Qwetu Sacco has been a remarkable success for over 57 years, and it’s only getting better. Recently, the Sacco celebrated its achievements and launched new products, including the innovative Bakisha Savings Account, which lets members make cash deposits and withdrawals from the comfort of their homes and workplaces.
Qwetu Sacco’s innovative approach to banking has always put the customer first, resulting in a range of financial products and services that have transformed the lives of countless members.
The Sacco’s commitment to empowering its members has made it the premier banking partner for a diverse range of clients across various sectors of the economy.
With a growth mindset and strategic partnerships, Qwetu Sacco is poised for even more success. The leadership and management are open to new ideas, making amazing progress across several business metrics within the year.
By leveraging technology and providing innovative services, the Sacco is well on its way to becoming an even more competitive and reliable provider of market-driven financial solutions.
Qwetu Sacco’s mission is to positively impact the lives of its members and customers by building a dynamic financial institution that provides inclusive market-driven financial solutions. Join the Sacco today and become part of its successful journey that spans over five decades.
The Deposit-Taking Sacco has been a roaring success since its establishment, with its hallmark being its innovative approach to banking. A visionary, dedicated and driven team runs the SASRA-licensed Sacco. It has constantly introduced new financial products and services and devised unconventional ways to solve challenges affecting its members.
The lives of many members who are an integral part of the Sacco’s journey have significantly changed through affordable and reliable financing, empowerment and financial literacy.
Through its longstanding commitment and tireless efforts, the Sacco has established itself as a leader owing to its ability to provide innovative services through multiple channels, including various online platforms.
Qwetu Sacco is committed to surpassing its fifty-seven years and will continue to elevate its sustainable approach in various aspects and activities within the co-operative movement, society, and the surrounding environment. This unwavering dedication is what establishes the Sacco as a lifelong partner for all generations. Innovation and creativity drive the Sacco with its leadership and management learning, teaching and enjoying while at it.
“We possess a growth mindset and this has enabled us to make great progress, as we build strong foundations, we are also leveraging strategic partnerships and technology to drive our growth,” Mr Alfred Mlolwa, Board Chairman.
The Sacco’s seed of success was planted by about 200 visionary teachers who pooled resources together, intending to grow financially and socially. Fifty-seven years on, the Sacco has positively impacted livelihoods and attained significant milestones. The Sacco doors are open to all.
Envisioned to be a competitive and reliable provider of market-driven innovative financial solutions to members and customers, Qwetu Sacco has become a choice financial institution for offering superior financial products, assured investment returns and excellent customer experience.
Qwetu Sacco has been making impressive strides in financial stability and growth, reaching significant milestones in its performance. The Sacco has achieved a remarkable 26.4% increase in members’ deposits between June 2022 and June 2023, from Ksh2.1 billion to Ksh2.7 billion. In the same period, its total assets surged by 18.49%, hitting Ksh3.8 billion, while the loan portfolio grew by 23.79% to reach Ksh2.95 billion. Notably, BOSA loans recorded a 16.13% growth, reaching Ksh2.33 billion. This growth has been accompanied by a substantial increase in the Sacco’s membership base, which now stands at 58,564 and continues to grow.
The Sacco’s remarkable performance has positioned it for even greater growth in the future. The management is optimistic that the total assets will exceed Ksh4 billion by next year, driven by increased lending. With this sustained growth, Qwetu Sacco is well on its way to becoming a leading provider of financial services, benefiting both its members and the community at large.
“I want to thank delegates for the good work they have done in marketing the Sacco, recruiting new members and continuously providing education to our member,” said Mr Mlolwa.
He said the Sacco is banking on technology to achieve its growth targets and enhance customer satisfaction. The Society has installed a fully functional disaster recovery site, greatly reducing transactional downtimes and improving business continuity plans.
The Society has also tightened cybersecurity by having in place a 24-hour systems uptime and security monitoring of all its infrastructure to flag down unauthorized or malicious access.
All of the Sacco’s branches also have improved network bandwidths, improving efficiency in service delivery and turnaround times.
To boost savings mobilization, the Sacco has eliminated tedious Pay Bill transactional procedures by improving the format to enable members to use a six-digit account number when depositing using the Pay Bill number 129104.
Mr Mlolwa noted that the Sacco had also changed its governance structure by creating new electoral zones to have diverse members’ representation in the board of directors, including retirees, farmers, county government, business community and security sector, in line with co-operative principles.
“Every sector will be represented by one delegate per sub-county. We will also review some of our by-laws to spur growth and conform with other related laws,” he said.
The Sacco plans to open a branch in Mombasa town next year to serve members efficiently and grow the business.
The Sacco plays a crucial role in the development and growth of the economy and transforming members’ livelihoods, as well as empowering the community through active corporate social responsibility programs and initiatives that add significant value.
Through the Kwetu Foundation, the Society has implemented elaborate corporate social responsibility initiatives anchored on three pillars: health, education and environment. The Sacco has sponsored 12 students in colleges and universities.
