Sacco posted impressive growth in FY 2021 as its asset base reached Ksh3.77bn.
Ndege Chai Sacco is taking advantage of emerging opportunities to increase revenue streams by leveraging information and communication technology while mitigating challenges to accelerate growth.
The Sacco has diversified its products and services, netting more potential members in new and existing catchment areas of Kericho, Bomet, Nakuru, Nandi, and other counties. “We are broadening our membership beyond tea, dairy, and flower sector to have other sectors such as horticultural value chain notably avocado which is showing good potential, especially in Nakuru and Bomet Counties,” said Mr. Daniel Sang, the Sacco chairman.
He said their focus is to grow membership which currently stands at 61,841 after registering a 20% growth in the financial year 2021.
According to the Chairman despite the effects of the Covid-19 pandemic on the economy, the Sacco continued to register high growth in all key segments. The Sacco total assets grew by 15% to reach Ksh3.77 billion and members’ deposits increased by 12% to Ksh2.64 billion.
“Our improved service delivery and loyalty of members helped steady the Sacco growth. The Board and Management will remain dedicated to implementing all our growth strategies,” said Mr. Sang.
Speaking during this year’s Annual Delegates Conference held at Kaproret Grounds in Bomet County, Mr. Sang noted the Sacco growth plan is anchored on efficient and convenient banking solutions for members.
In 2021, the Sacco successfully supported members to accomplish their personal and business development goals through affordable loans with its loan book recording a 10% growth from Ksh2.57 billion in 2020 to Ksh2.82 billion in 2021.
“We believe the empowerment of our members is about them having more joy of saving and access to affordable and reliable financing to achieve their goals. They must fill satisfaction and fulfilment because Ndege Chai Sacco cares and provides them with growth opportunities,” stated Mr. Sang.
Mr. Gilbert Bett, the Sacco CEO, noted that the Sacco upholds the highest standards of professionalism in all operations to maximize members’ benefits. This was confirmed by Mr. Paul Mutai, the Sacco Supervisory Committee chair, who noted that the Sacco has complied with all regulatory requirements as outlined by the Sacco Societies Regulatory Authority (SASRA).
Mr. Leornard Otii, Kericho County Commissioner for Co-operatives, lauded the Sacco for offering innovative products and giving back to the community.
Since 1978 Ndege Chai Saccohas remained committed to transforming members’ livelihoods. It is among SASRA regulated Saccos that are growing rapidly in the country by offering members an opportunity to save and access affordable loans to develop and improve their economic and social welfare.
Its principal activity is to promote prudence amongst its members by allowing them to accumulate their savings and to create a source of funds, where members can access timely and reliable loans. The Sacco is licensed and regulated by SASRA since 2011.
The Society is concerned with the welfare of the community and has contributed immensely to uplifting socio-economic status. Last year, the Sacco added the number of students benefiting under its scholarship programme to include more needy children. Besides, the Sacco also offers a training programme for college and university students through attachments and internships. It also participates in environmental conservation activities and makes donations to the less privileged in society.
Why Choose Ndege Chai Sacco?
Joining the Sacco is the best choice you can make in life. Members enjoy many benefits such as:
· Various affordable loan products for financial growth
· Savings products that enable you to save regularly and invest
· Growing businesses through reliable financing
· Access to financial literacy training and education.
· High annual returns on investment
· Convenient banking solutions through modern technology
· Excellent customer care
· The Sacco is licensed and regulated by SASRA and is among the best performing DT-SACCOs in Kenya.
