Trans Elite County Sacco continued to offer affordable and flexible facilities to its members in the financial year 2022, significantly growing its loan portfolio and asset base.
During the year under review, the Sacco disbursed to members loans worth Ksh622.35 million, a 25% growth from Ksh493.98 million in 2021. The impressive rise saw its gross outstanding loans with members increase by 13% to Ksh692.97 million.
“The Sacco shall continue offering a wide range of credit facilities at affordable interest rates. We have also continued to improve our products and services to meet the changing needs of our members. Our financial performance remains stable,” said Mr Alfred Ng’etuny, Chairman, during the Annual Delegates Meeting recently.
Mr Ng’etuny said the Society had invested in technology to improve service delivery and ensure members can access services remotely anytime and anywhere. The Sacco management has introduced alternative banking channels, making member transactions cheaper and more convenient. These include a robust mobile banking platform with a USSD Code *882*61#, Visa ATM cards and an M-Trans Elite Mobile banking App.
“We offered financial literacy programs to our members, improving their financial management skills and promoted the cooperative movement by participating in various community outreach programs,” he added.
By offering flexible loans customized to suit members’ needs and repayments capability, the Sacco has empowered members to attain financial independence. Members’ loan requests are processed promptly, enabling them to meet their financial needs on time.
Under its micro-finance section, the Sacco offers affordable and flexible financial services to individuals and small businesses, improving their livelihoods and creating economic opportunities.
“The Society is committed to support financial access to micro, small and medium sized enterprises, farmers and groups to grow. They can access loans and savings products to enable them build and grow their businesses,” said Mr Ng’etuny.
He noted that establishing a microfinance department in the Sacco would support membership growth and increase savings and assets.
In 2022, the Sacco’s total assets grew by 4.5% to over Ksh1.5 billion from Ksh1.45 billion in 2021. At the same time, the membership rose by 12.48% to 4.46%, while the share capital jumped by 56% to Ksh18.57 million.
The total revenue also registered a marginal growth from Ksh180.7 million in 2021 to Ksh186.9 million last year. Members were rewarded with improved annual earnings as the Board announced payment of dividends on shares at 12%, up from 11% in 2021 and interest on deposits at 8.5%, up from 7.5%.
The Board is refurbishing its Sacco Plaza to boost its image and improve service delivery. They also plan to open new branches and satellite offices to grow the Sacco business.
Tinderet Member of Parliament Hon Julius Melly, who was the Chief Guest, called on members to take loans and invest in expanding their sources of income. “Trans Elite County Sacco is providing members with affordable loans that are enabling many accomplish their development goals. Members should borrow for the right purpose and repay, this will ensure they develop and the Sacco grows. I am proud of this Sacco,” he said.
The Sacco Chief Executive Officer, Ezekiel Sawe, said they provide the best financial services to members as well as giving back to the community, especially by supporting needy students to achieve their education goals. “We will continue supporting members’ prosperity and building an equitable community,” he said.
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To be a Vibrant SACCO in providing world-class financial Products and Services.
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Promote the socio-economic welfare of members and customers through prudent management of funds in the provision of quality, diversified and affordable financial products and services.
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Integrity, Transparency and Accountability, Confidentiality, Creativity and Innovation, Teamwork and Efficiency.
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