Jamii DT Sacco assets grew to KSh 5.73 billion from KSh 5.44 billion in 2022, maintaining its status as a tier 1 Sacco that is licensed and regulated by the Sacco Societies Regulatory Authority (SASRA). Speaking during the 52nd Annual Delegates Meeting (ADM), the National Chairman, Mr Harrison Katoni, announced that the Sacco has set its sights on surpassing the KSh 6 billion mark in 2024.
In FY 2023, the Sacco’s total revenue registered positive growth, reaching Ksh682.5 million. Quality products and services, operational efficiency, and a drastic decline of the portfolio at risk boosted this growth. Additionally, the financial statements indicate that the Sacco disbursed loans to its members amounting to KSh 2.151 billion.
The deposits and savings grew to KSh 3.87 billion in 2023, representing a growth of 5%. This growth was achieved through sustained efforts by the Board to improve the Society’s liquidity.
“It is of utmost importance that all our valued members understand the benefits of increasing their monthly deposits and FOSA savings. Doing so will not only help you build significant savings but also qualify you for higher loans and self-guarantors and provide you with good returns from interest rebates. Let us join hands and save together for the long-term sustainability and growth of our Society,” emphasized Mr. Katoni.
The Sacco reviewed its products and services last year, with some interest rates being scaled down to offer competitive products and services that are responsive to members’ needs.
Mr. Katoni told delegates that members’ data had been scanned and stored electronically with the Sacco integrating its core banking system with the Credit Reference Bureaus(CRBs) for a quality listing of loans.
With improved financial performance, the Board of Directors recommended the payment of dividends and rebates at the rate of 13% and 10%, respectively.
The Sacco’s share capital grew 16.22% to KSh 339.64 million in 2023. “I wish to advise members to voluntarily increase their share capital beyond the minimum threshold of KSh 20,000,” said Mr Katoni.
The Society has also established a customer experience center through the acquisition of a Customer Relationship Management(CRM) system and deployed additional staff to enhance quality service delivery to members and other stakeholders.” Feedback is a valuable tool that helps us improve our services. We’re grateful for the compliments we’ve received, and we’ve taken action to address the few complaints. Our aim is to provide the best possible experience to all our customers,” stated Mr. Katoni.
Ms Dolphine Aremo, the Nairobi County Co-operatives Director, emphasized the importance of saving during the AGM, where she was the Chief Guest.
“Save as much money as you can. Saving is crucial for securing a stable future and ensuring a comfortable retirement. One effective way to achieve this is by increasing your Sacco deposits. By saving with your Sacco, your money not only earns interest but also qualifies you for affordable loans,” she said. Ms Aremo noted that Jamii Sacco’s upward growth trajectory is a result of excellent leadership and focused management.
The Sacco Chief Executive Officer, CPA Daniel Achieng’, affirmed that Jamii is a one-stop shop that provides inclusive financial solutions tailored to members’ needs. “At Jamii Sacco, we pride ourselves on providing exceptional financial services that meet your every need. Our commitment to excellent customer service and financial expertise ensures that you receive the best possible care. Why go anywhere else when you can trust Jamii Sacco to be your loyal financial partner? Let’s continue saving and investing together,” he said.
“At Jamii Sacco, we pride ourselves on providing exceptional financial services that meet your every need. Our commitment to excellent customer service and financial expertise ensures that you receive the best possible care. Why go anywhere else when you can trust Jamii Sacco to be your loyal financial partner? Let’s continue saving and investing together “ -CPA Achieng’.
