Hazina DT Sacco has continued solidifying its position as a leading financial institution by posting impressive performance for the fiscal year 2024 and competitive returns on members’ investments.
The Sacco recorded a 14.8% increase in total assets, rising to Ksh 16.87 billion in 2024 from Ksh 14.78 billion in 2023. Its gross income reached a new high, surpassing the two-billion mark, hitting Ksh 2.08 billion last year, an increase from Ksh 1.77 billion in the previous year.
Hazina Sacco has diversified its investments into safer, lower-risk channels to provide value to its members. It generated over Ksh 472.6 million in income from various investments, including equities, fixed deposits, and treasury bills and bonds.
Members benefited from one of the highest rates on their Sacco investments, receiving a 17% return payment on dividends from share capital and a 10.85% interest rebate on deposits.
The financial statements presented at the Sacco’s 41st Annual Delegates Meeting (ADM) indicated that Hazina witnessed steady growth in deposit mobilization, increasing from Ksh 11.08 billion in 2023 to Ksh 12.46 billion in 2024. This growth was driven by the loyalty and commitment of its members to utilize its innovative products and services.
“Our liquidity ratios exceed the threshold prescribed by the Sacco Societies Regulatory Authority (SASRA). It is a strong indication that the Sacco is able to sustain its day-to-day needs while ensuring members financial needs are well taken care,” said Evans Kibagendi, Hazina Sacco National Chairman.
He attributed the Sacco’s success to support, collective responsibility, and increased patronage of their services by members.
The Sacco’s annual reports paint a picture of an institution on an upward trajectory, soaring above economic and regulatory challenges. The Society’s institutional capital improved to Ksh2.36 billion in 2024 up from Ksh1.8 billion in 2023, a growth of over Ksh546 million. It complied with all mandatory regulatory ratios as prescribed by the regulator.
Hazina Sacco ranks 11th wealthiest DT Sacco according to SASRA’s Supervision Annual Report 2023. Its brand visibility in the financial sector continues to rise, making it a leader in providing sustainable financial services.
“We are inspired by continuous positive growth. We are also conscious of our unique role of transforming members’ lives through provision of competitive and innovative financial services. Our motivation is to keep pushing forward embracing a customer centric approach, embracing technology, digitization and continuous innovation to stay ahead of the competition,” said Mr Kibagendi.
The Sacco has historically remained resilient, often achieving new milestones even in a challenging market environment.
It has greatly transformed lives and supported members’ prosperity by providing affordable and accessible credit facilities. Last year, the Sacco loan book grew by 16.8% to reach Ksh11.51 billion from Ksh9.86 billion in 2023. The Sacco maintained a competitive interest in loans, cushioning members from hard economic times.
The Sacco has also restructured some of its loan products, extending the repayment period and increasing the maximum amount applicable to an individual. Its e-loan product Mobi-Loan maximum amount was increased from Ksh45,000 to Ksh60,000.
“The Society provides a variety of loan products at the most competitive interest rates per month on reducing balance in both FOSA and BOSA,” said Mr Kibagendi.
Guided by the 2023-2027 strategic plan, Hazina Sacco has adapted to the changing market dynamics and aligned its goals to achieve long-term success. The Sacco blueprint focuses on business growth, operational efficiency and customer service, human resource management, and corporate governance.
The Society has established proper systems to ensure requisite controls to mitigate risks and accurately report up-to-date information.
Owing to its success in service delivery and enhanced customer satisfaction, the Sacco has maintained a steady rise in membership, which grew by 11% last year from 29,257 to 32,518, sustaining an upward trajectory for the last seven years. As a tradition, the Sacco rewarded 2024 highest recruiters, both individuals and branches.
Last year, the Sacco boosted its membership growth through aggressive marketing and embracing digital channels to engage members. Its website (www.hazinasacco.or.ke) and online portal are easy to use and provide members access to all important Sacco information.
Hazina Sacco has also expanded its reach nationally by opening new offices and refurbishing its branches to enhance members’ experience. Last year, it opened a satellite office in Kitale. In addition, the Society is leveraging alternative banking channels such as agency banking and mobile banking platforms to ensure members access services at a convenient time and location.
“We are inspired by continuous positive growth. We are also conscious of our unique role of transforming members’ lives through provision of competitive and innovative financial services. Our motivation is to keep pushing forward embracing a customer centric approach, embracing technology, digitization and continuous innovation to stay ahead of the competition.”
~ Mr Evans Kibagendi, National Chairman
CSR
Hazina Sacco’s services go beyond banking. It has established an elaborated Corporate Social Responsibility (CSR) to support communities. In 2024, the Sacco donated 60 lockers, chairs, and 190 mathematical sets to Lugala Secondary School in Kakamega County. The Sacco also funded the construction of an ablution block at Top Station Primary School. This year, the Sacco intends to extend its CSR activities in Kwale and West Pokot counties.
“We will continue touching lives and interacting with communities throughout the country. These initiatives will create a lasting impact that will trickle down to future generations,” said Mr Kibagendi.
The Sacco has also improved staff welfare, empowering them to deliver the best services to the people they serve.
Commissioner for Cooperative Development David Obonyo commended Hazina Sacco for its remarkable growth and outstanding financial performance. He highlighted the Society’s commitment to embracing innovation and technology while upholding the principles of good governance as great contributors to its success.
Dolphine Aremo, Nairobi Cooperatives Director, described Hazina Sacco as a trailblazer in the cooperative sector, attributing its success to visionary leadership and a professional management team. “This unwavering commitment to excellence has earned Hazina Sacco numerous awards on a regional and national level,” she said.
“We understand that exceptional service is essential to our members’ success. That’s why we dedicate ourselves to researching and creating the most fitting products tailored to their financial needs. Our commitment to their prosperity is unwavering. Since 1971, we have delivered prompt, high-quality, and efficient financial services,” said Mr. Dickson Okungu, the Sacco CEO.
He stated that Hazina Sacco is the best option due to several compelling benefits, including members’ ability to access loans of up to Ksh 40 million and salary-based loans. The Sacco also offers salary advances, providing financial flexibility when needed. Members enjoy attractive interest rates on their benefits and appealing dividends on their shares. “Hazina Sacco presents an excellent opportunity for individuals to save for retirement, making us a well-rounded choice for financial growth and prosperity. Together We Prosper.”
Ksh 16.87B
TOTAL ASSETS
Ksh 2.08B
TOTAL REVENUE
Ksh11.51B
LOAN BOOK
“We understand that exceptional service is essential to our members’ success. That’s why we dedicate ourselves to researching and creating the most fitting products tailored to their financial needs. Our commitment to their prosperity is unwavering. Since 1971, we have delivered prompt, high-quality, and efficient financial services.”
~Mr. Dickson Okungu, CEO.
