PASSION FOR EXCELLENCE
Skyline DT Sacco has announced impressive financial results for 2024. Despite operating in a challenging economic environment, the leadership successfully guided the organization towards remarkable growth.
“We continue to bask in steady growth. We have been able to navigate challenges to achieve a healthy growth trajectory, a success we are celebrating today. We have also fostered a strong sense of community within our Sacco,” said Mr. William Boruett, Chairman during the 35th Annual Delegates Meeting (ADM), where last year’s financial statements and annual performance reports were presented.
The Sacco posted significant growth in assets and investments, expanding its balance sheet from Ksh 3.2 billion in 2023 to Ksh 3.6 billion last year. With overall healthy growth across all key parameters, the Sacco Board announced a dividend payment on shares at a rate of 10% and interest rebates on deposits at 7%. The leadership expressed optimism about enhancing share capital and liquidity through deposit mobilization, encouraging members to capitalize on their annual earnings.
“One of the key focuses of our management team has been to improve our financial health. We have implemented measures to mitigate risks and ensure a sustainable financial future for Skyline Sacco,” said Mr. Boruett.
Through collective efforts and prudent financial management, the Sacco has maintained a sustainable growth path and is transforming livelihoods. The organization has also prioritized member education and training to enhance financial literacy, ensuring members are well-informed about their rights, responsibilities, and available opportunities. Each year, the Sacco leadership conducts village and zonal training sessions to empower members by equipping them with the skills and knowledge necessary to make informed financial decisions.
The management is reviewing the Sacco’s strategic plan to align its goals with the changing needs of the financial landscape. The Society has also established strategic partnerships to provide added value to its members, including partnerships with the Kenya Corporation Authority (KDC) and the Agricultural Finance Corporation (AFC), allowing members access to affordable credit facilities.
“We are committed to offering more affordable loan products to our members, enhancing their ability to invest,” said Mr. Boruett.
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Technology Optimization
Skyline Sacco has upgraded its core banking software, streamlining operations and enhancing efficiency. This update provides members with an improved customer experience in managing their finances. Through the mobile banking platform, members can bank anytime and anywhere by dialling *879# or using the pay bill number.
Dr. Eric Rutto, the President of the Kenya National Chamber of Commerce and Industry (KNCCI), who was the chief guest at the ADM, commended the Sacco for its remarkable growth, which he attributed to its strong governance structure based on integrity, ethical conduct, and transparency. “I am pleased to see that you are investing in technology to enhance efficiency and effectiveness. Technology is the future,” he said.
“Skyline Sacco is open to everyone, including dairy farmers, business professionals, county employees, bodaboda operators, and private institutions, among others. With a thriving community of over 100,000 members across Baringo, Nandi, Trans Nzoia, Uasin Gishu, and Nakuru counties, we are committed to delivering excellent services and innovative financial products,” stated Mr. Allan Mitei, the Sacco CEO.
He affirmed that the Sacco’s ambition to achieve Tier 1 status by 2027 is well underway, driven by the strategic adoption of cost-effective technology and innovative solutions to enhance security and elevate service delivery.
