Yetu Sacco, a fast-growing deposit-taking Sacco in Kenya, has once again proved to be a lucrative financial institution for investors eager to grow their money, build wealth, and achieve their development aspirations. The Sacco has made a name for itself as a financial institution offering dividends, a wide range of products and services, and competitive rates on loans.
During the Society’s 32nd Annual General Meeting, the Sacco Board of Directors Chairman, Mr. Mark Gitonga, announced that Yetu Sacco had declared one of the highest rates of dividends payout at 19% and interest on deposits at 13% for the financial year ending 31st December 2023. Members of Yetu Sacco took home over Ksh350 million in annual returns.
“This is a good return to our esteemed members that is way above the national average, as a result of good management of the institution. We urge members to invest more in share capital and deposits to boost their annual earnings,” said Mr. Gitonga.
Mr. Gitonga revealed that the Sacco had soared above a challenging economic environment to register stellar financial performance last year. The revenue surged by 16.5%, adding Ksh130 million to over Ksh919.9 million, enhanced by the uptake of loans and advances that grew by 20.8%, expanding the loan book to over Ksh4 billion.
Members’ deposits grew by 25% to Ksh4.05 billion in 2023 as the membership increased by 17,991, a 28% growth to hit 84,075. Yetu Sacco has been successful in deposit mobilization, especially through the Bakisha Account, a daily deposit-taking savings account that allows members to save from loose changes in their daily expenditures. Last year, the Sacco’s savings officers collected over Ksh812 million. The Society’s highest saver has over Ksh70 million.
An inclusive financial institution offering high-quality services, Yetu Sacco, has adopted innovative market-driven services that have enabled it to climb up the ladder of the country’s wealthiest Saccos with an asset base of Ksh 6.42 billion in 2023 from Ksh5.4 billion in 2022.
Yetu Sacco’s financial performance last year was impressive. Its ability to generate such high returns for its members is a testament to its outstanding management and commitment to providing top-notch financial services.
“The Sacco has continuously adopted, observed, embraced and endeavored to practice corporate governance while complying with all the Sacco Societies Regulatory Authority (SASRA) prudential guidelines and regulations,” said Mr Gitonga.
The Sacco has adopted market-driven services tailored to its members’ needs, ensuring they receive the best financial products and services. The Sacco’s wide range of products and services, including savings accounts, fixed deposit accounts, loans, and insurance, has also contributed to its success. Members have access to a comprehensive suite of financial products and services that cater to their specific needs.
“We learn from the best to build a sustainable financial institution that is now a benchmark for others,” said Mr Gitonga.
In addition, the Sacco is committed to promoting financial inclusion and supporting the development of its members, offering financial education programs, including training on financial management, entrepreneurship, and investment, to help its members make informed financial decisions.
Yetu Sacco’s focus on financial inclusion and member development is particularly noteworthy, as it highlights the institution’s commitment to promoting the economic growth and development of its members and the wider community.
Tech-led Services
CPA Dennis Kirimi, the Chief Executive Officer, noted that the Sacco’s improved and revamped technology enabled efficient members’ transactions, increased agent banking, and free paybill transactions, boosting the Society’s liquidity levels.
“We endeavor to continuously offer innovative financial solutions in an efficient and effective way to our members. Our staff are well-trained and dedicated to serve members,” said the CEO.
The Sacco focus in 2024 is to build a stronger customer-centric culture in service and product delivery backed by improved technology. “We are stepping up implementing our digital strategy to better online loan disbursement as well as establish a customer experience center,” said CPA Kirimi.
As Yetu Sacco looks to the future, it is well-positioned to continue to grow and provide unparalleled financial services to its members and the wider community for economic and social empowerment.
“People are looking for a financial institution that listens to them; Yetu Sacco is the place to be. Our product and service menu caters for everyone. For instance, our Asset Financing is friendly and affordable to all,” he said.
“People are looking for a financial institution that listens to them; Yetu Sacco is the place to be. Our product and service menu caters for everyone. For instance, our Asset Financing is friendly and affordable to all-” CPA Kirimi, CEO.
Growth and Expansion
In 2023, Yetu DT Sacco took new market areas by storm, launching new branches in Kitengela and Chuka towns in its relentless pursuit to bring services closer to members across the country and grow brand visibility by putting up a signature building at Nkubu town that will be its head office.
The Sacco will also launch the Yetu Foundation in April this year to enhance its CSR activities.
“The Sacco makes a difference in the lives of people as its management is intentional about helping members build a Savings Culture, by creating accounts that fit members’ needs, be it business, family, personal development, or future security,” said Mr Kenneth Gitonga, Meru Dairy CEO, who was a guest during the AGM.
For years, Yetu Sacco has remained a distinguished financial institution, ranked among the best by the SASRA. The Sacco has made milestones in its digitization journey, successfully enabling members to access all services from the comfort of their offices and homes through mobile banking via USSD Code *691# and the Yetu-Cash App. The management has also established an interactive Member Portal, further opening the Sacco’s doors to the diaspora community.
Mr Vincent Marang’u, Co-op Bank’s director in charge of the Cooperatives Banking Division, who was the chief guest, commended the Sacco for promoting a saving culture through innovation and providing quality financial services that have uplifted livelihoods.
In particular, the Sacco has revolutionized financial services and products for the Macro, Small, and Medium Enterprises (MSMEs).
Its outstanding achievements have seen it clinch numerous awards nationally and at the county level, including the Best Financial Institution in the Meru ASK show, third Best in Risk Management nationally, Best in Technology Optimization, and Best in Deposit Management under agricultural-based deposit-taking Saccos during 2023 Ushirika Day celebrations.
