Exemplary customer care fueled Thamani Sacco’s growth in the financial year ended 31st December 2021.
The Sacco shrugged off numerous challenges such as the negative Covid-19 pandemic impact on the economy and reduced tea earnings to register notable financial growth in various key areas. Financial Statements presented to members indicate the Sacco continued to climb up the ladder among deposit-taking Societies, with its asset base growing from Ksh627.9 million in 2020 to Ksh 672.3 million in 2021.
Members’ deposits also posted a significant increase from Ksh397.2 million in 2020 to KSh436.2 million in 2021, while total revenue hit over Ksh101.3 million an all-time high compared to ksh96.3 million the previous year.
Thamani Sacco greatly succeeded in empowering members to build better social and economic status by offering reliable and timely financial support. Last year, the Society gave out loans worth over Ksh292.5 million up from Ksh240.9 million in 2020.
“We have ensured that our members continue to access affordable loans to achieve their development agenda. Our interest rate is the most competitive in the market,” said the Sacco Board of Directors Chairman Mr Ayub Kamuri.
Speaking during the Sacco Annual General Meeting held on 18th February, 2022, Mr Kamuri noted that the Sacco has remained innovative in its service delivery while operating without expensive external borrowing and complying with all government regulations.
The Society has introduced new products such as agency banking, mobile banking, and investment subsidiary to boost business and income while maximizing members’ benefits.
The Sacco also continued to set the bar high in enhanced customer care and satisfaction adding more members to reach 14,141 as of December 2021
According to the Sacco Chief Executive Officer Rose Kithinji, they restructured their loan products and lowered the interest rate charged to reflect the current needs of members.
“Despite the challenges we have ensured that our loan disbursement remained reliable at all times. We have also scaled up our alternative banking channels while improving on security to protect members’ funds and offer seamless service delivery,” said Ms. Kithinji.
Thamani Sacco has succeeded in empowering members while maintaining steady financial growth and exemplary service delivery.
According to the Sacco Societies Regulatory Authority (SASRA) data, Thamani Sacco is among the country’s financially stable institutions in the cooperative movement and well-managed.
With four branches and two satellite offices, the Society serves a diverse membership with its financial solutions tailored to meet the needs of people in different sectors of the economy.
A loyal membership and quality service delivery, make it stand out in the competitive financial sector. Members are valued and are the primary focus in all the Sacco’s operations.
The story of Thamani Sacco started in 1987. From a small beginning, the Society has moved from one level to another. It was registered and established under the name Nithi Tea Growers Sacco Ltd by farmers, to mobilize savings and avail affordable credit for their social and economic growth.
The success of the Sacco in positively impacting members’ wellbeing is conscious and extends from the larger Tharaka Nithi County to the neighbouring counties.
In September 2000, Thamani Sacco opened Front Office Service (FOSA) and the common bond to allow people from all walks of life to become members. It was licensed by SASRA in 2011 and today Thamani is a Sacco to watch.
Since its inception, the DT-Sacco has witnessed an impressive growth of membership, asset base, total deposits, and share capital, with its eyes set further afield. Its future business model is driven by technology, assuring members ease and convenience in banking services.
The Society changed its name into a dynamic, cross-cultural, and futuristic title: Thamani Sacco Society Limited to achieve the envisioned growth and reposition itself in the competitive financial sector.
Its financial products are developed to meet customer expectations and accelerate growth amongst members and stakeholders. This distinguishes the financial institution from others.
Every year the Sacco conducts extensive education and training to members equipping them with financial skills and knowledge.
At Thamani, members are supported to acquire property such as houses or land through its subsidiary housing society.
The success of the Sacco is anchored on the visionary leadership of the Board of Directors, the commitment of the staff members, and membership loyalty. It regularly wins awards for the Best Managed Rural Sacco during Ushirika Day celebrations.
“We have ensured that our members continue to access affordable loans to achieve their development agenda. Our interest rate is the most competitive in the market,” Mr Kamuri, Chairman.
