Members Paid Dividends at 18.5%
In an impressive display of resilience and commitment to its members, Ndege Chai has officially ascended to the prestigious tier 1 category, joining the ranks of the country’s renowned large-sized Deposit-Taking Saccos. This significant achievement, acknowledged by the Sacco Societies Regulatory Authority (SASRA), showcases not just growth but the Sacco’s unwavering dedication to fostering financial well-being among its members.
The Sacco reached a remarkable milestone, with total assets soaring to Ksh5.3 billion in 2024, a notable rise from Ksh4.86 billion in 2023. This growth was driven by a 12% increase in the loan book, now standing at Ksh4.02 billion. With accessible and affordable loan products, Ndege Chai Sacco is empowering its members to achieve their financial goals and enhance their quality of life.
The Sacco’s overall financial performance was equally commendable, with revenues climbing from Ksh823.7 million to Ksh929.4 million by December 31, 2024. The surge in revenue translated to improved return on investment for members, amounting to over Ksh354.2 million.
The Sacco Board of Directors announced an attractive dividend payment of 18.5% on shares and a competitive interest rate of 10% on deposits—a clear demonstration of their commitment to member benefits.
The growth of Ndege Chai was also attributed to its unwavering focus on efficient service delivery and enhanced customer satisfaction, which attracted a blooming membership base now totaling 76,955, reflecting a 9.5% increase.
With member savings and deposits surpassing Ksh3.67 billion, Ndege Chai is not only meeting but exceeding the financial needs of its members, ensuring them peace of mind.
The Sacco maintained a robust liquidity position, guaranteeing that its members’ financial needs are consistently met. This stability reinforces Ndege Chai’s reputation as a reliable partner in financial prosperity.
As Ndege Chai continues to flourish, it stands as a beacon of success and an exemplar in the cooperative sector, showcasing the potential unlocked when a financial institution prioritizes its members.
Mr. Daniel Sang, the Sacco Board of Directors Chairman, addressing the 47th Annual Delegates Meeting, noted that they had managed to keep their expenses low despite a challenging operating environment. “The Sacco has weathered various economic challenges and maintained a steady and strong growth trajectory. We are now in the Tier 1 league,” he stated.
Financial Excellence
Ndege Chai Sacco was honored for its leadership in governance and financial excellence for the financial year 2024. The Sacco earned the prestigious Champions of Governance (COG) Award, being recognized as the overall winner in the cooperative sector category for its innovative practices and commitment to promoting good governance.
Ndege Chai stands out as a rapidly growing financial institution devoted to fostering financial responsibility among its members. It empowers them to save effectively while providing access to loans for provident and productive purposes at fair and reasonable interest rates. The Sacco prides itself on a robust corporate governance culture.
Additionally, the Sacco received twelve Ushirika Awards, showcasing its excellence in the sector, including three national trophies: second-best in credit management, third-best managed, and most efficient Deposit-Taking Sacco in the agricultural-based category.
Ndege Chai Sacco’s exceptional service to members and significant socio-economic contributions earned it nine prestigious Ushirika awards in Kericho County. Since its establishment in 1978, Ndege Chai Sacco has recorded outstanding achievements, cementing its status as one of the nation’s leading financial institutions. The Sacco has enhanced customer service by delivering convenient and competitive banking options to its members.
With a diverse range of savings and loan products, members have abundant opportunities for growth and advancement. Significant investments have been made to optimize operations, resulting in unparalleled financial solutions. Members enjoy the convenience of efficient information and communication technology, allowing them to perform transactions anytime and anywhere in the country. For example, by simply dialing *882#, members can effortlessly check their balances, transfer funds between various FOSA accounts, deposit money, repay loans, and review their loan limits. The Sacco Link ATM Card provides members with access to funds at any Co-op Bank or Visa-branded ATM nationwide, facilitating bill payments and purchases.
By promoting financial prudence, the Sacco empowers its members to save and access affordable loans for various development projects. Membership includes individuals and institutions from Kericho, Nakuru, Bomet, Nyamira, Nandi, Mombasa, Meru, and Nairobi counties. Ndege Chai Sacco is fully licensed and regulated as a Deposit-Taking Sacco by SASRA.
Becoming a member of Ndege Chai Sacco is one of the smartest decisions you can make for your financial future. As a member, you’ll unlock a wealth of benefits designed to empower your financial growth.
Enjoy a diverse range of loan products that allow you to expand your financial horizons and achieve your goals. The Sacco’s innovative savings products are tailored to help you save and invest wisely, ensuring your money works for you.
With your member account, you can conveniently manage deposits, receive salary payments from employers, and handle transactions from businesses or farming ventures. This same account also gives you immediate access to loans through BOSA, simplifying your financial journey.
At Ndege Chai Sacco, we believe in equipping our members with knowledge. Enjoy insightful financial literacy training during our Members’ Education sessions, helping you make informed financial decisions.
“We have embraced cutting-edge technology to optimize our transactions, ensuring we meet and exceed our members’ needs. We are committed to their prosperity,” said Mr. Gilbert Bett, the Sacco CEO.
Mr. Leonard Otii, Kericho Cooperatives Director, commended Sacco for its efficient and effective leadership and management, which have ensured its sustainable growth over the years. He also praised Sacco management for their innovative approach to providing well-customized products and services to members.
Take the first step towards a more prosperous future!
Talk to us: 052-2030121, 052-2030592, 020-8031759 | Email: [email protected]
www.ndegechaisacco.co.ke
