering members.
The Sacco is on track to hit the five-billion mark in total assets to join the tier 1 category. In 2023, the Society’s total assets stood at Ksh 4.79 billion, up from Ksh 4.57 billion in 2022.
“This impressive growth trend clearly shows that we are just within sight of the highly anticipated magical figure of KSh 5 billion that will transform our Sacco into a first-tier deposit-taking Sacco in Kenya,” said Mr Giting’a
The Society membership stood at 180,000, improving the capital base and patronage of financial services. Consequently, members’ deposits increased to Ksh 3.5 billion in 2023, with the Sacco management having set its eyes on growing the figure to above Ksh5 billion by 2025.
“I appeal to delegates and staff to make deliberate and concerted efforts in mobilizing members for more deposits. This way, members would have increased borrowing capacity, improved interest earnings on deposits and cultivated a savings culture,” said Mr Giting’a. He spoke during Sacco’s 24th Annual Delegates Meeting, which was held at Sacco’s new plaza.
The Sacco total revenue surged by 10% to Ksh 642 million in 2023, up from Ksh 573 million in 2022, driven by increased financial activities, growth in loan disbursement and a rise in alternative income from digital channels and insurance products. The Sacco management is targeting to grow revenue to above Ksh800 million to enhance the return on investment of members’ deposits in 2024.
Members received a rise in annual earnings, pocketing interest on deposits and dividends on shares amounting to Ksh 181 million. This translated to a dividend on share capital at 8% and interest on members’ deposits at 8%, which improved from 7% last year. The Society plans to increase the payout to two digits for both dividends and rebates.
