Safaricom Sacco has a long-standing tradition of excellence and continually maintains high standards of operations that go beyond the co-operative sector, setting the pace as a trailblazer in its pursuit of becoming the financial services partner of choice.
Safaricom Deposit-Taking Sacco is the undisputed governance champion in the country’s co-operative sector. The Sacco earned this title due to its unwavering commitment to good governance practices, service delivery, and customer care, bagging two trophies in the prestigious Champion of Governance (COG) Awards.
The Society’s outstanding governance practices and innovation earned it the overall 2023 COG Co-operative Sector Award, beating a host of other Saccos in the competitive adjudication process.
The Sacco’s Chief Executive Officer, Mr. Joseph Njoroge, was also recognized and crowned with the COG CEO of the Year Award, a testimony to Safaricom Sacco’s unmatched record in transforming members’ lives through the provision of affordable, innovative, and accessible financial services. Under his watch, the Sacco’s asset portfolio has grown exponentially to over Ksh11 billion since he joined in 2019.
For several years, the Sacco has been featuring prominently in the Award for Excellence in Governance organized by the Institute of Certified Secretaries (ICS). The COG Awards are given to organizations and individuals that exhibit the highest standards of good governance practice and recognize innovations in organizations that support good governance.
Safaricom Sacco has a long-standing tradition of excellence, having won similar awards at the runners-up rank in 2022. The Society maintains high standards of operations that go beyond the co-operative sector, setting the pace as a trailblazer in its pursuit of becoming the financial services partner of choice.
Safaricom Sacco’s multiple awards are a testament to its unwavering commitment to excellence. In an interview with Co-op News, the Sacco’s CEO, Mr. Njoroge, credited their success to their strict adherence to good governance, ethics, and integrity in their operations. They leave no stone unturned in ensuring that they implement the best practices in all their business dealings.
“In 2023, the Sacco implemented a robust information and communication technology, automating all our processes and providing our members seamless banking services anytime, anywhere. Digitization has been our driving force,” said Mr Njoroge.
The Sacco’s success is also attributed to the synergy between the board of directors and management. While the board provides policy and strategic directions, the management handles operational issues, ensuring a cordial relationship and eliminating conflicts of interest.
Last year, the Sacco embarked on a culture transformation journey involving all staff members, which was completed in September, ushering in a paradigm shift where everyone adopted a progressive and inclusive culture, which ensures every stakeholder feels appreciated, making the Sacco stand out in the industry.
The Sacco management always ensures compliance with all the prudential guidelines and data protection laws set by the Sacco Societies Regulatory Authority (SASRA) and other government agencies.
The COG awards was another icing on the cake for the Sacco that has numerous achievements, recognitions and awards.
In July, the Sacco scooped major awards during the Ushirika Day celebration, emerging as the first best in technology optimization countrywide, walking on a familiar path for as many years as the unrivalled king in technology usage in the entire co-operative sector. Technology is the future of banking, and the Sacco has always shown the way, making it a benchmark reference for others. Deployment and implementation of innovative technological solutions have become the hallmark of Safaricom Sacco’s management style.
The Society also topped as the best in deposit management among DT Saccos nationally, a key indicator of its resolve to ensure one of its core pillars is prudently managed. The Sacco was also declared the most improved Sacco and the third most efficient deposit-taking Sacco under the employer-based Sacco Tier-1 countrywide.
The year 2023 success mirrors the Sacco’s outstanding achievements in 2022 when it netted over 10 national awards, including CSR Award for the best in Health & wellness initiatives, the Digital Transformation DX 100 Award for Excellence in Enterprise Information Technology Adoption, the Mobile App Award for the Most Innovative Mobile App and Top Star Brand Award for the Best Sacco Brand 2022.
Safaricom Sacco has played a critical role in redefining the country’s financial inclusion parameters through technology.With over 90 per cent of its members being active on digital channels, creating an avenue where members can save regularly and repay loans promptly epitomizes the Sacco’s approach to better the members’ living standards.
The seamless, easy-to-use approaches have seen the Society become one of the fastest growing in the country, literally taking the sector by storm. The Sacco’s transformational journey in enabling members to access products and services easily has been exemplary; new members can register seamlessly through its i-Connect digital platform without filling out manual forms.
Unmatched Growth and 2024 Outlook
The Sacco achieved a remarkable milestone in the financial year 2022 with an exemplary growth of total assets by 16% to hit the Ksh10 billion mark, a major achievement for the institution established in 2000. According to Mr. Paul Msava, Board of Directors Chairman, the performance affirmed the robustness of all important aspects of the Sacco’s business. The Sacco management is bullish in the current financial year that the performance will improve.
To accelerate growth, the Sacco has entrenched customer centricity in its operations by deploying a Customer Relationship Management (CRM) system to enable the management to monitor end-to-end customer journeys to create a 360-degree view of every customer.
The Society has emerged as a key player in the country’s financial market, and its impressive growth reflects the confidence its members have in the Sacco.
Having attained all its growth targets in 2023, including growing membership to about 20,000, increasing asset base by over Ksh1 billion, raising income to above the Ksh1 billion mark, and reducing Portfolio at Risk (PAR) to below 3%, the Sacco is not resting on its laurels.
Safaricom Sacco is embarking on a new journey in 2024 with a new Strategic Plan 2024-2028 set for launch during the year.
“We are finalizing our new Strategic Plan, an ambitious strategy that will guide us for the next five years. During the period, the Sacco intends to grow its membership to over 50,000, total assets to above the Ksh20 billion mark, raise the income to Ksh3 billion per year, and grow its loan book to over Ksh18 billion. There is a lot of work we need to do from January 2024. The focus will be on the new strategy,” said Mr Njoroge.
Twenty-three years on, Safaricom Sacco continues to trailblaze.
Safaricom Sacco is the best. It is the only Sacco offering members affordable loans. Our motivation and mission is to offer affordable credit to all our members. We provide financial solutions for our members, from emergency and development loans to mortgages; we are a one-stop shop.”
Affordable Health Solution
In partnership with CIC Group, Safaricom Sacco launched an affordable health solution to promote wellness for its members.
The affordable rate aims to create peace for their members as they focus on other areas of productivity. This is a part of the larger goal of becoming a one-stop shop for all its members’ financial needs and diversifying its revenue streams for stable and better financial performances.
Meanwhile, the Sacco has also been giving back to people in need in hospitals to help clear pending medical bills, transform lives and put a smile on patients’ faces. Recently, the Sacco management provided financial support to the Kenyatta National Hospital as part of its Corporate Social Responsibility activities.
