Enhanced custermer service delivery as Qwetu Sacco’s new Office Complex offers convenience. The Sacco is also ready to distribute Hustler Fund to members.
Qwetu Deposit Taking (DT) Sacco has moved its head offices from Wundanyi Sub County to Voi town in a move set to boost the level of service delivery, and customer satisfaction, reduce operational costs and operate effectively and efficiently.
It’s a new dawn for Qwetu Sacco members who will get a new banking experience at the newly built plaza located at the heart of Voi CBD, Taita Taveta County.
The milestone places Qwetu Sacco as one of the oldest Co-operative Societies in Kenya that now operate from its own modern premises.
This Society also has a presence in Mwatate town where it has put up an office complex in addition to Taveta, placing it ahead of the competitors in the Coastal region.
Plans are at advanced stages for the fast-growing Sacco to set up new offices in Mombasa town and Mtito Andei in Makueni County and other emerging urban centres where feasibility studies indicate high demand for the Society’s products and services.
This Society, which has previously scooped several trophies and awards at the Annual Ushirika Day fete, is considered one of the best-performing and well-managed Societies in Kenya.
Alfred Mlolwa, the long-serving chairman of Qwetu Sacco Board of Directors, attributes these sterling achievements to efforts put in by the Board of Directors, Management, and Staff as well as support from members.
“I wish to thank our members for being patient as we worked hard to put up this magnificent building. From now on, our members will enjoy services from these modern and spacious offices,” said Mr Mlolwa.
Qwetu Sacco rebranded in 2015 changing its name from Taita Taveta Teachers Sacco and opening its doors to members from other sectors of the economy.
The Society, which is licensed by the Sacco Societies Regulatory Authority (SASRA) to undertake the deposit-taking business, has seen a significant expansion in its members’ deposits, loan portfolio and turnover.
According to the latest SASRA Supervision, 2021- Qwetu Sacco’s balance sheet size grew to Ksh 2.82 Billion at the end of last year while total members’ deposits hit Ksh 1.93 Billion. The Society also saw its gross loans rise to Ksh 2.15 Billion at the close of December 2021. Membership has also grown to more than 50,000, positioning Qwetu Sacco as one of the most preferred regional banking institutions.
Qwetu Sacco, which has a portfolio of diverse financial products and services, targeting small businesses, the youth and women, is seen as a front runner in Taita Taveta County when the state-sponsored ‘Hustler Fund’ is rolled out, owing to its advanced ICT facilities. The Sacco chairman said new government funds meant to uplift SMEs and low-income bracket businesses such as the Hustler Funds should be channelled through Qwetu Sacco.
“We have diverse and elaborate products catering for youths, women groups, bodaboda operators and the like so the “hustler funds” can be a major boost to our clients if channelled through our Sacco,” he said.
Mr Mlolwa pointed out that Qwetu had upgraded its systems into modern ICT facilities where clients can access services even from the comfort of their homes.
“Upgrading ICT facilities is key in any financial institution as it ensures fast, seamless and secure services, and I am proud to say that Qwetu Sacco has not been left behind in this new development.”
In order to lift the appetite of members, Qwetu Sacco has lowered interest rates on its loan products and increased the repayment period across its financial products. This has seen a significant increase in gross loans to members, which hit Ksh 2 billion last year from Ksh 1.7 billion disbursed in 2020.
In the 2022 financial year, Qwetu Sacco set aside Ksh 20 Million for marketing and advertising purposes, to attract more members as more Saccos engage in intense adverting campaigns, especially through the electronic media.
As of December 2021, Qwetu Sacco register had 52,772 members and vibrant plans are underway to attract and enrol even more savers into the Society.
Established in 1968 by 200 teachers, Qwetu Sacco has since opened its common bond to attract civil servants, traders, employees and institutions.
In 2021, Qwetu Sacco paid interest on members’ deposits at 9.8% or KSh 106 Million as well as 13 per cent as a dividend on members’ share capital.
