Recognition comes after the Sacco rebranded, adding more layers to its success stories
Ports Sacco Deposit Taking Sacco showcased its exceptional financial management skills during the 2023 Ushirika Day celebrations by winning five trophies in various categories.
This is an improvement compared to the three awards it won in 2022, signalling its intent of continuous competition and participation for improved performance and profitability.
President William Ruto presided over the event at Kenyatta International Conference Centre, Nairobi.
Present to receive the awards were Board Chair Mr. Alfred Jaka and Sacco Chief Executive Officer Mr. Dedan Ondieki.
The annual event brings together various stakeholders from the cooperative sector and other stakeholders as players cherish recognition.
Classified as Employer Tier -1, Ports Sacco was declared the first best in management, demonstrating its ability to manage resources in the best way possible.
With all participating Saccos put together, the society was ranked as the third best in capitalisation countrywide.
It has been recognised in previous years under this category and demonstrates its firm belief in increasing its capital base.
It also walked home as the third-best most improved deposit-taking Saccos, under the employer-based Tier 2 category as well as the third-best in deposit management deposit-taking Saccos.
The recognition, coming barely two months after rebranding, is expected to lay additional success layers with which to give all parties involved to work harder for better results.
Besides being recognised at the national level, the Society has been identified at the regional level for its unwavering efforts to enhance financial inclusion in the coastal region and the areas it has a presence in.
In the coastal region, Ports Sacco emerged as the most innovative society, best-insured society.
It also emerged top for being the first to present audited financial statements and lower expenditures.
Winning is set to improve confidence for more increased savings as this translates to improved governance.
And on governance, Ports Sacco won the award for the most consistent organisation in the prestigious Champions of Governance (COG) award.
Good governance is a critical cog that ensures openness in the manner organisations conduct their businesses hence winning trust of various stakeholders.
With an asset base of more than KSh8.1 billion, Ports Sacco has become the face of leading savings mobilisations and extending affordable credit efforts in the coastal region.
With a membership of more than 9,000 by the close of 2022, the Society is repositioning itself as a key financial institution to extend affordable credit.
By providing savings products, members have an opportunity to pool their resources and borrow loans to engage in income-generating activities.
As a result, it will aid in the creation of businesses and guide them through proper financing.
This has the potential to accelerate economic growth through job creation and contribution to the country’s Gross Domestic Product (GDP).
With its operations founded on investment in information technology, the society is increasingly emerging as critical in inculcating a saving culture in the region.
Past studies and reports have painted a correlation between savings and faster economic and social growth.
Communities where members save and take credit to engage in income-generating activities with Saccos have been found to be financially stable, leading to fulfilling lives.
This is where Ports comes in and with a rich tradition, being among the first Saccos in the country, founded in 1966, it offers home to many.
It has set an ambitious growth target of annually increasing its membership by 10,000 and its loan book and deposit portfolio by KSh1 billion.
With investment in technology, Ports Sacco seeks to recruit more members from across the country as well as from the Diaspora.
With a new strategic plan set to be out before the end of 2023, the society is set to realign its strategies and structures for faster growth.
The 2019-2023 strategic plan comes to an end this year and the new plan will highlight key areas the board and management will focus much of their attention on.
As has been the case, the recognition also comes as the society has participated in improving the lives of the less privileged members of the community.
This is evidenced through the various Corporate Social Responsibility activities it is engaged in the region.
Many students have benefitted through fee payment hence being able to complete their studies with ease.
This is through financing the education of students in the region; it has visited the elderly and made financial contributions.
