–Your Timely Financier
Times U DT Sacco records tremendous growth thanks to technology optimization
It was another successful year for Times U Deposit Taking (DT) Sacco, as the institution registered solid financial growth, climbing the ranks of the country’s most stable financial institutions.
The Sacco’s revenue and surplus for the year increased tremendously, thanks to improved service delivery, customer satisfaction, and the use of technology. This allowed for improved annual member returns, amounting to over Ksh47 million. The earnings on dividend on shares improved to 11% from 9% last year. Members also earned interest on deposits at seven percent.
The income growth was due to increased lending and patronage of products and services, made possible by efficient and timely delivery of services.
The Sacco transformed livelihoods by offering affordable credit facilities readily accessible to members through digital channels. The loan disbursement to members increased from Ksh894.2 million in 2022 to Ksh930.3 million in the year under review. The growth of the Sacco’s loan book lifted the total assets to Ksh1.23 billion in 2023 from Ksh1.1 billion in 2022, placing the society among the country’s stable billionaire Saccos. This was attributed to technology enabling members to access reliable loan products via mobile phones.
Despite the country’s high cost of living and reduced household income, Times U DT Sacco members remained resilient, growing their deposits to Ksh843.23 million in 2023.
“We are grateful that our members have continued to save despite economic challenges. The Sacco will continue equipping them with knowledge and skills on growing their wealth regularly,” said Mr Patrick Mwenda, Sacco Board of Directors Chairman.
The Sacco’s mission is to socioeconomically transform the lives of its members through affordable, quality, competitive and market-driven financial solutions. The Sacco has lived up to this mission by adhering to its core values of teamwork, equity, professionalism, integrity, creativity, and innovation.
“It is encouraging that most of our members are saving and borrowing to invest in the right ventures. This is the way to change lives and build wealth. It is always good to borrow with a plan. Take what you can repay. Always invest wisely and avoid quick-rich schemes. Use stairs in life and grow wealth steadily,” said Mr Mwenda.
Under the visionary leadership of the board of directors and the competence and professionalism of the staff members, the Sacco is well-positioned to set a mark in the national arena.
The Sacco serves over 42,000 members and has six well-interlinked branches in strategic towns. It launched the Timau Branch last year and plans to revamp its branches as its customer base continues to grow.
Additionally, the Sacco has invested heavily in technology, and its mobile banking platform continues to attract more users, especially in loan disbursement and deposit mobilization all over the country.
“We have witnessed accelerated growth in our mobile banking platform. We encourage all to continue using this channel as it offers more convenience and enhanced customer experience,” said Mr Mwenda. He was speaking during the Sacco’s 30th Annual General Meeting.
SocietyS is leveraging technology to enable members to apply for loans through the Internet and mobile platforms, eliminating the need to visit the head office or branches. This reduces costs and saves time.
The Sacco has also established numerous agents to ensure that members can access services closer to their places of work and residence.
Last year, the Sacco established Timesco Insurance Agency, which offers a range of insurance covers including medical, personal, and motor vehicle insurance.
“We have partnered with leading insurance companies to ensure members get affordable insurance covers for any eventuality. Life is unpredictable,” said Mrs Catherine Mwamba, the Sacco CEO.
The Sacco is in the process of registering a foundation to scale up its corporate social responsibility activities and attract more partners and donors. In the past, the Sacco has sponsored needy students to achieve their education dreams, with 16 beneficiaries so far.
Owing to its outstanding achievements, Times U Sacco won five national 2023 Ushirika Day awards as one of the top-performing deposit-taking Saccos in the country. The awards recognized the Sacco’s exemplary financial services to its members in critical sectors such as dairy farming and development. The Sacco was voted the second-best community-based deposit-taking Sacco in the country. It also emerged as the second-best in credit management under the same category and the first-best in risk management for community-based deposit-taking Saccos. The Sacco was the third most improved community-based deposit-taking Sacco and won the third-best trophy in technology optimization. The Sacco won a similar number of trophies during the 2022 event, cementing its position as one of the best-performing Saccos in the country. Winning the awards in various categories demonstrates its commitment to building a culture of excellence where customer satisfaction is paramount.
Its new headquarters office plaza in Nkubu town has improved its brand in the region and boosted the customer experience.
“We have witnessed accelerated growth in our mobile banking platform. We encourage all to continue using this channel as it offers more convenience and enhanced customer experience” – Mr Mwenda, Chairman.
