Sacco marks a new milestone, reports impressive financial growth.
The Qwetu Sacco Plaza in the bustling Voi Central Business District is a breathtaking architectural masterpiece of international standards.
The Plaza is a landmark in Voi town’s skyline, demonstrating the Sacco’s impressive rise, and is a beacon of members’ success.
The Plaza was launched in a grand ceremony recently, attended by esteemed guests led by the Cabinet Secretary for the Ministry of Cooperatives and Micro, Small and Medium Enterprises (MSMEs) Development, Mr Simon Chelugui, elected leaders, and senior government officials.
For Qwetu Sacco, the new head office is a major milestone, representing the culmination of their journey from humble beginnings to becoming a reputable national financial institution. The Plaza embodies the highest banking standards, with exceptional quality and resilience, highlighting the Sacco’s unwavering commitment to empowering its members. In addition, the Plaza has significantly enhanced the Sacco’s brand visibility, offering an exceptional customer experience and satisfaction.
The new headquarters will enable Qwetu Sacco to continue significantly impacting the local economy by empowering its members and supporting the growth of small businesses. The working environment provided at the new head office is comparable to that of leading banking institutions, reflecting the Sacco’s dedication to excellence and attracting the best talent.
“The newly launched Qwetu Sacco Plaza symbolizes the 56-year journey of hard work, prudence, and resilience of the Sacco. It’s a building that speaks of high standards and befits a national financial institution. This investment is a testament to its members’ immense trust and sacrifice. I want to encourage all residents here to join Qwetu Sacco to experience financial empowerment,” said Mr Chelugui.
The Sacco has been on a growth trajectory since its establishment in 1968. The Sacco has an extensive network that enables its members to access financial services easily. From a membership of 200, Qwetu Sacco has grown in leaps and bounds to a mammoth Sacco with over 55,000 members.
“I am immensely proud of Qwetu Sacco’s remarkable success story. It serves as a shining example for other smaller Saccos to emulate. The innovative financial products and services offered by the Sacco have significantly contributed to financial inclusion and empowerment of individuals not just in the coastal region, but across the entire country,” stated Mr Chelugui.
The CS noted that the cooperative sector is well-positioned to drive economic empowerment in Kenya, adding that Taita Taveta County, with its strong agriculture sector, is poised to benefit greatly from cooperatives.
Qwetu Sacco is an excellent example of the movement, which has prospered due to the innovativeness of its leaders, the capacity to respond to the needs of new and emerging members quickly, and the management’s willingness to modernize the business model to make the most of technology.
“Our Sacco has consistently been the preferred choice for many, not just in Taita Taveta County but across the entire coastal region and beyond. Since we started our operations in the new building in 2022, we have witnessed remarkable transformations that have made us even more efficient in meeting the needs of our valued members,” said Mr Alfred Mlolwa, Chairman, Qwetu Sacco Board of Directors.
The Sacco has members from various professions, such as teachers, government employees, parastatals, corporate organizations, the business community, elected leaders, and bodaboda riders, among others. The Sacco draws its members from teachers, government employees, parastatals, corporate organizations, the business community, elected leaders, and bodaboda riders , among others. “By Offering the most convenient of services, Qwetu Sacco has succeeded in uplifting members’ livelihoods; we have remained true to our clarion call, Faida Leo na Kesho,” said Mr Mlolwa.
Governor Andrew Mwandime noted that the Sacco through people-centered products such as biashara, development and kilimo loans has enabled Taita Taveta residents to run successful ventures thus contributing to county economic growth.
“The Sacco has ensured that its benefits reach a wider audience, fostering inclusivity. It has also contributed immensely to the growth of real estate sector in the county through accessible loans,” said the Governor.
The Sacco CEO, Mr. Charles Kaba, stated that opening a new Plaza in a strategic location demonstrates their commitment to providing members with modern and spacious branches in Voi, Taveta, Wundanyi, and Mwatate.
“We have also revamped and introduced new products such as Bakisha Savings Account, a revolutionary savings facility designed for anyone who wants to cultivate a saving culture. With Bakisha, you can start saving with as little as Ksh20 and withdraw your funds at your convenience. This is just one of the many new products we have introduced to help members achieve their financial goals. We aim to nurture a saving culture,” said Mr Kaba.
Qwetu Sacco is a licensed and regulated cooperative under the Sacco Societies Regulatory Authority (SASRA). It prioritizes members’ social and economic empowerment through affordable loans and attractive annual returns on investment.
Sacco Achieves Remarkable Financial Growth
Qwetu Sacco strengthened its financial muscle with impressive financial results in 2023. The Sacco’s total assets increased by 10%, reaching Ksh3.56 billion in 2023 from Ksh3.22 billion in 2022. Share capital also increased by 24% to Ksh158.9 million.
The Society provides inclusive, market-driven financial solutions that positively impact its members’ lives. This has supported Sacco’s loan portfolio growth from Ksh2.38 billion in 2022 to Ksh2.73 billion in 2023. The Sacco also reported growth in members’ deposits to Ksh2.35 billion and turnover to Ksh568.99 million. Members received dividends on shares at 13% and interest on deposits at 9.8%.
The Sacco Board of Directors plans to improve its financial growth this year by implementing a new Strategic Plan. “We are in the process of opening a new branch in Mombasa Town to serve our members closer and expand our market reach,” said Mr Mlowa during the Sacco 56th Annual Delegates Meeting.
Qwetu Sacco has also been active in its Corporate Social Responsibility activities through the Kwetu Foundation, supporting needy students in completing their education and sponsoring the Mashujaa Day tournament involving various sports. The Sacco also participates in cleaning and tree-planting exercises in multiple towns.
