INVEST & GROW
IG Sacco has continued to serve as a crucial financial pillar for its members, achieving notable success in loan disbursement during the fiscal year 2024. The total loan book expanded by 17%, rising from Ksh 10.5 billion in 2023 to Ksh 12.3 billion in 2024.
In the past year, the credit extended to members increased by 20%, amounting to an additional Ksh 1.8 billion. According to the Sacco annual reports presented to the Delegates Annual Meeting recently, the growth underscores the Sacco’s dedication to enhancing the financial well-being of its members. The Board of Directors actively reviewed and updated the credit policy to facilitate members’ access to more affordable loan options. As a result, investments-based loans grew by 16%, while income-based loans saw a remarkable increase of 24%.
The growth in loan portfolio and a rise in share capital subscription boosted total assets growth from Ksh14.1 billion in 2023 to Ksh14.6 billion in 2024. The increase in the Sacco’s lending services contributed to a notable growth in total income, which reached Ksh 1.99 billion. As a result, members enjoyed good annual returns, receiving dividend payments totaling Ksh 224.4 million at a rate of 17%, along with a total payout of Ksh 902.1 million for interest on deposits at a rate of 12.2%. Additionally, members’ investment shares yielded a return of 15%. The Sacco’s membership stands at 36,440 in 2024.
“It took commitment and teamwork to achieve this tremendous growth amid various challenges. We will remain focused on providing well-researched and relevant financial solutions to our members,” said COG Kennedy Keya, the Sacco Chairman. He spoke during the 48th Annual Delegates Meeting held in Kakamega.
The Sacco also developed various savings accounts offering different incentives to encourage members to save more. Besides, the Society organized education and training forums for members, including Super Savers and Holiday Savers workshops, as well as the Nyota Ndogo fun fair, all aimed at empowering members.
For its outstanding success on all fronts, IG Sacco continued its winning streak in 2024, receiving various awards, including Best Managed and Best in Credit Managed Employer-based DT Sacco during the national Ushirika Day celebrations. It also won trophies for Best Financial Institution at the Kakamega ASK Show and the Vihiga Kenya National Chamber of Commerce and Industry award.
The Sacco plans to open new satellite offices in Kisumu and Siaya, as well as branches in Bungoma and Busia.
In addition, the Sacco is digitizing its operations to enhance efficiency and allow seamless access to services for members. “We have successfully implemented a robust Core Banking System, an Electronic Data Management System, a Customer Relationship System, the IG Sacco Mobile App, a call center, e-guarantorship, and the digitization of loan products. We are optimistic that these technological advancements will enhance employee experiences and member relations,” stated Mr. Keya.
Members can access the mobile banking platform, Pesa Pepe, through the USSD codes *879# and *806#. The e-guarantorship feature allows members to guarantee each other online for the e-Fosa loan product, making it convenient for diaspora members to access services.
“It took commitment and teamwork to achieve this tremendous growth amid various challenges. We will remain focused on providing well-researched and relevant financial solutions to our members.”
~ COG Kennedy Keya, Chairman.
Last year, the Sacco experienced a significant increase in the use of its digital lending platform.
“The Society is managed professionally with a high level of integrity, ensuring it remains financially sound. It consistently surpasses the benchmarks set by the regulator in terms of financial ratios and reporting,” reported the supervisory committee.
The Sacco also extended its philanthropic efforts through its CSR programs, spreading love and joy to the less fortunate. This included donating foodstuffs, water tanks, and tables to various children’s homes.
Mr. Robert Njue, Chairman the Kenya Teachers SACCO Association (KETSA), who was the chief guest at the annual delegates meeting, highlighted the role of Saccos in helping individuals uplift their lives. Citing IG Sacco’s affordable loan products, Mr. Njue encouraged members to utilize Saccos for their development.
IG Sacco is well-positioned as a leader in financial services provision nationwide. “We are a well-established Sacco with the financial capacity to meet all our members’ needs. Our long history of serving members with integrity, innovation, and dedication has allowed us to rise to the peak of the cooperative movement,” said CPA Peter Vuhyah, CEO.
IG Sacco has distinguished itself as a premier Sacco in the country, delivering exceptional financial solutions. It inspires members to succeed through various incentives that help them realize their dreams. By enhancing the socio-economic well-being of its members through diversified and innovative financial solutions, IG Sacco is building a lasting legacy of empowerment and emancipation from poverty. The Sacco has successfully supported its members in embracing a saving culture while training and empowering them to invest in sustainable wealth creation, increasing the number of higher-saving members.
Our Vision
Premier Sacco delivering exceptional Financial Solutions.
Our Mission
To enhance the social-economic well-being of members through diversified and innovative financial solutions
TALK to US
Mobile: +254 726 340 851/ +254 736 333 334
Email: [email protected], [email protected]
