The Sacco reported higher annual income, announcing 20% dividends rate.
Ndege Chai Sacco has announced an increase in annual earnings for its members due to its outstanding financial performance in the year 2023. Members received over Ksh328.6 million, receiving a dividend of Ksh20 per 100 shares, which is an improvement from Ksh15 in the previous year. Additionally, they received 10.5% interest on their deposits.
The Sacco has promoted prudence among members, enabling them to accumulate more savings and access affordable loans to execute various development projects. As a result, the Society’s total revenue increased to Ksh823.8 million.
The Sacco’s transformation agenda for prosperity led to an increase in membership to over 70,200, with withdrawable savings increasing significantly to Ksh652 million in 2023 from Ksh577 million in 2022. Non-withdrawable deposits also grew significantly to Ksh2.72 billion last year, up from Ksh2.38 billion a year earlier.
Innovation and excellent service delivery through tech-led solutions boosted the Sacco’s loan and advance uptake, with the loan book expanding to Ksh3.58 billion in 2023 from Ksh3.14 billion in 2022.
The Sacco’s journey to join the tier one category of the wealthiest DT Saccos is on track, with total assets increasing from Ksh4.27 billion in 2022 to Ksh4.86 billion at the end of 2023. Good governance ensured that the Sacco complied with all set capital adequacy ratios.
“We are encouraging more people to join Ndege Chai Sacco today and enjoy the benefits of prudent financial management, affordable loans, and excellent service delivery,” said Mr Daniel Sang, Chairman.
The Sacco membership is drawn from Kericho, Nakuru, Bomet, Nyamira, Nandi, Mombasa, and Nairobi counties. “At Ndege Chai, we are committed to championing good corporate governance to ensure sustainability and transparency at all times,” said Mr Sang. He noted that the Sacco has adopted the best internal control, risk management, and compliance practices to remain competitive in the rapidly evolving financial landscape.
“We are glad for members’ loyalty and confidence and commit to offering them the best financial services and promoting communities’ welfare,” said Mr Sang.
Last year, Ndege Chai Sacco retained a top spot at the Champion of Governance Awards, winning the second runners-up trophy of the prestigious Co-operative Sector award, marking the second year in a row that the Sacco has won the award.
In the 2022 COG Awards, it won three Champions of Governance (COG) awards, with its top leadership and management led by the Board of Directors Chairman Mr. Daniel Sang and Chief Executive Officer Mr. Gilbert Bett bagging the COG Chairman of the Year and the CEO of the Year awards respectively. It also won over 10 awards during the 2023 Ushirika Day celebrations.
The Sacco has an impressive success story, making it one of the top institutions in the country. Its unparalleled success in enabling members to transform their lives results from a strong corporate governance culture.
“We are growing Sacco with a bright future. Our performance trend has remained upward owing to good business practices, right policies, and adherence to the law,” said Mr Gilbert Bett, CEO.
The Society is a place where members can save money and obtain loans for productive and beneficial purposes at reasonable interest rates. To provide unparalleled financial solutions, the Sacco has invested in the latest technology, including efficient communication and information technology that enables members to carry out transactions anywhere in the country at any time. For instance, by dialing *882#, members can easily check their balances, transfer funds from various FOSA accounts, deposit money, pay loans, and check their loan limits.
Moreover, members can access cash, pay bills, and shop using the Sacco Link ATM Card from any Co-op Bank or Visa-branded ATM nationwide. Ndege Chai Sacco is dedicated to delivering high-quality financial services to its diverse clientele and engaging in Corporate Social Responsibility. It provides scholarships to academically gifted but financially disadvantaged students, donates to the underprivileged in the community, offers internship opportunities for students to learn from one of the country’s most well-established employment institutions, and participates in environmental conservation efforts.
