Skyline Sacco registered a remarkable growth of its total loans and advances to members last year which increased by 37.85% highlighting its success in providing competitive, affordable and sustainable products and services to empower members economically.
In the financial year ended December 31st, 2022 the Sacco disbursed a total of loans worth Ksh2.28 billion compared to Ksh1.78 billion in 2021 with a 22.02% growth repayment. The phenomenal growth was attributed to innovative products and quality service delivery that has made the Sacco a one-stop financial institution that empowers the local community economically.
“In the year 2022, we posted remarkable performances with our total asset base growing by 23.09%, members’ deposit by 23.4%, turnover by 22% and membership by 10%,” said Mr. William Boruett, Sacco Chairman, during the Annual Delegates Meeting.
With an ambitious three-year strategic plan to attain Tier I status by growing asset size above Ksh5 billion, Mr. Boruett said the Sacco has made good strides in investing in the right infrastructure particularly technology to support efficiency in financial management and accessibility of credit and banking services to members.
The Sacco’s total assets grew to Ksh2.55 billion in 2022 up from Ksh2.07 billion in 2022 while the members’ deposits increased from Ksh1.49 billion in 2021 to Ksh1.84 billion last year.
Overall Skyline Sacco recorded double-digit growth in all key segments boosting its financial position and status nationally. It’s institutional capital and core capital increased by 22.68% and 18.77% respectively. The Society’s membership stood at 106,104 at the close of the year under review.
“Despite 2022 being an election year coupled with unfavourable climatic conditions that contributed to a tough economic state, our Sacco made good returns on investments,” said Mr. Boruett.
He encouraged members to re-invest through capitalization of their annual earnings noting this will bolster the Sacco growth. “We balanced the interest and objectives of the Sacco with investors’ and proposed payout of dividends on shares of 10% and interest on deposits of 7%,” said the chairman.
The Sacco has extended its reach countrywide by opening new offices such as the Nakuru branch that opened its doors in June last year as well as the Kitale town satellite office with plans to open a branch in Eldoret town.
“The Board, delegates, staff and members’ support enabled us to achieve several milestones. The Sacco will continue serving members by offering relevant and affordable financial solutions. As a Sacco we are happy that President William Ruto established the stand-alone ministry of Co-operative and MSEMs, which is a milestone for the sector. Our Sacco deals with low-income earners,” said Mr. Boruett.
The Society’s colorful ADM held at its modern Skyrise Plaza in Eldama Ravine, Baringo County was graced by Cabinet Secretary for Co-operatives and MSMEs Simon Chelugui, Principal Secretary Patrick Kilemi, SASRA CEO Peter Njuguna, Members of Parliament and County Government officials among other dignitaries.
Mr. Chelugui commended the founders of the Sacco for their vision and unwavering support to steer the Sacco to success. “You have challenged the young men, who most today prefer shortcuts. A big tree takes time and effort to grow,” he said.
The CS noted that co-operative societies are important vehicles for deepening financial inclusion and fostering a saving culture.
“Skyline Sacco is a good example of how Saccos are helping change the economic status of people at the bottom. Since its inception has grown tremendously while supporting its members’ social and economic empowerment,” said Mr. Chelugui.
“In two years, everything will be rotating around cooperatives, which is our mission as government. I want to assure members a shilling in a Sacco is as safe as a shilling in other banks,” affirmed Mr. Chelugui.
He said the government has tightened co-operatives regulation and supervision to ensure the sector continues to thrive adding various reforms lined up for the coffee, tea and dairy sectors.
Co-operative Principal Secretary Patrick Kilemi said Saccos are enablers of the economic transformation agenda and will play a central role in the implementation of the government’s development plan.
“From a regulatory perspective, we are very happy for the Sacco. The story of Skyline Sacco is very inspiring; it is a place where other co-operators can come to learn. Its success shows regulations are an enabler for the success of the sub-sector,” said Peter Njuguna, SASRA CEO.
Mr. Allan Mitei assured members that the Sacco will continue offering members quality financial services calling on members to take up more loans to initiate development projects and repay within the stipulated time.
During the Skyline Education and Training Day held recently, Dr. Moses Gweyi, a lecturer at Cooperative University, encouraged members to embrace savings culture and live up to the principles of cooperatives.
