Mafanikio Sacco took the crown during the Ushirika Day co-operative fete held at KICC in Nairobi, adding four awards to its already decorated trophy cabinet.
The Sacco emerged victorious nationally in four categories winning trophies for the Best in Capitalization, Best in Credit Management, Best in Risk Management, and Best in Technology Optimization Deposit-Taking Sacco.
The awards point to the Society’s commitment to being a viable financial institution of choice, promoting excellent quality products and services for members.
Mafanikio Sacco has maintained a high rating both in the national level and Coast region, scooping numerous awards in the past Ushirika day celebrations. Its success is attributed to good governance practices embraced by the Sacco leadership and management over the years.
Last year, the DT-Sacco maintained an upward growth trajectory, with the total assets crossing the one billion mark to hit Ksh1.09 billion from Ksh969 million in 2020, a 12% increase. Members’ deposits increased by 13% to reach Ksh696.8 million in 2021 from Ksh618.5 million in 2020, underscoring the Society’s success in mobilizing savings towards poverty eradication and wealth creation.
The Sacco total payout to members grew by 37%, defying a harsh economic environment as its management took strategic measures to sustain robust growth. The Society paid annual returns to members amounting to over Ksh77.08 million in 2021, up from Ksh56.15 million in 2020.
The Sacco Board Chairperson, Mrs. Alice Jowi, said they focused on improving members’ quality of life by offering tailored financial solutions.
While presenting the Board of Directors’ report during the Society’s 45th AGM held at Wild Waters, Nyali, Mrs. Jowi said members’ payment of dividends on shares was 18% from 17% and interest on deposits at 11% from 8.5% last year.
The Sacco initiated several strategic and robust measures to mitigate the effects of the Covid-19 pandemic on its business and offer quality services to members.
Diversified loan products and affordable interest rates helped grow the Sacco loan portfolio to Ksh841.3 billion in 2021 from Ksh729.2 billion, representing a 10% growth. The Sacco membership grew by nine percent to 6750, while the total revenue grew by 15% to Ksh183.1 million in 2021 from Ksh159.9 million in 2020.
“It’s through God’s stewardship that despite all the challenges we encountered, we have achieved notable growth,” said Mrs. Jowi.
The DT-Sacco registered respectable growths in all the key performance measures, strengthening its place among Sacco Societies Regulatory Authority’s (SASRA) ranking of wealthiest DT-Saccos.
The Sacco, through prudent management, has made enormous strides in growth since its establishment in 1976. The Society has become one of the fastest-growing financial institutions that enable members to achieve their goals in life.
The Sacco membership comprises teachers, groups, companies, and individuals, with the core business mobilization of savings and issuing loans.
Mafanikio Sacco’s business model provides empowerment by providing quality financial services to its members by encouraging high savings, mobilization of funds, strong capitalization, prompt credit availability, and continuous member awareness.
According to the Sacco Chief Executive Officer Eunice Kaboi, Mafanikio’s future looks brighter. Growth is expected to accelerate as the Society leverages information and communication technology to improve efficiency and enhance convenience. “Technology will greatly enable us to offer timely services to our members with efficiency. We are taking strong measures to safeguard the Sacco from cyber threats,” said Mrs. Kaboi.
Under its Corporate Social Responsibility (CSR) initiatives, the Sacco has played a key role in building a better and empowered society. It has been making donations to the needy in Society in Mombasa and Kwale counties, where it has a presence.
USHIRIKA AWARDS (Employer-based Saccos)
- Best in Capitalization Deposit-Taking Sacco (Position 2)
- Best in Credit Management Deposit-Taking Sacco ( Position 2)
- Best in Risk Management Deposit-Taking Sacco ( Position 2)
- Best in Technology Optimization Deposit-Taking Sacco ( Position3)
