Tabasamu Sacco Maintained an Upward Growth in 2024.
Tabasamu Sacco remained resilient, defying the challenging economic environment experienced in 2024 to record impressive growth across all key segments. The Sacco’s commitment to providing members with accessible, affordable, and innovative credit facilities remained steadfast.
Having earned an award for the best credit management deposit-taking Sacco last year, the Society’s loan portfolio expanded by a remarkable 28% in the financial year ending December 31, 2024, reaching Ksh845.43 million. This growth is attributed mainly to the diversification of the Society’s loan offerings, which are designed to meet the varying financial needs of its members.
“We have consistently strived to offer affordable credit products to our members. As a dynamic Sacco, we are dedicated to providing quality financial products and services that aim to empower our members economically. Our goal is to ensure that every member can achieve their development objectives, as together we thrive,” said Mr. Juma Mwavitu, Chairman, Tabasamu Sacco Board of Directors, during the Society’s 47th Annual Delegates Meeting.
The Sacco’s exceptional credit management practices have been acknowledged widely and have set it as a benchmark centre for others. Through thorough credit assessments and responsible lending decisions, Tabasamu Sacco has built a robust loan portfolio that benefits its members and contributes to its growth. By implementing comprehensive risk mitigation strategies, the Sacco has effectively protected the interests of its members and stakeholders, ensuring their financial well-being.
Tabasamu Sacco has diligently pursued its mission to mobilize savings and deliver sustainable financial solutions at competitive rates, significantly uplifting members’ socio-economic standards. The Society’s enhanced loan terms contributed to a reduction in the ratio of non-performing loans, pointing to its commitment to sound financial management.
Overall, the Sacco sustained an upward growth trajectory, with its total assets jumping by 14% to Kah1.31 billion in 2024 from Ksh1.14 billion in 2023. This was boosted by increased lending, members’ support, and good corporate governance.
The Society also registered an increase in members’ deposits from Ksh 647.7 million in 2023 to Ksh 731.4 million. “The only way to get out of the yoke of financial slavery is through savings. Savings enable one to achieve financial independence. We urging our members to grow their savings in the Sacco for a better tomorrow,” said Mr Mwavitu. Highest savers in various categories were recognized and awarded during the ADM.
Tabasamu management’s meticulous approach to deposit management highlights the Sacco’s ability to provide secure and reliable savings services, fostering trust and confidence among its members.
The Sacco posted 18% growth in total revenue and 34% increase in surplus. Its total revenue rose to Ksh244.59 million in 2024. Consequently, members earned improved annual returns for the year under review, getting a 10% dividend rate on share capital and five percent interest on deposits. The Sacco posted a 12% growth in membership.
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“We have consistently strived to offer affordable credit products to our members. As a dynamic Sacco, we are dedicated to providing quality financial products and services that aim to empower our members economically. Our goal is to ensure that every member can achieve their development objectives, as together we thrive.”
~ Mr. Juma Mwavitu, Chairman.
Alternative Banking Channels
Tabasamu Sacco is at the forefront of ensuring members access services in the comfort of their workstations and homes. Its management has invested in robust ICT systems, enabling members to access services 24/7.
The Society’s alternative banking channels offer members a simple, convenient, fast, and secure use. These platforms include the USSD code, Sacco App, Paybill 765830, and ATM services.
“We will continue harnessing technology to transform service delivery for members. This will enhance member experience and satisfaction, ensuring that essential services are readily accessible at the touch of a button,” said Mr. Mwavitu.
He said the Sacco also plans to expand its reach by opening new outlets and leveraging Sacco agents. The Sacco Board intends to upgrade its Samburu office to a fully-fledged branch.
The Society’s impact goes beyond offering financial solutions; it also involves engaging in community projects. Under its Corporate Social Responsibility (CSR) programmes, the Sacco sponsored 83 needy students to undertake short courses in various TVET institutions. The Sacco is a shining example of the positive impact that cooperatives can have on the community.
A visionary leadership and prudent management have positioned Tabasamu Sacco as one of the leading financial cooperatives nationally. It continues to dominate the national events, scooping numerous awards for financial excellence. The Kwale-based Deposit-Taking Sacco has consistently outshined its competitors. In 2024, on National Ushirika Day, the Sacco won six national awards.
The Sacco emerged as the winner in six categories, claiming the titles of the best managed, best in capitalization, and best in risk management DT Sacco. Additionally, the Sacco was recognized as the second best in credit management and technology optimization and received the third most efficient DT Sacco award, all within the employer-based Tier 4 category. At the county level, Tabasamu Sacco was recognized as the best cooperative in Kwale. In 2023, it received seven Ushirika Day national awards.
The Society has maintained a strong financial foundation, allowing it to serve its members better and invest in projects that contribute to their economic empowerment.
Tourism, Trade, and Enterprise Development County Executive Committee Member (CECM) in Kwale County, Mr. Micheal Mutua, who was Chief Guest during the Sacco ADM, said they have partnered with Tabasamu Sacco owing to its diversified products that are empowering county residents at the grassroots level.
“Saccos such as Tabasamu are playing a vital role in economic empowerment particularly in cultivating a culture of saving. Tabasamu Saccos effective services have made most of our county employees to become members,” he said.
The Sacco CEO, Mr Geoffrey Sitati, said the Sacco will continue being an innovative and people-centric institution. Tabasamu Sacco is licensed and regulated by the Sacco Societies Regulatory Authority (SASRA).
Our Vision
A dynamic SACCO offering quality financial products and services
Our Mission
To mobilize members’ savings and empower them economically by providing quality financial products and services in accordance with the cooperative principles and values
TABASAMU SACCO CONTACTS
