Times U Deposit Taking Sacco maintained a fast growth rate to register impressive financial results in 2022 as its total assets jumped by 23% to a record Ksh1.147 billion from Ksh932.9 million in 2021.
The Sacco plans to grow its total assets to above Ksh4 billion by 2025. “We can achieve this with members patronizing more of our loan products, reducing our non-performing loans, and members growing their shares and deposits. The implementation of our Strategic Plan is on the right course,” said Mr. David Kibanga, outgoing and long-serving Sacco Chairman.
Addressing members during the Sacco’s 29th annual meeting acknowledged members’ support and commitment of the Board of Directors and Staff in making the institution a success. “Your cooperation has been the key pillar for success of our institution since its inception to date. I feel indebted to the Board and staff led by our able CEO Catherine Mwamba for steering the institution to achieve its goals,” he said.
Offering tailor-made financial products and services touching on various sectors such as agriculture, personal development, and businesses, the Sacco continued to support members’ economic empowerment through affordable credit facilities.
Consequently, the Sacco saw its loan portfolio rise exponentially to Ksh 894.2 million in 2022, up from Ksh 732.9 million a year earlier.
Members’ deposits also significantly grew to over Ksh768 million last year from Ksh661.4 million in the previous year. The Society’s total revenue surged to Ksh210.4 million, up from Ksh192.6 million last year, boosted by the rise of interest income, with over Ksh40.3 million distributed as annual returns to members.
“The Sacco is diversifying its business to serve members better and grow income. We have established Times U Insurance Agency, to offer insurance cover to our members. To ensure high returns on members’ investment, the Sacco will aggressively market our products to ensure maximum consumption and streamline our process to ensure the best customer experience,” said Mr. Kibanga.
With a growing membership and the need to enhance customer experience, the Sacco has constructed a new headquarters plaza in Nkubu town with a modern and spacious banking hall. The Sacco, which posted a 19% growth in membership, has over 9,680 fully paid members and serves over 29,000 clientele. “We intend to introduce a hybrid AGM meeting to cater to members who cannot attend physically,” said the Chairman.
The Sacco is planning to invest in technology to ensure the availability of services at members’ convenience. “We will provide our members with internet banking services; this will change the landscape of our service delivery,” he said.
Mr. Kibanga added: “We are working on a plan to provide most of our loans in the mobile and internet platforms. I urge members to embrace technology to ensure we serve you effectively and efficiently.”
The Sacco has introduced new products to cater to members’ financial needs, such as eco-green loans to asset members’ access to renewable energy and smart farm loan to help farmers maximize profits.
Times U Sacco’s outstanding services have seen it scoop top national awards. Last year during Ushirika Day, the Society was ranked the Most Improved Deposit-Taking Sacco countrywide among the community-based co-operatives. Strong internal controls and strategic management earned the Sacco the second runners-up award for Best DT-Sacco in Risk Management. The Society also clinched awards for the Best Managed, Best in Credit Management, and Best in Technology Optimization Deposit-Taking Sacco emerging third-best among community-based Saccos.
The Society plans to open eight branches in Meru to serve its big clientele in the town and decongest the Makutano branch. In 2022, it opened a branch in Timau and a satellite office in Kathwana.
“As the Board, we are ready to take this Sacco to the next high level. We will continue educating our members and leveraging technology to enhance service delivery,” said Mr. Patrick Mwenda, new Sacco Chairman. He urged members to patronize Sacco products and save more.
As part of giving back to the community, Times U DT Sacco supported various community activities, including donating to children’s homes and offering scholarships to bright and needy students.
“We are grateful for the members unwavering support and trust and our Board visionary leadership. We will remain committed to providing members with excellent services at all times,” said Catherine Mwamba, Sacco CEO.
