The Sacco empowered members with Ksh6.65Bn affordable loans.
Ollin Sacco maintained its top position among financially stable and fast-growing Saccos with a stellar performance for the year ending 31 December 2022 against a harsh economic environment.
Once again, members received high annual returns, with the Board of Directors declaring payment of interest on non-withdrawable deposits at 12.1%, non-prorated, and dividends on share capital at 17.5%. The rates are among the highest in the country. In total, the Sacco paid over Ksh579.99 million to members as 2022 earnings.
Buoyed by remarkable financial results on all key parameters as well as satisfactorily meeting members’ needs, the Deposit-Taking Sacco is setting out for greater visibility and accessibility countrywide to achieve a more rapid growth towards a target of 40,000 members and an asset base of Ksh15 billion by 2025.
“Ollin Sacco has continued to attract more members across the country, which has necessitated the expansion of our branch network. We have upcoming branches in Nairobi, Kajiado and other regions after undertaking thorough feasibility studies to determine their viability, in future the footprints of the Ollin brand will be across the whole country,” said the Sacco Chairman, Mr Albert Kamau.
Under its strategic management plans, the Sacco leadership and management also intend to attain greater enhanced customer experience and service delivery. This will be achieved through the continuous engagement of members through digital channels. “The implementation has started, and in 2022, the Sacco ensured members were continuously engaged through customer satisfaction surveys, E-shots, emails, Sacco website and social media handles such as Twitter, Facebook, Instagram, and Linkedin, among others,” said Mr Kamau.
Quality financial products and services, prudent management to mitigate risks, and members’ loyalty and patronage fueled Ollin Sacco’s excellent financial performance last year. According to the annual report and financial statements presented to members during the 46th Annual General Meeting held at Kutus Primary School grounds, the Sacco membership grew by 29% to reach 22,781 in 2022. The Sacco has embarked on an ambitious recruitment drive dubbed one for one, where every member is encouraged to recruit at least one member with a reward.
The Sacco total assets jumped by 16% to Ksh8.18 billion from Ksh7 billion in 2021, while members’ deposits surged by 18% from Ksh 4.77 billion in 2021 to Ksh5.65 billion in 2022, elevating Ollin among few Tier 1 DT Sacco’s holding deposits above Ksh5 billion.
Envisioned to empower members socially and economically, Ollin Sacco lived up to its mission of offering affordable financial services, with its loan portfolio growing by an impressive 25% from Ksh5.27 billion in 2021 to hit Ksh6.65 billion last year. “Our affordable and tailor-made credit facilities have transformed our members’ livelihoods, enabling many to meet their personal and business development goals,” said Mr Kamau.
The Sacco non-performing loans drastically reduced to 1.67% from 2.39% in 2021 owing to proper measures implemented by its management, including having a loan tracking system that continuously updates loanees on their progress on repayment at various stages.
“Ollin remains a focused entity and remains on the right growth trajectory,” averred Mr Kamau. He urged members to update their email addresses for effective communication and next of kin details.
CIC Co-operatives Division General Manager Richard Nyekenogo, who represented the Chief Guest, CPA Patrick Nyaga, Group CEO of CIC Ltd, commended Ollin Sacco for tremendous financial growth and services and remaining a pacesetter in the co-operative movement.
“The Sacco has developed a variety of products to satisfy members’ needs. Ollin has also gone on record on paying high returns to members; very few co-operative societies pay dividends above 10%, your Board and management are doing extremely well, and you have every reason to save more and support them. We can only expect this Sacco to be a big thing in coming years; members are at the right place and doing the right thing to engage with the Sacco,” he said.
Ollin Sacco has already distinguished itself in respect of good governance and service delivery, year after year winning top awards at county and national levels. The first Sacco to start FOSA services, it has strived to provide diversified, reliable, accessible and affordable financial products and services to members.
“At the top of our transformation agenda is to offer affordable credit products,” said John Gathige, Sacco’s Chief Executive Officer. Mr Gathige attributed the Sacco’s success to Board’s visionary leadership, staff dedication and unwavering support from members, which have ensured Ollin remains financially stable and annually posts exponential growth.
“Where we are is not where we were a few years ago; the Sacco has a robust growth framework in place. Our agenda is clearly defined. We are not doing business with our members, but our role is to empower them socially and economically,” said Mr Gathige. He urged members to save more with the Sacco to reap more benefits, adding that the Sacco has continually paid attractive annual returns to members.
“We will continue with our impeccable customer care, and we are more than happy to serve you,” Mr Gathige told members.
With elaborate digital structures, Ollin Sacco’s service delivery is now anchored on alternative business channels to enhance convenient banking. The Sacco has availed members of a wide range of options that they can utilize to access their accounts and manage their finances anytime and anywhere. These include E-loans, Agency Banking, Mobile Banking, Pay Bill, Debit Cards (ATM), and online guaranteeing, among others. Apt financial solutions have ensured members’ loan processing is done in a quick turnaround time.
Ollin Sacco has also invested heavily in members’ education, training and information to equip them with the right knowledge and skills that will transform their lives. This year the Sacco management has already started training members in various regions, with members attending in large numbers.
The year 2023 Sacco information forums’ key themes include Sacco products and services, Sacco compliance and regulations, stress management, mental wellness and personal development, among others. The training and education sessions are ongoing.
