Sacco Times Issue 026 Final Print PDF

S
Hariet W. Masai
SACCO TIMES
SACCO TIMES
View Park Towers, Utalii Lane,
17 Floor, Wing C, Suite 402
th
P.O. Box 41364 - 00100, Nairobi

Email: satimeseastafrica@gmail.com
Cell: +254 722 663 953
KEEPING YOU INFORMED
ISSUE - 2019026 MANAGER
MARKETING DECEMBER 2019 - JANUARY 2020 | KSh 150
Stima Shines
as the Best
Sacco During
2019 FiRe
Awards
DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 1

www.saccotimes.co.ke SACCO TIMES @saccotimeske
2 SACCO TIMES | DECEMBER 2019 - JANUARY 2020
CONTENTS
S
Hariet W. Masai
SACCO TIMES
SACCO TIMES
17th Floor, Wing C, Suite 402
P.O. Box 41364 - 00100, Nairobi
Cell: +254 722 663 953
KEEPING YOU INFORMED
ISSUE - 2019026 MANAGER
MARKETING DECEMBER 2019 - JANUARY 2020 | KSh 150
Joan Mutindi
Marketing Executive
Stima Shines Kampus Towers, 1st floor, University Way

P.O. Box 19 - 00100. Nairobi
Tel: 0720 380 226 / 0724 172 670
Email: info@saccotimes.com,
as the Best
saccotimes@gmail.com
SACCO TIMES
Sacco During
2019 FiRe SACCO TIMES JOAN MUTINDI
Awards
Marketing Executive
Kampus Towers, 1st floor, University Way
Tel: 0720 380 226 / 0724 172 670
SACCO TIMES
www.saccotimes.co.ke SACCO TIMES @saccotimeske JOAN MUTINDI
Marketing Executive
Kampus Towers, 1st floor, University Way
Tel: 0720 380 226 / 0724 172 670
CHIEF EXECUTIVE OFFICER

Joan Mutindi
EDITOR-IN-CHIEF
Reinhard Mosagwe
EDITORIAL
Malachi Motano, Wycliffe Musalia
STAFF WRITERS
Irene Atieno, Kipkoech Chirchir,
Kephas Ayiecha, Dickson Odhiambo,
Robert Ocharo.
Austin Nyambuoro, Lillian Mutiso, 5
Saccos offering banking services to heed CBK directives on loan interest
Charles Were, Vincent Munga, Stima Shines as the Best Sacco During 2019 FiRe Awards 6
Alexander Kimuri, Grace Makovu
Anthony Mwachiro, Malachi Motano, Mombasa Port Sacco Urges Members to Play Ambassadorial Role 8
Kevin Ng’ang’a, Wycliffe Musalia Imarika Sacco To Invest In Technology For Projected 2020 Growth 10
SACCO Members Urged To Borrow Loans Responsibly 16
Imarika Sacco Holds ‘Malaika’ Junior Funfair 2019, 17
SALES & ADVERTISING
Martha Wanjiru, Viola Chepkemo Lengo Sacco Embraces Technology To Ease Its Growing Operations 18
Skyline Sacco Takes Saving Opportunities To Residents Of Nandi Hills 22
DESIGN AND LAYOUT: Church Members Urged to Join SACCOs For Economic Empowerment 25
Smartex Creative Graffix
Qwetu Sacco To Grow Its Asset Base by 7.07 With Approval of 2020 Budget 26
Email: smartexgraffix14@gmail.com
Tel: +254 721 496 922 Digital Sacco Set To Surpass 2019 Financial Year Performance Target 28
Co-Op Consultancy To Offer Corporate Advisory Services 30\
Cooperators Urged To Go Green At Their Work Environment 32
SUBSCRIPTION
Major Capital Agencies Limited Sacco Introduces ‘Mjengo’ Product for Member Mortgage Finance 34
Mombasa County Government Salute Mombasa Port Sacco 36
DISTRIBUTION AND CIRCULATION Kenya Police Sacco Shines During Financial Reporting Awards 2019 38
JETsam Distribution Limited
Ndege Chai Sacco Hunts for Savers in Kipkoibet-Konoin 40
Embu Farmers want the President to order fresh inquiry 42
PUBLISHED BY: GDC Sacco Takes Free Medical Camp to Ikinu Residents 44
Satimes East Africa Ltd
View Park Towers, Utalii Lane
17th Floor, Wing C Suite 402
P. O Box 41364 - 00100, Nairobi
Cell +254724172670 / 0720380226
Website: www.saccotimes.co.ke
S SACCO TIMES
17th Floor, Wing C, Suite 402
P.O. Box 41364 - 00100, Nairobi
Hariet W. Masai Email: satimeseastafrica@gmail.com DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 3
Cell: +254 722 663 953
MARKETING MANAGER
EDITORIAL
W
elcome to another edition of Sacco
Times, a Magazine that keeps you aware
of the development in the Sacco sector
and the general cooperative movement locally
and a broad.
In this 26th edition, our editorial focused on the

corporate social responsibilities (CSR) among
other areas of excellence different Saccos got
involved in as 2019 comes to an end.
Setting the pace is Stima Sacco after it emerged as

the Best Sacco during 2019 FiRe awards in a stiff
competition that brought other Saccos like Kenya National Sacco becoming the first beneficiary.
Police Sacco, UN Sacco, and Tai Sacco.
For the sectoral updates, we learnt of Saccos
Our editorial also witnessed Mombasa Port Sacco offering banking services to heed CBK directives
launch an aggressive mechanism to ensure the on loan interest rates, the Anglican Church of
growth of external members category. The Sacco Kenya (ACK) advised its members to join Saccos
Chairperson Alfred Konde says there is need to to achieve economic empowerment, and the
target the wider market in the region and so every Cabinet approving National Cooperative policy.
member must play ambassadorial role.
These are just but highlights of the many stories
The Magazine also witnessed Imarika Sacco in the Magazine as we say goodbye to 2019 and
delegates approve business plan and 2020 budget begin 2020. Just grab a copy of your own for your
with focus on technology adoption as an option to intense digest.
meet its projected growth in membership.
Merry Christmas and a Happy Prosperous New
On the Corporate social responsibility, Co-op Year 2020! Thanks, enjoy your reading.
Consultancy, a subsidiary of Co-operative Bank,
will be offering corporate advisory services to Malachi Motano
Saccos facing challenges, with Metropolitan

UPDATE
Saccos offering banking services to heed

CBK directives on loan interest rates
‘’Customers have perceived
the high profitability of banks
as exploitative given the high
cost of credit, and banks should
place greater emphasis on long
term environmental, social and
governance issues,’’ Njoroge
said.
In November, President Uhuru

Kenyatta approved the Finance
Bill, 2019 which saw the interest
cap repealed, since it was
imposed on banks in September
2016.
The rate cap had imposed

limitations to commercial
By Wycliffe Musalia needs. Four pillars underpin banks’ lending rates at 4% above
CBK the Central Bank Rate (CBR).
this vision: risk based credit
S
Governor
avings and Credit pricing, transparency, customer
Patrick The Monetary Policy committee
Cooperative Societies centricity and ethical culture,’’
Njoroge (MPC) has slashed the CBR rate
offering banking services Njoroge said.
should heed to the Central Bank to 8.5 per cent from nine per
of Kenya directive on interest Mr. Njoroge asked banks to cent.
rate charge they price on their factor in both positive and
loans. negative information from However, loans issued under
Credit Reference Bureaus the old law will continue to be
According to the regulator, (CRBs) while computing serviced at the old interest rate.
lenders should price their interests’ rates for their Many Saccos in the country have
loans more responsibly and customers. been offering loans with interest
transparently bearing in mind rate of up to 14 percent per
the needs of their customers and He added that there is need for annum on reducing balance.
economic conditions. further improvement on the
Cost of Credit website launched Borrowers are still in fear
CBK Governor Patrick Njoroge by Kenya Bankers Association following the repeal of the
earlier in press briefing in 2017 to ensure lenders fully interest rate cap, despite the
promised a no return to the and widely disclose total loan assurance from the Kenya
“Wild West banditry” witnessed pricing. bankers association that loan
in the banking sector before the interests will be charged based
rate cap law in 2016. CBK has compelled banks to on the law.
review their business models
‘’Central Bank of Kenya has to accept lower returns that To lure more members, Saccos
set the pace by defining a clear take into account the long term should heed to the call by the
vision of a banking sector that needs of their customers and CBK by offering affordable
is responsible, disciplined the economy. interest rates on their loan
and aligned to customers’ products.

PERFORMANCE
Stima Shines as the Best Sacco

During 2019 FiRe Awards
By Musalia Wycliffe Stima Sacco The Sacco’s dedication to to facilitate deposit boosting
staff receive growth through its provision prior to loan application, and
S
tima DT Savings and FiRe awards of innovative products its features include a one off
Credit Cooperative prize at and services has over the Interest, maximum duration
Society emerged the Canivore, years earned success and of 1 month, Lien on prime
overall winner in the 2019 Nairobi
development in the society. accounts and loan to be
Financial Reporting (FiRe) issued. This loan is meant to
awards, Sacco category. Stima Savings and Credit even grow the loan book even
Cooperative Society is a further.
The Sacco received the award leading country-wide DTS
during a gala ceremony held (Deposit Taking Sacco) with Stima Sacco focuses on its
on Friday November 9th at an Asset Base of Kshs. 30bn. key priority, which is the
Carnivore, Nairobi. 2016-2020 Strategic Plan,
The Sacco also has a Loan to transform its business
The competition was stiff as Book of Kshs23.6bn, and model and grow the business
the society managed to beat membership its membership through innovative products,
other societies in the category, has grown over the years unparalleled customer
including Kenya Police Sacco, to over 115,000 subscribers service, aggressive resource
UN SACCO, and Tai SACCO. drawn from the energy, mobilization and expanded
utilities, education, services, distribution channels.
Stima Sacco, which was among small and micro enterprises
86 private sector institutions (SMEs) among other sectors. The society continues to excel
participating, submitted based on these strategic plan,
its accounts for review on The Sacco has introduced prompting its awareness,
accountability, transparency new products such as Topaz growth and development as
and integrity. loan will meet the needs of recognized by the 2019 FiRe
members seeking a top up loan awards.

PERFORMANCE
The FiRe Award recognizes in-

stitutions from both the public
Stima crowed
and private sectors for excel- best Sacco
lence in financial reporting,
fostering sound corporate gov- during 2019
ernance practices, enhancing
corporate social investment Mombasa
and environmental reporting,
to enhanced accountability, Business
transparency and integrity.
awards
S
The 2019 FiRE awards theme tima Savings and Credit
was ‘Enhancing Corporate Cooperative Society was
Value through Excellence in crowned the best Sacco
Financial Reporting for Cross- in the Saccos category during
Border Trade and Investment the Mombasa Business
Facilitation in East Africa and Awards 2019.
beyond’.
The society received the
The award is jointly promoted Stima Sacco reporting framework and other award during a gala dinner
by Public-Sector Accounting CEO Mr. disclosures on governance, that was held at Mama Ngina
Chris Useki social and environmental Water Front on December 6,
Standards Board-Kenya
poses with reporting by private, public 2019.
(PSASB), the Capital Markets
Fire Award and other entities domiciled
Authority (CMA), the Institute More than 300 firms
prize.
of Certified Public Accountants in East Africa. registered for the award, with
of Kenya (ICPAK), and the Stima Sacco outshining other
Nairobi Securities Exchange cooperative societies.
(NSE).
Mombasa Business Awards
The Financial Reporting (FiRe) program was launched in
award is presented annually, 2013 as the first Business
during a colorful, gala Award to celebrate those
evening hosted by the joint who are building and leading
promoters; the Public Sector successful, growing and
dynamic businesses.
Accounting Standards Board
(PSASB), Capital Markets The award encourages
Authority (CMA), the Nairobi entrepreneurial activity and
Securities Exchange (NSE) recognizes the contribution of
and the Institute of Certified the people who inspire others
Public Accountants of Kenya with their vision, leadership
(ICPAK). and achievement.
The FiRe Award has

recognized and awarded
the best reporting entities
in East Africa for the past
fourteen (14) years, with an
aim of promoting integrated
reporting through enhancing
accountability, transparency
and integrity in compliance
with appropriate financial
FiRe award to Stima Sacco

OUTREACH
Mombasa Port Sacco Urges Members

to Play Ambassadorial Role
By Anthony Mwachiro
M
ombasa Port Sacco
(MPS) has launched an
aggresive mechanism
to ensure the growth of external
members category.
According to the Chairperson

Board of Management Mr. Alfred
Konde Jaka, there is need to
target the wider market in the
region, which is why members
should market the society to
friends asking them to join the
Sacco.
The Sacco conducted two dinner

gala at English Point Marina and Mombasa Port Sacco Chairperson Mr. Alfred Konde Jaka (left) with MD
Wild Waters Mombasa, dubbed representative Mr. Mati during the society’s stakeholder dinner at a Mombasa
“Partnership for financial resort. Photo by Anthony Mwachiro.
wellness” with an aim of thanking
stakeholders for supporting the this society. Instead of being Dedan Ondieki said the society
society as well as welcoming members, customers or has been operating with internal
new members from other private shareholders of MPS I want funds for the last five years
institutions. you to be ambassadors so that gaining popularity nationally,
wherever you go people should regionally and is boosting a 5.3
Addressing guests at Wild Waters, see MPS in you. So we welcome billion asset base.
Mr. Jaka reiterated that there was you for partnership,” said Mr.
need for members to continue Jaka. He added that the Sacco has
supporting the society by taking Mombasa Port Sacco CEO Mr. increased popularity, owing to
the role of marketing the Sacco.
The chair noted that MPS has

been performing tremendously
well and the same spirit should
be carried throughout its day to
day operations.
The chairman assured members

that the society has laid down
mechanisms that will ensure
the safety of their savings and
investments.
With total membership of at least

9,000 members, the chair said
Mombasa Port Sacco can grow
its membership more should
they (members) become good
ambassadors of the society.
“We need to accept to transform Mombasa County Cooperative Director Mr. Nelson Nyoro having a chat with MPS
supervisory commitee secretary Ms Esha Khamis during the event at Mombasa resort.

OUTREACH
the national trophies won in
2019, which includes; the best
managed Sacco in Tier 1 in the
parastatal sector, best Managed
Employer Based and Best
Capitalized Tier 1 Sacco among
others.
Ondiek also said that the board

and staff have laid down plans
that will see Mombasa Port Sacco
remain among top tier Saccos for
the next financial years.
The CEO revealed that the

society is embracing technology
in its service delivery and in less
than two months, the Sacco’s
web portal will be up for service
Mombasa Port Sacco Chairperson Mr. Alfred Konde welcomes delegation from the
delivery to members.
SGR crew to the MPS dinner. Picture by Anthony Mwachiro.
“For efficiency we must embrace
technology. Soon we will be
able to interact easily with our
members through our web
portal,” he said.
Speaking during the event,

Mombasa County Cooperative
Director Mr. Nelson Nyoro
said the society’s dinner theme
‘Partnership for financial
wellness’ had come at the
right time when Kenyans are Mombasa Port Sacco CEO Mr. MPS invited guests having fan during the event
struggling to pay debts, revealing Dedan Ondieki highlighting the organised at a Mombasa resort.
that 70 percent of bank customers Sacco performance to invited
live beyond their limit. guests.
Technical University of
In his speech he noted that 7 Mombasa lecturer Prof. Ezekiel
out of 10 Kenyans are spending Okemwa, who also attended the
more than what they can make gala, applauded MPS for creating
monthly resulting to delays in members’ driven products and
payments of bills. services.
Kenya ports authority managing Prof. Okemwa also urged

director Daniel Manduku members to stick to their plans Section of the stakeholders present during the
admitted MPS was among the on loan utilization and invest dinner at a Mombasa Resort.
strongest society nationally that heavily, a move that will enable
plays key roles in instilling saving them to grow and increase the
cultures to members. country’s economy.
He also urged MPS to take “MPS offers products that

advantage and come up with can help members to grow in
policies and financial products terms of business thus creating
targeting areas where the employment opportunities and
port activities are aimed to be growing the country’s economy,”
increased including Kisumu, said Okemwa.
Lamu and other areas in Kenya.
Mombasa Port Sacco staff member sharing his
veiws during the gala dinner.

BUDGET
Imarika Sacco To Invest In Technology

For Projected 2020 Growth put in place sufficient budgetary
provision which will go a long
way in improving of software,
system audit and monitoring
as well as information
communication technology,
targeting to use both social
media and mainstream media
on their marketing strategy that
will see the institution increase
its membership.
“Our target is to move our

membership from the current
80, 000 members to 93, 000
by end of 2020. We have
invested heavily on marketing
and education to members
Imarika Sacco Chairperson Renson Ndoro addressing the delegates as Kilifi to facilitate this growth we
County Cooperative officer, James Mwasi keeps watch. are focusing on.” noted the
chairperson.
By Anthony Mwachiro and
Abikitsao The SDM was presided over
by the African Confederation
I
marika Sacco delegates have of Cooperatives savings and
approved Business plan Credit Association (ACCOSCA)
and 2020 budget with focus CEO George Ombado, who
on technology adoption as an commended Imarika Sacco
option to meet its projected staff, board and members for
growth in membership ensuring financial growth in the
estimated at over 13,000 and community.
asset base of Sh. 10 billion.
He also hailed the society for
According to Sacco Chairman ensuring delegates are kept
Renson Ndoro, the Sacco up to date with information
is targeting to increase its pertaining Saccos through
membership to over 110,000 by Imarika Sacco CEO, Daniel Masha, expressing member education.
the end of 2020 financial year. a point during the SDM.
“When the delegates are
“To facilitate this membership informed, they will help the
growth, the Sacco has invested board make wise and sound
heavily on marketing and decisions on behalf of the
education. Technology may be member. SACCO leaders
the most dynamic phenomenon should develop systems to
and from critical assessment, help them manage their affairs
the current system may not be transparently, which can ease
able to accommodate the needs decision making process in the
of the Sacco. In this regard, we running of the society,” said the
intend to invest in a new system Chief Guest.
by 2020,” says the Chairman. Marketing Manager, Jackson Gevera (right)
shares a point with John Ziro, the Imarika Another area of focus according
He says already the society has Sacco deputy chairperson during the SDM. to the chairman is marketing.

BUDGET
Ksh233, 476,744, Fixed deposits
Ksh77, 825,581, Premium
savings Fosa Ksh329, 127,907,
Institutional capital Ksh217,
611,947, Long term deposits of
Ksh358, 434,085 and provisions
and liabilities of Ksh295, 436,080
among others.
The largest share of the growth

will be invested in loans at Ksh1,
095,497,127 which translates to
70.41% of the projected growth
of the Ksh1.55 billion.
Imarika Sacco chairman

Renson Ndoro urged members
to increase their savings and
borrow loan so as to achieve
the society’s mandate of saving
mobilization and lending of
Imarika Sacco CEO Daniel Masha confers with Vice Chairman John Ziro loans.
He says every market days in He noted that, the Sacco

all the major towns in Kilifi and anticipates loan portfolio to
beyond, they will employ use of stand at Ksh7.1 billion by the
mobile promotion and social end of December, compared to
media platforms. The Sacco will Ksh8.2 billion projected earlier,
even use tents for the exercise which widened the gap to Ksh1.1
during market days. billion that makes the Sacco fail
in lending obligation.
The Chairman was speaking to
Sacco times at the sideline of the The Chairman further estimated
annual delegates meeting held the level of non-earning assets
at a Mombasa Resort. to increase from Ksh953 Million
in 2019 to Ksh1.2 billion in
Joseph Kitsao the finance 2020 due to the huge capital
Section of Imarika Sacco delegates following
manager says the growth is outlay going into the proposed
proceedings of the meeting at a Mombasa
projected based on tough Imarika Head office block that
Resort
economic conditions being
experienced in the country,
keeping the existing tariffs on
products and services offered by
the society.
“The projected growth in

total assets for 2020 is Ksh1,
555,953,163. This translates to
an average growth rate of 15% as
opposed to 14% average growth
rate for 2019 or 18% of the total
assets held by the SACCO as at
October, 2019,” said Mr. Kitsao.
The finance manager added

that the anticipated areas of
growth in the society by 2020
will be based on deposits worth Imarika delegates during their SDM at a Mombasa Resort.

CSR
Boresha Sacco Launches a Youth

Mentorship and Empowerment Program
By Enock Kipturgut introduce them to a Savings diverse strengths, interests
Culture. and resources that the youth
B
oresha Savings and Credit possess and provide them
Cooperative Society “Areas of interest under this with incentives to build their
(Sacco) has launched program are; Agribusiness, individual capacities.
an ambitious Mentorship and Creative Arts, Entrepreneurship,
Empowerment Program for Innovation and Technology, “Through mentorship and
youth in Baringo. Sports, Career Development exhibition activities, the youth
and Life Skills,” said Dr. Chebor. will be able to showcase their
According to the Sacco Chief business ideas, products and
Executive Officer Dr. Moses He added that the first phase BCF services as well as display their
Chebor, the program will open of the program, which will run Chairman talents, gifts, innovations and
up opportunities for youth across the entire Sub-Counties, Kipruto skills,” he said.
in areas like Agribusiness, will involve identification of Kiptoo.
Creative Arts, Entrepreneurship, Dr. Chebor called on youths
Innovation and Technology, to register through Boresha
Sports, Career Development Mobile Application, which can
and Life Skills. be obtained via the society’s
website (www.boresha Sacco.
The CEO was speaking to the co.ke) or mobile App Stores.
youth and Sacco members
during the launch of the He further observed that the
program dubbed ‘Hii Ndo Form’ foundation was formed to
and other Tailored financial spearhead corporate social
products at Eldama Ravine responsibility activities, as a way
Gardens Square, meant to of giving back to the society.

CSR
to empower them through talent
recognition.
Led by Caren Jebet and Thomas

Nyamweya, the youth said that
the program will assist them
with knowledge and skills to
self-employment.
Joseph Kaguru from Africa One

Eighteen Company urged youth
to use Google services while
doing online business ventures,
noting that Digital Marketing is
the new technology, which can
help them earn a living, working
as their own boss.
Dorine Rop from National

CEO Dr. Moses Chebor (left) and BCF Mr. Kiptoo Kipruto join the youth in cutting Agency for the Campaign against
the cake at the launch of the empowerment program. Drug Abuse urged the youth to
The CEO explained that the utilize products and services
Sacco resolved to start the provided by Boresha Savings
Foundation as a requirement and Credit Cooperative society,
by the regulator (SASRA) to all through the new mentorship
deposit taking Sacco’s with Front and empowerment program.
Office Services Activities (FOSA).
She lamented that many youth
The Foundation which was have indulged in drug abuse
established in September due to unemployment after
2012 as a Corporate Social accomplishing their higher
Responsibility program, aims learning studies.
to spearhead Boresha Sacco’s
Corporate Social initiative to “Drug users have continued to
realize its vision of being the experience brain damage due to
society and community’s choice excessive use of substances like
Kukuchic representative Jackson Tanui awards alcohol,” she observed.
to financial services.
Caren Jebet with Chic as part of Company CSR.
Boresha Sacco Community
Foundation Chairperson (BCF)
Mr Kipruto Kiptoo acclaimed
youth who have already
registered to take part in the
empowerment program, adding
that technology is the driver to
business enterprises.
Mr. Kiptoo said that the

foundation will carry out
sensitization workshops on
the need to establish self-
employment programs.
Members and youth who

were present acknowledged
the foundation committee for
Some of the products displayed by BMG Company Limited during the Youth
establishing the program aiming
Empowerment launch.

CSR
Bartek Principal Mr Isaiah
Kiptala thanked the Boresha
Community Foundation for
sponsoring Students through
the Kenya Accountant
and Secretariat National
Examination Board (KASNEB).
The principal challenged youth

to utilize the program by working
closely with all the stakeholders
in order to uplift their living
standards, urging students to
apply for sponsorship program
examined by KASNEB.
“We have various courses

offered at Bartek Institute that
are being examined by the Kenya
National Examinations Council,
KASNEB, Driving school under
national industrial and NITA From left:- Tuk, Generators, and Baringo due to lack of support.
and TVET,” said Mr. Kiptala Boresha Charcoal Bricklets dealers.
Sacco The quest speaker Engineer “We called upon youth to use
Mr. Kiptala said that Bartek treasurer Noah challenged the youth to their strength in empowering
Institute has several courses Henry fully support the Program by themselves. Many graduates
tailored at the youth in a bid to Limo, CEO registering in large numbers, are jobless and live desperate
developing career progression at Dr. Moses which will benefit them from the lives due to lack of technological
every level. Chebor products and services offered knowhow. This program has
(middle) at by the stakeholders, breaching come at the right time when
Boresha Community the launch. unemployment gap. technology is the key enabler
Foundation has partnered in job creation,” said Engineer
with, among the stakeholders; He also urged the youth to Noah.
Kukuchic limited, which embrace the Boresha Sacco
specializes with chicks hatching empowerment program, He called upon the youth to
via the use of new technology, targeting to improve their lives set their life goals and focus
BMG Holdings dealing with economically, adding that many more on creativity in order
sale of farm machineries, Tuk youth are languishing in poverty to benefit from the Boresha
Sacco empowerment program
spearheaded by the Boresha
Community Foundation.
Boresha Sacco is among the

largest Sacco’s across the
country having undergone
several transformations since its
inception in 1976.
The Sacco is licensed by the

Sacco Society Regulations
Authority (SASRA) as deposits
taking society (DTS), ranking
as a tier one Sacco with over
100,000 membership, an asset
base of Ksh.7 billion, Savings/
Deposits of over Ksh.4.5 billion
and loans and advances
amounting to Ksh.5.5billion.

SERVICE
Safaricom Sacco Introduce SafCiri

App To Ease Member Transactions
By Wycliffe Musalia
S
afaricom Savings and
Credit Cooperative society
has introduced SafCiri
Application, -an innovation of
mobile banking, which is meant
to transform how members
interact with their Saccos.
The application launched on

November 5 2019, will see
members easily access services
and products offered by Saccos’
Back Office Savings Activities
(BOSA) and Front Office Savings however, we are open for bench These technological dynamics
Activities (FOSA), at the comfort marking to share this innovation have increased the societies
of their homes or any place of with other cooperative societies,” membership from the initial 222
their choice. confirmed Safaricom Sacco. members drawn from the Parent
Company – Safaricom Ltd, to
“With SafCiri, you can access The Application can be 13,000 members across all sectors
Sacco services (both BOSA and downloaded from google play of the economy.
FOSA) on your mobile phone, store for android phones,
to view your account balance, Apple store, Windows Personal The society has an Asset Base of
withdraw funds from your Computer and laptops among Sh. 5.6 billion, and is ranked Tier
FOSA account, Transfer funds, other devices. Since its inception 1 position 23 (2017) by the Sacco
get statements among other in May 2001, Safaricom Sacco Regulatory Authority (SASRA)
services,” read a statement from has been growing with a – placing it among the topflight
the Sacco. technological view of improving Saccos in the country.
members’ service delivery in the
SafCiri will offer society cooperative industry. Safaricom Sacco offers FOSA
members with services ranging Savings Products (Savings/Salary
from Airtime purchase from The Sacco is open to Corporates, Account, Juniors Account, Fixed
Sacco account for all networks Individuals Introduced by Sacco Deposit Account, Corporate
(Safaricom, Airtel, TCash), members, SME’s, Small Sacco’s, Account, Holiday Account and
mobile money services from Chama’s and other cooperate Jaza Jaza Account.
all networks, payment of utility employees, following its decision
bills (KPLC, DSTV, Water among to revise its by-laws. The credit products under
others ) and access to mobile this category range from Kona
loans and repayments. The 2011 license to operate FOSA Advance, Emergency Loan,
gave Safaricom Sacco a mandate FOSA Silver Advance, Insurance
Saccos’ bench marking to not only focus on individual Premium Finance Loan, Business
The application will benefit memberships but also Chama’s, Loan and Vijanaa Loan).
Safaricom Sacco members but groups, Corporates and Mergers
the society has urged other Saccos with small Sacco’s. Back Office Savings Activity
trying to embrace technology and products include BOSA Savings
trends in the cooperative sector FOSA has boosted the Sacco’s Products (Deposit Contribution,
to come up for bench marking, so liquidity level through Hand of Comfort/ Benevolent
as to share on SafCiri innovation. introduction minimum Fund) and BOSA Loans (Long
shareholding to members and Term) - Development Loan,
“SafCiri application is accessible several unique products which Super Premium Loan and Miradi
to members of Safaricom Savings are in line with the current Loan.
and Credit Cooperative Society technological trends.

GUARANTEE
FROM PAGE 11
is estimated at Ksh140 Million.
Statistics at Imarika indicates
SACCO Members Urged To
Borrow Loans Responsibly
a 15% annual growth of the
institution for the last 5 years.
Speaking to the delegates,

Kaloleni branch KNUT secretary “In addition to being a source
general, Kittu Gwengwele of loan during emergency,
urged delegates to support the the SACCO is also a proper
management board for the investment for the future and
growth of the society. a hope for the retirees in the
society” added the CEO.
He stressed the role that delegate
plays in shaping Saccos adding The loans taken by members
that Imarika Sacco has been are supposed to be a source
heavily investing in education of Capital rather than income
which needs not to be taken for addition.
granted.
“Some members borrow loans
Ng’arisha Sacco Society Chairman to use for less important and
“I want to thank all of you and
Benedict Simiyu unplanned activities and end
the board to find it fit to stay up in financial problems which
here for three days. You are By Charles Were
N
lead to loan payment default,”
the very people nearer to the g’arisha Sacco has warned its members
he said.
membership so make use of the against uncontrolled guaranteeing of loan
knowledge well. You stand as the borrowers which has led to an increase
Members willing to take
oversight institution,” said Mr. of loan defaulters, affecting businesses, SACCO
business loans were sensitized
Gwengwele. growth, Micro -Finance institutions and the
on the need for proper business
banking sector.
and investment plans that could
Gwengwele urged the delegates generate income to pay back the
According to the lending laws, a guarantor is
to advice membership to do loans.
responsible for any loan recovery in case the
better investment as the best way borrower does not honour the terms of payment
in generating liquidity to Imarika The society called on youth,
agreed upon at the time of lending.
that will propel its growth. women and those living with
disability to join groups and
The Chairperson of Ng’arisha SACCO Benedict
According to him, there is SACCOs to support each other
Wekesa Simiyu, admits that the institution has
need for Imarika Members to on matters development.
encountered tremendous challenges relating to
jealously guard what they feel guarantors, many of them supporting people to
have created for the institution, The Sacco encouraged youth
get loans without knowing who they were and in
adding that, to start saving early to change
the long run finding themselves in hot soup after
their future while the aged to
guaranteed loanee default on loan repayments.
keep saving regardless of any
“Our services stand not only how
uncertainties including death.
we give loans but how gently we Speaking during a members’ education and
give our services,” sensitization seminar, Mr Simiyu stressed on
Beneficiaries of Ng’arisha
guaranteeing wisely and proper utilization of
Sacco, who were present
Similar sentiments were shared loans pursuant to the societies act that obligates all
during the education program,
by Coast and North Eastern societies to offer training to their members.
commended the society’s
KUSCO director, Alfred Mlolwa, noble role in their shaping
who urged Kenyans to use Saccos Primarily formed by teachers, Ngarisha SACCO
and improving their personal
as the only tool for investment. has been an outstanding financial institution,
development.
expanding its boundaries due to necessity for
investment by small business holders, bodaboda
At the same time noted that They narrated their development
riders, other civil servants and the society at large.
despite Imarika investing heavily journey from buying plots,
in their proposed plaza, they paying school fees, and boosting
Mr. Wamukota Marklyne, the SACCO CEO,
have not deny member loans a their businesses, courtesy of
attributes the sustainability of the institution to the
move that he attribute to good Ng’arisha Savings and Credit Co-
growing membership that has recently grown to
governance of the institution. operative Society.
over 14,000 members.

ANALYSIS
Imarika Sacco Holds ‘Malaika’ Junior Funfair

2019, Captivating Saving to Young Generation
By Wycliffe Musalia members to Malaika Junior and credit co-operative society
Parties and events in December, gives credit to its members, and
I
marika Savings and Credit every year. has over the years, developed
cooperative society held the several savings products to boost
2019 Malaika Junior Funfair Imarika Sacco being a savings its capital base, enabling the
at Plantation Grounds in Kilifi society to conduct its business
County, in a bit to instill saving smoothly.
and investment zeal to the
future generation. Imarika savings products have
specific features that define it
The one day event dubbed and being a member driven
‘Nurturing Tomorrow’s institution, all the savings
Economy’ saw children from products earn members some
different places across the coast sort of return.
region attend, and entertained
by Churchill show comedian They also have a specific
MCA Tricky. purpose and therefore the
savings products are broadly
Children were taken through Imarika member with her child look at the categorized as withdrawable
a number of games including bouncing castle. and non-withdrawable.
swimming, bouncing castle
among others. Imarika Sacco also offers
insurance or security fund to its
The Sacco maintains that, the members, with each member
annual event is useful to the required to pay Kshs. 100
society, its members and the monthly premium. This sum
entire economy as it encourages insures the member against
parents to save for their death, and upon member
children’s future. demise, the insurance clears any
loan that the member had with
Malaika Junior Savings is a the Society and also refunds to
product offered under the the member’s next of kin the
Imarika Sacco Front Office shares amount held as at the
Savings Activities (FOSA), which MCA Tricky with Imarika Juniors time of death.
aims at enabling members to
secure their child’s future.
“Open the Malaika Junior

Savings Account and teach them
early how to Imarika with the
free Parrot Bank” read part of a
message encouraging parents to
secure their children’s future.
The account is opened with

a minimum balance of Kshs.
2000, with the best interest rates
earned from Kshs. 3,000.
Members can withdraw their

savings three (3) times per
year and the Sacco invites new Children swim during 2019 Imarika Funfair.

TECHNOLOGY
According to the management,
a good working environment
within the society and a
positive relationship with
stakeholders has culminated
to the Sacco growth and
development over the past
financial periods.
The board is now calling on

members and delegates to
be the society’s ambassadors
and recruit more members to
enable the society to achieve
its mandate of increased
Kuscco director, Alfred Mlolwa congatulating Lengo CEO for the effort in making sure the Society liquidity in membership.
is well managed as the chairperson George keeps an eye. Photo by Anthony Mwachiro.
According to Mr. Ndaa,
Lengo Sacco Embraces Technology members deposits grew from
Sh.127 million to Sh.158.9
To Ease Its Growing Operations million compared to last

year, which reflects to a 16.2%
growth.
By Anthony Mwachiro. of getting the services they
need at any time anywhere,” The Chairperson assures
L
engo Savings and Credit said the chairperson. members that the society
Cooperative Society Lengo Sacco
Chairperson,
will offer good interest on
(Sacco) is embracing The Sacco is among societies members’ deposits and
George Ndaa
technology in its operations as that have been growing dividends.
during his
a move to realize efficiency in speach to steadily over the last one year
service delivery, following the delegates at recording a 50% increase in “We have tried our best to
society’s continued growth in a Malindi membership. The society’s maximize the income from
operations across major towns hotel. Photo membership increased by available resources increasing
of Kilifi County and beyond. by Anthony 5,672 members to 16, 964 our turnover by 20 percent
Mwachiro. members by October 2019. from Ksh.31, 383,182 to Kshs.
Speaking during this year’s 37, 826, 696 at the end of
special delegates meeting October this year,” said Ndaa.
held in Malindi, chairperson,
George Ndaa said it is only He says the Sacco’s asset
through technology that the base grew by 19 percent from
society will be able to serve Ksh.197, 443,419 to Ksh.236,
members in time, efficiently 797, 601 in the 2019 financial
and effectively. year.
“We have employed an IT staff Present at the SDM was

who will take over and ensure KUSCO Coast and North
we roll out mobile banking Eastern director, Alfred
platform. The board has good Mlolwa, who reiterated that
plans to automate majority Lengo has witnessed a growth
of its operations so that all in all parameters because of
members can be in a position the society’s commitment born

TECHNOLOGY
Director James Mwasi, who
assured members of the
department’s commitment in
ensuring they benefit from the
County’s micro finance fund
dubbed ‘Mbegu fund’, which
target youth, women and
the less disadvantaged in the
society.
“Your products are friendly to

the general public and I want
to assure those groups with
account at Lengo that they will
equally benefit from Mbegu
A section of Lengo Sacco delegates during their SDM. Picture by Anthony Mwachiro. fund without being forced to
open an account elsewhere,”
by the management, delegates noted Mwasi.
and members.
The cooperative officer
Mlolwa said there is need for admitted that lack of adequate
Lengo members to give peace policies on the sector has been
to the management which will a challenge but hinted that the
be reflected through positive coming of the national policy
growth within the society. on cooperatives will address
the issues as well as give room
“We need to share information for Counties to come up with
that we think will bring positive their policies in line with the
change to our members and Section of Lengo delegates during their SDM at a constitution.
the society at large. At the same Malindi hotel. Photo by Anthony Mwachiro.
time take action of anything
that might have negative
impact to our society,” said
Mlolwa.
He means that there absolute

need for all stakeholders to safe
guard ‘what we have invested
at Lengo as well as share the
success stories that can help
attract more members.’
The KUSCO director called on

Lengo management to lead
in patronizing the society’s
product so as to deliver services
according to member’s needs
and expectations.
The SDM was also attended Kilifi County Cooperative Officer, James Mwasi during his address to Lengo Sacco members.
by Kilifi County Cooperative Photo by Anthony Mwachiro.

CONTACT US ON:-
0715 882 191 / 0707 700 084 /
0719 987 817
LENGO SACCO SOCIETY LTD

MISSION • No minimum operating balance. These are loans extended to registered members
To mobilize savings among members and provide Benefits after a period of six months. Extended loan amount
quality financial products and services to improve • Free daily service at one’s business point should be three times the member’s shares.
their living standards. • One can access loan after 3 months.
Requirements
VISION Tuinuke Pamoja Account • Three guarantors and a witness.
To be the leading SACCO in providing quality United we stand divided we fall. Tuinuke Pamoja • ID photocopy of the applicant.
financial products & services to members. Account is specially designed to accommodate those • Repayment period up to 48 months.
who wish to achieve their goals through collective • Interest rate 1.75% on a reducing balance.
PROFILE resources.
Lengo Sacco Ltd was started in 1976 and was drawing Development loan top up
its membership from the Permanent Employees Features A facility extended to those already servicing a
of the Municipal Council of Malindi, who have now • Initial deposit – free development loan.
been taken over by the County Government of Kilifi. • Minimum operating balance – Ksh. 1,000
Since that time Lengo Sacco Ltd has undergone • Withdrawal charges – Ksh 100 Requirements
tremendous growth and has opened its common • One should have serviced at least ¾ of his/her
bond to non-employees of Kilifi County Government, Requirements current loan.
we are therefore extending our sincere welcome to • Member’s ID photo copies • A 10% penalty will be charged on the remaining
the public at large with the vision of growing together. • One of the members must be an existing member of balance.
the Sacco • 2% interest rate
OUR PRODUCTS AND SERVICES • Passport size photos (taken at the branch)
I. FRONT OFFICE Smart Loan
Jawabu Account Sherehe (Christmas / Idd / Birthday), Account • Should have a payslip
An account that answers all your financial questions An account designed to meet the demand of our • Should be a member
any time you need cash. Access your money 24/7 Christian and Muslim members. Sherehe account • Amount depends on the basic salary
with no limit. allows you to save specifically for these festives. • Interest rate of 1% per month.
Requirements Features Somesha Loan

• ID photo copy of the applicant. • Withdrawals shall strictly be at the beginning of the This is a special facility designed to all needy students
• Passport size photo (take at the branch) festive month. in primary, secondary and college level.
• No account maintenance fee
Lengo Savings Account • Withdrawal charges – Ksh 100 Requirements
An account tailored to embrace those with passion • The fees structure for the whole year (signed and
to save. Lengo savings account welcomes your Mama Jiandae Account rubber stamped)
decision to build savings in an easy effective way. This product is designed to allow expectant mothers • The student’s admission letter (stamped)
save and meet their future delivery expenses and the • ID photocopy of the applicant
Features needs of the new born baby.
• Initial deposit – Ksh 500 Features
• Minimum operating balance Ksh 2,000 Features/ benefits • Interest rate is at 1.75% on a reducing balance.
• Account maintenance – free • No ledger fees • Repayment period: up to 48 months for college
• Withdrawal restricted to only once a month. • No minimum operating balance. and 12 months for primary and secondary level.
• Allows daily, weekly or monthly deposits.
Tunza Junior Account • Withdrawals only at the maturity date Okoa loan
Do you want your child to be financially smart? You as • Withdrawal charges – Ksh 100 • Access upto Ksh. 50,000 within 24 hours.
the parent hold the key to this dream. Tunza Junior • A special facility for the salaried members.
exposes your child to the saving culture making him/ Corporate Account
her part of the banking process. A business account that allows registered organizations Features
/ institutions to cary out their banking in a convenient • Does not consider the 2/3 rule.
Accounts Benefits manner. • Repayment period is upto12 months,
• A complimentary Education tour for active Tunza • Interest rate is at 2% on reducing balance.
Junior annually. Features
• Access to your money once in three months. • Initial deposit – Ks. 2,000 Requirements
• Minimum operating balance – Ksh 2,000 • Recent pay slip
Features • Ledger fee – Ksk. 100 • ID photocopy
• Initial deposit – Ksh. 300 • Withdrawal charges – Ksh. 100 • Three guarantors
• Minimum operating balance – Ksh. 1,000
• Monthly account maintenance fee – Nil Requirements Bakisha Loan
• Withdrawal charges – Ksh. 100 • Copies of registration certificate • Bakisha Account Holders
• Copy of the Company Constitution • Access upto Ksh 50,000
Requirements • Copy of minutes • Repayment period up to 6 months.
• Birth certificate of the child • ID copies of the signatories • Interest rate 1.5%.
• ID photo copy of the parent / guardian
• Passport size photo (taken at the branch) Advances Emergency Loans
This is a service tailored for the salaried members of • In case of an emergency, you can access a loan
Bakisha Account Lengo Sacco (FOSA Shares is a Must) from Lengo Sacco.
Designed puporsely for small traders i.e. boda,
mama mboga…. Special Advance Requirements
Repayment period: up to five months • Supporting documents
Features Interest rate 10% on reducing balance • 3 guarantors and a witness
• Free account opening • Repayment period up to12 months
2. BACK OFFICE • Interest rate 1.75% on a reducing balance.
Development Loans
Unity & Quality Services
UPDATE
Governor Encourages Kitui Textile Workers To

Form Saccos To Meet Their Financial Needs
By Wycliffe Musalia Dealers in the textile sector from
K
across Kitui County attended the
itui County Governor governors’ address at the County
Charity Ngilu has urged Textile Centre (KICOTEC).
workers and stakeholders
at the Kitui County Textile Centre Ngilu engaged the traders on
(KICOTEC) to form Savings and making the county vibrant in
Credit cooperative Societies production of quality garments
(Saccos), which will help them and the growth of the local
gain access to financial services, economy.
grow their individual income and
boost business. “I encouraged the suppliers to buy
uniforms from the Kitui County
Addressing traders at KICOTEC Textile Centre and support the
plant located at Syongila on Governor from the government and grow
local manufacturing plant to
October 29, the governor said Ngilu ad- their individual income.
grow even bigger as it has opened
Credit and Savings Corporative dress traders
doors to many of our young
Societies will greatly increase at KICOTEC She said that her administration
people through skills training and
traders’ earnings and boost the centre will continue building “on the
employment opportunities,” said
economy. journey we started about a year
Mrs. Ngilu.
ago for the success of the sector
“I encouraged you (traders and that employs thousands of our
Since its inception in October 2018,
workers) to form SACCOs that will people across the county.”
KICOTEC has produced a number
boost your collective bargaining of garment products to institutions
power and enhance high “My government looks forward
and government bodies, with
production volumes which will to strengthening our working
the recent one being uniforms to
greatly increase earnings through relationship with players in
Chiefs and their assistance.
economies of scale,” said Governor the sector by supporting their
Ngilu. Dealers at investments which will in turn
The first batch of 2,804 uniforms
Kicotec cent- benefit our people through the
to Chiefs was released in August
Ngilu added that through the er addressed cascading effect,” the governor
2019, with governor Ngilu praising
SACCOs, the traders will easily by governor added.
the plant for proving to provide
access financial services and offers Ngilu. quality uniforms for national
government administrators. The
governor further commended the
industry for its efforts to boost the
country’s economy.
“Today, we mark the beginning

of better things coming our way.
We cannot sit idle and let this rare
opportunity pass us. This textile
industry is a bridge to boost the
local manufacturing base and lift
the county’s efforts in actualizing
our destiny for prosperity,” said
Governor Ngilu in August, during
the dispatch of first patch of
uniforms to Chiefs.
Early October saw a contract

signed between KICOTEC and a
PSV Sacco to have members’ attire
made by the plant.

EXPANSION
Skyline Sacco Takes Saving

Opportunities to Residents of Kabsabet
By Enock Kipturgut
S
kyline Savings and Credit
Cooperative Society (Sacco)
is set to open a new branch
in Nandi Hills, Nandi County, a
move aimed at taking the society’s
services closer to members.
The Sacco Chairman Mr. Borruet

said the new branch will be
opened come January 2020, which
will see the Front Office Savings
Activities (FOSA) add up to the
11th branch.
Skyline Sacco has branches in

Eldama Ravine, Mumberes,
Esageri, Emining, Torongo,
Mogotio, Kabarnet, Kampi ya
Moto and Marigat areas.
This comes even as the Sacco

Directors mandates is to stick to The CEO Mr tap into big business potential in
marked its 2019 Special Delegates
SASRA Regulations, Society By Allan Mitei. real estate.
Meeting (SDM) held at Skyrise
laws and Strategic Plan in running
Plaza, its investment wing,
day to day activities of the Sacco. “We urge members to continue
that saw over ninety percent of
buying shares. A minimum share
delegates attend, passing the new
The Chairman thanked members is ksh5000 and maximum is 100,”
year resolutions.
for contributing shares for the he explained.
construction of the Skyrise Plaza
The delegates resolved to purchase
to its completion. Mr Borruet thanked the Sacco’s
the motel building in Eldama
business partners, Stakeholders,
Ravine town, amend the Society’s
He further urged members to Board of Directors and Staff for
by- laws, and open Kampi ya Moto
capitalize their 2019 surplus working tirelessly to empower the
and Nandi Hills branches by 2020
shares for the purchase of the members economically through
among other strategic plans.
Eldama Ravine Motel building to quality financial service delivery.
Mr.Borrut said Skyline Sacco
Skyline Sacco Chief Executive
formerly Baringo Farmers
Officer Mr Allan Mitei thanked
Cooperative Society has
delegates, Management, Board of
continued to grow in leaps due
Directors and staff for patronizing
to its rebranding and subsequent
the Sacco, urging members,
licensing by the regulator, the
delegates, Board of Directors
Sacco society regulations authority
and staff to comply with the
in 2011 and 2012 respectively.
new society by laws for smooth
running of the Sacco Operations.
“We attribute the Sacco’s growth
to good governance and team
The CEO assured members that
work among all the players in the
the management will adhere to
Sacco,” said the Chairman.
the financial budget in running the
Baringo County Executive Committee Member for activities of the Sacco so that they
He said the Sacco Management, Industry, Commerce, Enterprise and Cooperative can be empowered economically.
Delegate System and Board of Development Dr David Sergon

EXPANSION
Mr. Mitei deliberated on the Membership.
2020 financial budget that was
passed unanimously by the ninety The guest speaker, Baringo County
eight delegates spread across its Executive Committee Member for
electoral areas. Industry, Commerce, Enterprise
and Cooperative Development
‘We assure our members that we Dr David Sergon lauded the
will not spend members’ funds Sacco Management for steering
without the approval by the the Sacco to greater heights in
delegates system,” noted the CEO. development.
He stated clearly that the Dr Sergon observed that Skyline

management will adhere to the Sacco is a home grown ‘bank’
powers and duties as enshrined in for the community adding that
cooperatives act, the society Rules Skyline Sacco the budget estimates because we dairy farmers have benefited
and by laws in running the Sacco Delegates want to give our members good immensely through the sale
operations. unanimously returns on their investments,” He of milk via the Sacco in return
resolve to assured benefiting from affordable loans
“Our objective for the ensuing open Nandi for descent housing, school fees
year 2020 is to increase income Hills branch The Society’s Chief Strategic payment and other members
and manage expenses so as to post Officer Mr Evans Kibwalei trained personal engagements.
more surpluses for our members the delegates on the contents
as dividents and Bonus payouts,” in the strategic plan review The CEC lauded the management
explained the CEO. 2019/2022 that was adopted for for the Saccos growth in asset base
discussion and ratified to guide and membership, adding that
He said the Sacco’s income the Sacco operations for the next the county is on the process of
increased from ksh217.1 million three years. reviving all dormant saccos to be
in 2018 to ksh278.9 million in 2019 the members.
with a projection of 28% increase Sacco Deputy Chief Executive
in 2020 adding that expenditure Officer Enock Kandie trained “The major problem in
reduced from 120.4 million in delegates on the need for the By cooperative societies is corporate
2019 to ksh109.3 million in 2020, a Laws amendment for the Sacco to governance and corruption by the
reduction 0f 9.2%. conform to the changing trends in top management,” said Dr Sergon.
the cooperative movement.
The CEO further observed that Dr Sergon urged Managements
surplus increased from Ksh96.7 Among the contents of the of Saccos to sponsor its board
million in 2018 to Ksh169.6 in strategic plan is the marketing of Directors and Delegates on
2019 an increase OF 75%. department to carry out aggressive prudent management skills of
members’ recruitment to 133,000 Saccos.
“We strongly commit ourselves to by 2020 with currently 69,000
“Skyline Sacco is among the
vibrant Saccos in the county. We
urge other Saccos to practice Good
leadership and governance so that
their Saccos do not collapse,” He
explained.
The Executive arm of the County

Government calls upon Members
of County Assembly to enact laws
that will give funds to Saccos
to empower its members with
affordable loans.
In attendance were South Rift

Cooperative Bank Relations
Manager Ben Korir Sang, Mogotio
Sub County Cooperative Officer
Mr Joseph Kabirer and Eldama
Ravine Sub County Cooperatives
Delegates Keenly follow special anual delegates meeting. Officer Ms Pamela Wanyanja.

UPDATE
Church Members Urged to Join

SACCOs For Economic Empowerment
counties of Nakuru Town West,
Nakuru Town East, Subukia,
Bahati, Gilgil, Naivasha, Rongai,
Kuresoi North and South, Molo
and Njoro.
“The best way to empower our

youth is by encouraging them
to save. We want to ensure they
are responsible. What has made
some of the youth initiatives fail is
because some of them don’t feel
the pinch of misusing the money
once they get it,” he said.
He reiterated the church

commitment to economic
empowerment of women in the
county and added that friendly
loan interest terms offered by
the Saccos had been crafted to
encourage them to venture into
small and medium scale business.
By Charles Were loans do not require securities The cleric The Saccos, he said, were open to
such as pay slips, land ownership was Church members and others in
T
he Anglican Church of documents and vehicle log books. the community, youth and women
speaking
Kenya (ACK) has advised groups from respective areas
during the
its members to join Savings Muchai said the Anglican Church where they had been launched,
launch of
and Credit Co-operative Societies of Kenya has inaugurated Saccos in adding that one could also join as
ACK Imani an individual.
(Saccos) to achieve economic five Dioceses under the auspices of Talent Sacco
empowerment. the Five Talents Kenya Board.
in Nakuru. A beneficiary of the SACCO
Speaking in Nakuru during the “Following a Sh1 billion budgetary loan, visually impaired resident
launch of the Diocese’s ACK Imani allocations by the National of Subukia Sub County Paul
Talent Sacco, Bishop Dr James Assembly to the PSIP programme, Ndirangu said he had immensely
Muchai of Nakuru ACK Diocese Saccos presented the best benefited from the ACK Imani
cited 3,600 youth who were recently opportunity for the interned youth Talent Sacco predecessor Nakuru
recruited under the Public service to save capital that will enable Enterprise Board which had
Internship Programme (PSIP), them initiate income generating enabled him access credit and
urging them to join Saccos, saving projects” he added. tender for government projects.
for future investment.
The Chairman of the Five Talents Mr. Ndirangu said he had benefited
“Youths who comprise 70 per Board Kenya Rev. (Dr) Gideon immensely from the deposits he
cent of Kenya’s population lack Githiga said the five Saccos in made in Sacco as opposed to other
saving culture which leads to the Thika, Embu and Nakuru regions financial institutions.
collapse of most of government had already been registered,
and private sector initiatives meant having satisfied the conditions set “You cannot save money in
to empower them economically,” by the Sacco Societies Regulatory a financial institution to the
said Bishop Muchai. Authority (SASRA). magnitude of those in a Sacco and
The cleric said that women plan for it well. I am encouraging
empowerment programs can be Nakuru ACK Imani Talent Sacco persons living with disabilities,
better ran by support from SACCOs, has already enrolled 2,086 women and the youth to join
adding that unlike banks Sacco members from the eleven sub- Saccos,” he said.

SEEING 2020
Qwetu Sacco To Grow Its Asset Base

by 7.07 With Approval of 2020 Budget
or non-withdrawable deposit
accounts, popularly known as
back office service activities.
Of the unremitted deduction,

79 per cent were meant for
loan repayment and 21 per
cent for non-withdrawable
deposits contributions.
The CEO in a statement said

“The perennial failure by
various employer-institutions
to remit deductions made
from employees’ emoluments
has had serious adverse effects
on the financial soundness of
various saccos,”
By Antony Mwachiro Qwetu Sac- Among the challenges saccos

co Chairper- Available statistics with SASRA are facing include failure to
S
acco society regulatory son, Alfred indicate that by end of last year, meet and maintain prudential
Mlolwa employers in the public and standards especially the
authority (Sasra)
during his
warns that failure by private sector owed deposit liquidity ratio and capital
address to
state agencies and private delegates taking saccos $26.7 million in adequacy ratio, liquidity
companies to remit statutory and guests unremitted deductions. constraints making it
deductions on time is leading present. impossible to issue new loans
to financial instability to many Photo by The deductions were in the and plunging them deeper into
deposit taking Sacco’s in Kenya. Anthony form of either loan recovery loss making.
Mwachiro.
John Mwaka is the CEO Sasra, The problem is compounded
“Failure by employers to remit by the new stringent IFRS9
deductions is increasingly financial reporting standards
becoming a big threat to the that have hit all deposit-taking
survival of many saccos, as saccos further squeezing
the government streamlines earnings.
savings and credit co-operative
societies that are reeling under Under IFRS9, capital adequacy,
the weight of mismanagement, asset quality, earnings and
fraud and bad loans.” liquidity remains key criteria
for monitoring, evaluating
He says Sasra is developing and measuring the financial
legal and institutional soundness and stability of
proposals to protect Saccos Kusco’s Chief opperation office, James Ole Nkiti saccos.
from such employers. duing his key address to Qwetu sacco delegates.

SEEING 2020
The consequence is not only
affecting Saccos but failure by
employers to remit deductions
is also having a negative impact
on Sacco members who are
unable to get loans, while some
get listed with credit reference
bureaus and others are denied
credit for lack of collateral.
In addition, the trend if not

addressed is threatening the
stability of Kenya’s financial
services sector and the
economy owing to the fact that
the sector is worth about $10
billion in assets. Qwetu Sacco CEO, Charles Kaba (right) shares a point with board chairperson,
Alfred Mlolwa during the meeting.
More than 500,000 Kenyans are Sasra is in the process of
employed directly and another amending the legal framework
1.5 million indirectly according to act against employers who fail
to data obtained by SASRA. to remit statutory deductions
by taking advantage of weak
Sacco savings and deposits are laws incapable of deterring
estimated at over $7 billion, defaulters, Mr Mwaka adds.
equivalent to about 30 per cent
of national savings while the The CEO says “The authority
loan portfolio is in excess of is developing proposals to
$6.6 billion. amend the existing legal
framework which will deter
Qwetu delegate sharing her view during the perennial defaulters and ease
SDM.
the procedures for recovering
any defaulted remittances”.
The push to ensure employers

remit deductions come when
the Sacco sector in Kenya is
grappling with a confidence
crisis due to mismanagement
and fraud, a problem that has
seen members lose billions of
saving.
Sasra the CEO adds will

come up with new market
conduct regulations to
tame malpractices like
inflated charges, delays in
reimbursement of deposits
Qwetu Sacco delegates during their SDM at a Voi Resort. Photo by Anthony and “reckless” lending.
Mwachiro.

OUTREACH
Digital Sacco Set To Surpass 2019

Financial Year Performance Target
By Wycliffe Musalia pipeline that will turnaround the
livelihood of our members. These
D
igital Media Savings include Shamba loan, solar loan,
and Credit Cooperative Motorbike loan, among others,
Society has assured which are on the final stages of
members of future growth as it implementation.“
looks set to surpass this year’s
performance target. Technological projection
Mr. Mbuya said the society is
Speaking during the 4th Special also set to ensure that members
General Meeting held on October receive services efficiently and
26 at the Red Commercial effectively, which is why they sort
Complex Nairobi, the society’s to repair the Digital Sacco App,
chair Andrew Mbuya said and come up with a robust system
his board members and the that can increase efficiency of
management are keen to achieve service delivery and make it cost-
the growth milestone. effective to members.
Digital Sacco Chairman, Mr. Andrew Mbuya
“My team and I are working day He said the new App system is at
and night to ensure we achieve milestone. the final stages of implementation
this milestone. Currently, we have and will be rolled out ahead of
had 10,457 new members joining The society was also able to issue Christmas after test-feedback
the society, with an anticipated loans with an advanced principal from some members.
increase to over 68,000 of worth Sh.83,837,571.89,
membership, still registering to compared to Sh.22,276,032 The society also looks forward to
our database, by the end of the disbursed for the last financial empowering members through
year,” said Mr. Mbuya. year, which ended December 31, education, with member training
2018. scheduled to be conducted at
As a way of giving back to the county level, giving them
the society, Corporate Social “To serve our members better, we information on how to widen
Responsibility, the Sacco Intends have more loan products in the their guarantor scope within
to give more loans to its members,
increase interest income and
secure members future financial
security, serving the existing need
in the country.
“Our core competence remains

issuance and collection of loans
from all our members and we
look forward to hearing your life
stories on how our society has
boosted your quality of life,” the
chair added.
Digital Sacco income as

per September 30, stood at
Sh.10,418,726.55 against a target
of Sh.12,829,772.52 for the
2019 financial year, signaling a
magnificent progress the society
has made to achieve its growth Digital Media Sacco members during the 4th SGM

OUTREACH
their network, to enable them
capitalize on Sacco services and
reap maximum benefits.
It also wishes to collect member

feedback on the suitability of
products and services offered, to
acquire more insights on the best
delivery and areas where it can be
improved.
“Phase 1 covered 17 counties,

of which we hope for a positive
turnaround, with the rest of the
counties to be covered in quarter
one and two of the coming
financial year,” added Mr. Mbuya. Digital Members are also required The platform has connections
Sacco to constantly cross-check with credit reference bureaus
2020 projections Operations investment decisions, attend all (CRBs) and Integrated
Digital Sacco projects the next Manager meetings, among other initiatives Population Registration (IPRS)
financial year to be autonomous. address that guarantee full commitment for verification, authentication
Its budget plan will allow the members to the success of the society. and safeguarding of members
society to execute services well as it during data.
pursue more market penetration, members Digital Sacco is also keen at
new service provision, innovation education. observing sector changes in The Sacco has also acquired
and infusion of technology. regulations, with a desire to license for SIMU HOUSING
remove interest capping for License Number, which will allow
The society is fully capable of commercial banks, coming up members and any interested
handling its affairs in totality, with lending Apps, to widen its people to come together and
thanks to the hand-holding market areas in serving millions capture value in the sector.
support from the founding of Kenyans and compete
organization (Onfon Media). effectively while giving real value Digital Sacco started in 2015, as a
to members. response to the need to empower
The society also observes every Kenyan Citizen wherever
good governance as required “The new platform to be deployed they are to save and acquire credit
by the ministry and SASRA, this November has ability facility at affordable rates on
with members and officials to process up to one million mobile platform.
mandated to file with the society, transactions per day, with inbuilt
a certificate of good conduct, additional cyber security tools as The Society had the first
observe information security and well as members analytics for fine membership from Onfon media,
data protection rules. tuning and recommendations to but later expanded to include
best services,” said Mbuya. members from all corners of the
economy. It operates through
good governance practices
coupled with very Innovative
Digital Revolution across the
country.
The Sacco offers products

ranging from One month loan,
Emergency Loan, Biashara Loan,
Development Loan, Investment
Loan, Corporate loan among
others; all these requiring
guarantors network.
Members can register by dialing

*847#, submit the documents
required, pay registration fee of
Part of Digital Sacco board members Sh.5,000.

CSR
Co-Op Consultancy To Offer Corporate

Advisory Services To Struggling Saccos
By Malachi Motano “We thank Christopher Karanja is the has adequate working capital to
Coop bank Chairman, Metropolitan Sacco, support its members as well as
C
o-op Consultancy, a for restruc- “We thank Coop bank for improve the operational efficiency
subsidiary of Co-operative turing at this restructuring the Sacco at this at the society.
Bank, is set to enhance timely mo- timely moment, a move that
service delivery to its members ment as this has injected new growth at the The Sacco (Metropolitan National
by offering corporate advisory has injected society.” Sacco) is one of the largest Saccos,
services with Metropolitan in over 15 million member co-
new growth
National Sacco becoming the first The lender (Cooperative Bank) operative movement. The lender
at the
beneficiary. has the Saccolink debit card, has continued to make Saccos
Sacco,” said
Sacco Personal Cheques and smile by paying high dividends.
Under its Corporate Restructure Chairman, trade finance partnership to
Program, the Bank has Metropoli- increase the Sacco’s revenue base During 2019 AGM, the
restructured the Sacco’s funding tan Sacco, through its front office service Shareholders of this top tier lender
requirements to better manage the Christopher activity (FOSA). Co-operative Bank approved a
members’ monthly loan demands Karanja. dividend of Sh1.00 per share which
as well as the overall liquidity flows Karanja said, “The is translated to 25 per cent boost in
aimed at a complete turnaround recommendations and measures dividend pay-out compared to the
of the Sacco. that have so far been put in place 80 cents paid out previously.
will certainly get the Sacco to new
It has restructured the Sacco’s heights.” “The dividend totals a cash
funding requirements to better payment of Sh5.9 Billion. Indeed
manage the members’ monthly According to Vincent Marangu, this is the highest payout to
loan demands as well as the Director, Co-operatives Banking shareholders since the listing of
overall liquidity flows aimed at a Division at Co-operative Bank, the Bank on the Nairobi Securities
complete turnaround of the Sacco. the corporate restructuring deal Exchange in December 2008,”
is expected to ensure the Sacco

CSR
says Macloud Malonza, Chairman focused on improving operational

of Co-op holding Co-operative
Society.
efficiency, superior customer
service and lowering the bank’s Sacco goes digital
operating costs.
The biggest beneficiaries were
the longstanding shareholders The lean and frugal business to net youth
especially the lender’s majority model the bank has applied is
shareholder Co-op Holdings Co- helping build resilience against
operative Society, which will earn seasonal shocks, including the
Sh3.79 Billion. rate caps which were introduced
in 2016.
The Chairman applauds the Co-
operative financial system which The lender’s South Sudan unit,
serves more than 22,000 Saccos. a unique Joint Venture (JV)
partnership with the government
The Society has a 64.5 per cent of South Sudan posted a monetary
stake in Co-operative Bank as a loss of Sh30.78 million last year,
strategic shareholder representing attributed to hyperinflation
Kenya’s Co-operative Movement. accounting occasioned by
It was formed in 2008 to facilitate currency devaluation of the South
the listing of the bank on the Sudanese pound.
bourse.
The bank is among the five
This year’s dividend payment is lenders piloting Stawi, a new
the highest ever, and matches the mobile lending product for
entire initial investment by the micro, small and medium scale
K
Co-operative Movement in the enterprises. The mobile-based
Bank thereby enabling them to credit scheme aims at improving
enya Police Sacco National Chairman
recoup their investment in full, access to credit for MSMEs which David Mategwa says automation is an
regarded as ‘Shilling-for-Shilling’ encounter challenges accessing avenue to intensify mobilization of
dividend payout. the formal credit market because savings, especially among the youth.
of the informal nature of their
The bank posted profit after tax of operations and lack of collateral He says banks such as Equity Bank,
Sh12.7 Billion in 2018, compared for secured loans. Cooperative Bank and KCB have moved
to Sh11.4 Billion in 2017. about 90 per cent of transactions away from
The lender has received several
banking halls. This includes mobile banking,
The lender attributed its good local and international awards
performance to gains from the in the past year, including three
contact centres, ATMs, internet banking and
Transformation Project under awards in the Banker Africa 2018 banking agents.
implementation since 2014. It is competition.
“This is what players in the cooperative
movement are also embracing efforts to
offer convenience to customers as well as
The bank is among the reduce the cost of operation,” says Mategwa.
five lenders piloting According to the Chairman, digital banking

is providing a platform for Saccos to
introduce what he terms as virtual branches.
Stawi, a new mobile He say, “Digital banking offers an
lending product for micro, opportunity to nurture a saving culture

among the youth who have embraced digital
technology.”
small and medium scale He welcomed the move by the cabinet to
enterprises.
approve the Sacco National Policy noting
that it will help solve issues in the cooperative
movement such as mismanagement.

ENVIRONMENTAL SERVICE
Cooperators Urged To Go Green At Their Work

Environment As A Way Of Giving Back To The Society
with the ASK show to enable
cooperators plant trees in all
their branches as a way of
ensuring a clean environment.
“This has been our natural

activity within the cooperative
calendar and every year in either
June or October we encourage
and bring all cooperators
together to plant trees”, the CEO
noted.
Following the erratic climatic

condition being experienced in
Kenya, societies need to engage
their members in a tree planting
exercise to conserve water
sources and keep the country’s
By Wycliffe Musalia Cooperators we are encouraging each and
food security at high, since we
during the every member of cooperative
C
are at the center of feeding the
ooperative societies have cooperative movement who has space to
nation.
been urged to lobby environ- plant at least 10 trees and nature
members in engaging to ment day them,” said Mr. Marube.
“ We know that soil is important
a tree planting exercise every 2019.
and unless we plant trees we
year, as a way of keeping their He added that, in engaging
will not have enough rains and
work environment clean and in such sustainable ventures
water and therefore not achieve
green. cooperatives can help conserve
the target of feeding every
the environment and at the
Kenyan and as cooperatives we
In this year’s tree planting same time increase Sacco
are the center of feeding this
exercise, which marked the income.
nation.”, Marube added.
cooperative environment day at Marube said CAK partnered
the Nairobi ASK show ground,
cooperators were urged to
venture in tree planting as a
way of increasing the country’s
forest cover and curb the hash
climatic changes.
According to the Cooperative

Alliance of Kenya (CAK) CEO
Daniel Marube, cooperative
movement has over 14 million
members and if only each
would plant 10 trees they would
be able in increase the country’s
forest cover.
“We are planting more than 3000

trees for a start as we embark
on a tree planting season for
the cooperative moment, and

ENVIRONMENTAL SERVICE
CAK chairman Japheth

Magomere said that cooperators Murang’a county to sponsor Artists
need to take part in tree an opportunity for musicians
planting and ensure that our in Mt. Kenya region to partner
environment is preserved for with the government and help
the next generation. create job opportunities among
its members.
“As cooperators we saw it fit
to join the rest of the world in Currently, Tamco Sacco has
mitigating the climate change about 350 members who
which has become a global majority are drawn from
disaster”, said Magomere. Murang’a, Kiambu, Nyeri and
Kirinyaga counties.
According to the Commissioner
Governor Mwangi Wa Iria (front left) laying When laying the foundation
of Cooperatives Geoffrey
a foundation stone for the Tamco complex in stone for a six-storey building
Nangombe, venturing in value Kenol. owned by the Tamco Sacco
added projects will improve
members, the governor said
societies’ growth in income and By Charles Were.
the establishment of the fund
membership.
T
will go a long way in helping
alented Musicians and Composers (Tamco)
musicians and reward them
“Achieving sustainable devel- Savings and Credit Co-operative Society
heavily.
opment, we will have to rethink patron Mwangi wa Iria, Murang’a County
Governor, has drafted a bill seeking to create an
ways in which we produce and The building will host a studio
independent statutory fund to support musicians,
consume goods and services “, to nurture upcoming musicians
artistes and comedians in Murang’a.
he said. among other functions.
The proposed Bill will enhance access to a diverse
He also noted that living in a The colorful ceremony which
range of Kenyan music choices through existing
fast changing world requires took place at Kenol Town within
and emerging media, establishing a tracking device
innovative skills to be able to Muranga County was graced by
that will ensure that artistes gets their deserved
cope, therefore cooperative several musicians who paid a
royalties.
special tribute to their founding
members should start going
chairman the late John de
green for the sake of the planet. Once it is amended to law, the bill will promote the
Mathew.
music industry, which plays an integral part in the
President Uhuru launched Kenyan society, culture and economy.
The Sacco which was initially
an ambitious tree planting chaired by the late musician,
campaign at the Moi forces “This Bill is meant to increase the opportunities
John De Mathew targets to
Academy, Eastleigh in May available for Kenyan music artistes and
mobilize resources through
entrepreneurs to make a significant and lasting
2018, urging all Kenyans, concerts among other activities
contribution to the Kenyan cultural expression and
organizations and institutions to fund construction of the
to ensure that stakeholders in the sector have the
to engage in a tree planting skills, know-how and tools to succeed in a global
house which will cost more
exercise, to curb the effects of the than Sh.80 million
and digital music environment,” said Governor
changing weather conditions. Mwangi.
Tamco Sacco official Ben Githae
The Kenya Forest Services encouraged musicians to invest
The County leader also noted that the move is
laid out a strategy aimed at for their future, saying artists
aimed at nurturing talent at the grassroots level,
should not keep decrying for
increasing the forest cover from promoting Kenyan sound recording in the music
little returns they get from
the current 7.2 per cent to 10 per industry.
Music Copyright Society of
cent by 2022. Kenya (MCCK), which pays
“This is in an effort to nature the talent of the
peanuts.
The strategy requires the entrepreneurs with opportunities to develop,
country to have planted 1.8 produce and promote Kenyan sound recordings
Mr. Githae observed that time
billion seedlings between now through this fund,” he added.
to complain is over and the
and 2022 to achieve 10 per cent target should be employment
Tamco Sacco, a brainchild of Kikuyu musicians
tree cover. of measures which will ensure
namely the late John De Mathew, Peter Kigia,
musicians get better earnings.
Musiamo wa Njeri among others, has provided

GROWTH
Sacco Introduces ‘Mjengo’ Product for Member

Mortgage Finance to Maximize Growth
By Wycliffe Musalia initiate home construction,
complete partially constructed
W
aumini Savings and houses, and purchase plots.
Credit Cooperative
Society has The society introduced ‘Mjengo
introduced a new product loan’ product during its third
dubbed ‘Mjengo loan’ in its quarter ended September 30, as
Front Office Savings Activities, part of the strategy to maximize
in an effort to enable members growth in the changing financial
build and acquire their own markets.
houses through mortgage
finance. The strategies to boost growth in
the society were crafted during
Housing being part of the the May 2019 retreat held by
Government big four agenda the board and the supervisory
spearheaded by President Committee.
Uhuru Kenyatta, the society
thought it wise to realize it(the Mjengo loan comes under a
agenda) by offering their review of Products and Services
members with FOSA MJENGO Waumini Waumini Sacco says that strategy by the society, meant
LOAN, which will relieve Sacco security for Fosa Mjengo loan to enable member’s access
them off paying rent through CEO Peter are land and the building to and meet increasing financial
acquisition of plots already Obbuyi be constructed on the piece of needs.
purchased by Waumini Sacco. land, title deeds, and Waumini
Sacco plots with or without title Another measure under the
Mjengo loan features a deeds. strategy was the improvement
maximum loan repayment of communication Systems,
period of 15 years, for a which saw the society, invest
maximum loan worth Kshs
Growth Strategy in a modern communication
3,000,000 granted to members. Customer technology, to provide
served at The product will also enable
The interest rate is 14 % per members with a self-driven
Waumini and allow members to purchase
annum on reducing balance. service.
Sacco already constructed houses,
The communication service
delivery was enhanced in
September, with ability to host
more than 30 calls at the same
time. Hon. Secretary Margret
Mwaniki confirmed in the
third quarter circular that the
service is fully self-driven with
capabilities of escalating calls
to the head of each department
or member desired call
destination.
FOSA products at Waumini

Sacco range from Savings
(Junior account, fixed deposit,
starehe account, Celeb and
Pamoja account) to Credit

GROWTH
(Salary advance, Tulia, Mjengo,
Fosa loans among others)
products. Cabinet Approves National
Other products offered by
the society, other than FOSA,
Cooperative Policy Among Others
include Back Office Savings Others are the Occupational Safety and
Activities (BOSA) and M-Sacco. Health Act, the Land Registration Act, the
Under BOSA, members can Business Registration Act, the Companies
get loyalty loans, emergency, Act and the Insolvency Act.
Chapaa loan, Instant loan, On health, the Cabinet approved the
establishment of Mathari National
development loan and Mazao
Teaching and Referral Hospital and the
loan. Savings products are also
designation of Gilgil Hospital as a satellite
available under this category. mental health facility of Mathari.
For M-Sacco services, members Further, the President directed the

can easily transact through Ministry of Health to establish a taskforce
their mobile phones at their on the status of mental health in country
convenience and comfort By PSCU and come up with new policies needed
T
of their work places/homes, he Cabinet has approved the to address the growing concerns about
by dialing *346# to access National Cooperative Policy to mental health among Kenyans.
withdrawal, Balance Inquiry, enable coordination of cooperative
Loan repayment, mini- societies in the country. The findings of the taskforce which will
statement, change pin, Fosa to be discussed in Cabinet within 90 days
“This cooperatives policy establishes an will assist government in allocation of
Bosa transfer services among
institutional framework for enhancement resources to mental health.
others. of coordination of cooperative societies
in the country,” Cabinet The Cabinet meeting also approved the
Waumini Sacco Society started piloting of the Engineered Base Stabilizer
in 1980 under the Co-operative According to the Cabinet Secretaries led (EBS) roads in Nairobi City County. EBS is
Societies Act of the Laws of by Deputy President William Ruto, the a new road construction technology that is
Kenya, with a primary motive policy will to deepen the deployment of considered relatively cheaper compared
of mobilizing Savings and ICTs in the management of saccos as well to the conventional approaches.
Deposits, extending Credit to as promote good corporate governance.
its members and empowering The pilot will be carried out on low traffic
them economically and The Cabinet also approved regulations volume access roads in Kibra and Dagoretti
socially. for non-deposit taking Saccos aimed South constituencies and replicated in
at protecting Kenyans against risks of other areas if it proves successful.
poor investment decisions, inadequate
The sacco has a total
transparency and information disclosure, The Cabinet meeting also discussed and
membership of over 25,000 disregard for members interests as well approved the National Menstrual Hygiene
subscribers from 878 Catholic as self-preservation by officials of saccos. Management (MHM) Policy which is
institutions across 26 Catholic aimed at scaling up the management of
Dioceses in Kenya, Catholic Other policies approved by the cabinet menstrual hygiene in the country.
Church Faithful and previous included, Kenya Youth Development
employees of Catholic Policy (KYDP) 2019 which seeks to The policy highlights MHM as a rights issue
institutions “Mzalendo”. mainstream issues affecting the youth and brings it into the mainstream of the
and Business Laws (Amendment) Bill country’s health and development agenda
Front Office Service Activity 2019 and . by considering the prevailing social,
(FOSA) were introduced in economic, cultural and demographic
March 2009, to offer banking Among the statutes identified for contexts of women and girls.
amendment include the Law of Contract
services to members, and to
Act, the Industrial Training Act, the Cabinet also approved the extension of
date the Sacco has incorporated
Registration of Documents Act, the the ban on logging by one year. However,
Mobile Baking Services Survey Act, the Stamp Duty Act, the Kenya the Ministry of Environment was directed
(M-Sacco), and currently has Information and Communications Act to establish an inter-agency team to
two FOSA banking halls (one in and the National Construction Authority undertake an assessment of mature forests
Nairobi HQ and one in Nakuru Act. that are ready for harvesting and report
branch). back to Cabinet by April 2020.

DEVELOPMENT
Mombasa County Government

Salute Mombasa Port Sacco
By Anthony Mwachiro
T
he County Government
of Mombasa has
lauded efforts done
by Mombasa Port Sacco
(MPS) in empowering
members, a move that has
led to the county’s economic
development.
Addressing delegates during

the official launch of the
Mombasa Port Sacco Plaza,
Mr. Khamisi Kurichwa, Chief
Officer Agriculture, Livestock
and Trade Mombasa County
The Sacco is among the best
in the area.
He said Mombasa Port Sacco

plays a key role in improving phone. We are aware of
the living standards and the cybercrime and we have
economy of Mombasa town been taking strong measures
based on its appealing and that will guarantee safety of
competitive products. members’ investments,” he
said.
“As a government we assure
the cooperative movement of In this year’s Champion
support that will go a long way of Governance Awards,
in ensuring that societies like Mombasa Port Sacco was
Mombasa Port Sacco operates recognised as the most
in a conducive environment,’’ improved Sacco. Mombasa
said Mr. Kurichwa. Port Sacco CEO Mr. Dedan
Ondieki was awarded the
Mombasa Port Sacco was the second runners-up, CEO of
first Sacco to be approved by the year award.
SASRA in 2010 and has been
Bandari Speaking at the same event, However in a statement
getting recognition regionally
dancers Mombasa Port Chairperson,
and nationally. cooperative alliance of
entertaining Mr. Alfred Jaka, revealed
Mombasa Kenya CEO, Daniel Marube,
that plans were at advanced took issue with section of
The society has been shining Port Sacco stage to see all services of the employers who were making
in governance awards, a move guests.
society being automated. the operations of some
that has created a strong bond
between the management, societies difficult by failing to
“The future of any financial remit their dues.
delegates and members.
institution lies on the mobile

DEVELOPMENT
Similar sentiments were
shared by George Ototo,
KUSCO Managing Director,
who maintained that Saccos
are legal entities created by
the commissioner’s office
and once a Sacco has failed,
it should not be put under
receivership or liquidation.
“You cannot kill what you have

not created. SASRA cannot
kill a society for failing in one
business unit. Every company
introduces new products, and
FOSA is just one of such units
not an institution itself,” said
the MD.
MPS chairperson Alfred Jaka (standing in white) sharing a point with PS State
Department of Cooperatie while Comissioner for Cooperatives Ruth Bosire keeps In a statement, the PS
an ear. Picture by Anthony Mwachiro. representative Mr. David
Obonyo (Senior Assistant
He revealed that about 4 Commissioner of Co-
billion shillings belonging to operatives) assured the
Saccos was still being held cooperative movement of
by employers who are yet to plans geared towards ensuring
remit members’ contributions all funds that are in arrears are
to respective societies, which remitted to the concerned
ends up in tag of war between Sacco.
members and the regulator.
“Last year, the state recovered
According to Marube some about 1 billion shillings that
Saccos are facing financial was in arrears. We are aware
challenges forcing them to be of more outstanding arrears
placed under receivership for and we assure you we have
failing to pay loans from other taken measures including
financial institutions. David Obonyo- PS state department for partnering with other
cooperative being received during the official stakeholders to have all Sacco
“The cabinet secretary unveiling of Mombasa Port Plaza. Picture By dues remitted,” PS assured
in charge of cooperative Anthony Mwachiro. members.
development should give
a report to the cooperative Mr. Obonyo urged the
movement on the cooperative movement to
number of Saccos placed consider the use of dialogue in
under receivership since solving differences as the best
independence.” He noted. way.
At the same time, he advised According to him, Sacco chal-

Saccos trapped in the lenges are based on govern-
liquidation process to opt out ance, dependency in external
of SASRA and undertake back borrowing and technological
office (BOSA) activities only. PS State Department of Trade, David Obonyo issues that have made Sacco
sharing a point with MPS officials (CEO- lose members’ investments
Ondiek and Chairperson Alfred Jaka) during through cybercrime.
his tour of the new MPS plaza.

SUCCESS
Kenya Police Sacco Shines During Financial

Reporting Awards Ceremony 2019
By Musalia Wycliffe membership of 690 people, an
asset base of Kshs 30 billion and
K
enya Police Savings a loan portfolio of Kshs 26 Billion.
and Credit Cooperative
Society is among the best Kenya Police Sacco started its
financial institutions according operations in 1972, after its
to the 2019 Financial Reporting registration on 20th November
(FiRE) awards presented on 1972, under the Cooperative
Thursday October 7 at Carnivore, Societies Act Cap 490 of the laws of
Nairobi. Kenya, and has since then revised
its by-laws to include members
The society was crowned the who are Serving and retired
second runners up award in the Regular Police Officers, Serving
Sacco category, summing up the and retired Administration
number of awards won in the Police Officers, Civilian in the
2019 financial year to six. employment of the Kenya Police
Service, Employee of the Kenya
During the 2019 Ushirika Police Sacco Society, Permanent
day celebrations, the Sacco employee of Utumishi
scooped five awards ranging Investment Limited, Permanent
from, Best managed Sacco employee of Ruaraka Housing
countrywide (Position 1), Best Estate Limited, Employees of
Sacco in credit management the civil service, Employees from
countrywide(Position 1), corporate entities operating in
Employer based Saccos Tier Kenya, Business Community and
1(Position 1), Best Managed- Spouse, son or daughter of the
Employer based Tier 1(Position above members.
1), and 1st Position Volley-ball
team –Ushirika games.
Products
Kenya police Sacco, which Kenya Police Sacco offers Back
was among 86 private sector Office Service Activity (BOSA)
institutions participating, with a wide range of products.
integrity, honesty, fairness and FiRe award
submitted its accounts for review This is where member’s personal
transparency in decision making, to Kenya
on accountability, transparency accounts are maintained.
cum member respect and valuing Police Sacco
and integrity. Currently each member has
the diversity of its customers. 2019.
minimum of 335 Shares valued
The society has been embracing
Membership
growth throughout its financial
periods, focusing majorly on During the 2019 customer service The customer
service charter is
customer service charter. week, Kenya Police Sacco moved
a notch high from what other
our commitment
“The customer service charter is Saccos were doing, by checking
our commitment to consistently walk-in-members’ BMI, blood
to consistently
meet and exceed member pressure and diabetes with
expectations. We aim to provide the assistance of a medical
practitioner. This was conducted
meet and
members with the highest
quality of service and continually at Kisii branch, Kisii County.
exceed member
improve our services and
products.” Currently, the society has a
total of 63,450 members, an
The Sacco also boasts of
quality of service delivery,
indication of increasing growth
rate compared to the starting
expectations.
SUCCESS
at KES 100. Monthly deposits are during a colorful, gala evening
pegged at 12% of Basic salary.
...Currently, the hosted by the joint promoters;
the Public Sector Accounting
society has a
It also offers Front Office Service Standards Board (PSASB),
Activity commonly known as Capital Markets Authority
POFOSA, which promotes the (CMA), the Nairobi Securities
societies priority of bringing
services closer to members. The total of 63,450 Exchange (NSE) and the Institute
of Certified Public Accountants
products offered here include
Savings account, Fixed Deposit
Account, Holiday Account and
members, an of Kenya (ICPAK).
The FiRe Award has recognized

Junior Account.
indication of and awarded the best reporting
entities in East Africa for the
The sacco advices its members to
collect their approved loans via increasing growth past fourteen (14) years, with
an aim of promoting integrated
rate.
the Front Office Service Activity reporting through enhancing
(POFOSA). accountability, transparency
and integrity in compliance with
appropriate financial reporting
FiRe awards Reporting for Cross-Border Trade framework and other disclosures
The FiRe Award recognizes and Investment Facilitation in on governance, social and
institutions from both the East Africa and beyond’. environmental reporting by
public and private sectors for private, public and other entities
excellence in financial reporting, The award is jointly promoted domiciled in East Africa.
fostering sound corporate by Public-Sector Accounting
governance practices, enhancing Standards Board-Kenya Police Sacco becomes the best
corporate social investment (PSASB), the Capital Markets Kenya financial institution in the Sacco
and environmental reporting, Authority (CMA), the Institute of Police Sacco sector to be awarded during the
to enhanced accountability, Certified Public Accountants of Chair David FiRe awards, competing with
transparency and integrity. Kenya (ICPAK), and the Nairobi Mategwa the likes of UN SACCO, Stima
Securities Exchange (NSE). receives SACCO and Tai SACCO, who also
The 2019 FiRE awards theme the prize at participated.
was ‘Enhancing Corporate Value The Financial Reporting (FiRe) carnivore,
through Excellence in Financial award is presented annually, Nairobi

OUTREACH
in our regions. Continue with

the same spirit of customer
care, good services and good
customer relationship….good
work Ndege Chai Sacco.
Some of the saving products

which the Sacco has brought to
the people of Konoin include
Personal account which
operates like the conventional
savings account in financial
institutions with minimum
account operating balance of
Kshs.500, very convenient to
process member payment and
loans.
Personal cheques can also be

The Sacco has continued to perform very well. During the 2019 Kericho County deposited in the account, Salary
Ushirika Day celebrations, the Sacco was feted Position one in Wide Coverage/ can be paid through the account,
Geographical reach, Gender Balancing at the Board Level, in Education and Training enables a member to access a
to Staff, in Loan Deposit Ratio, in Lowest Expenditure to Income Ratio, Position 2 in
wide range of credit facilities,
Best Insured/Risk Management, in Date of ADM cum AGM and in Low Default Rate.
ATM cards will be issued for
Ndege Chai Sacco Hunts for

transacting in this account, Cash
can be accessed at all Visa and
Point of Sales outlets or over the
Savers in Kipkoibet-Konoin
counter and attracts competitive
interest rates.
The Sacco also has Group saving

By Malachi Motano The new Konoin branch now account with the objective
brings their branch networks of providing development-
A
t least Farmers and the to four after others in Kericho, focused/welfare/investment
residents of Kipkoibet Silibwet and Naivasha. groups with an opportunity
in Konoin will no longer to organize monthly/regular
keep their money under their Brian Kipkoech is a farmer in contribution through deposits
mattresses as Ndege chai arrives Konoin, “we appreciate the made and to earn an interest of
with the saving solutions for management and the board funds maintained.
everyone. for the good work that you are
New Office At
doing and offering to farmers, as Kipkoibet in The account is opened by
According to the Sacco small scale farmers. We have felt Konoin Con- members of a registered self-
Chairman Daniel Sang’, it is now the impact that you are making stituency. help/development-focused
up to the people of Konoin to
take advantage of the new office
to enhance their business and
entrepreneurial ventures.
“Our marketing team is currently

engaging with the farmers and
residents of Konoin regarding
our services. We therefore ask
the residents of Konoin to take
advantage of the new office to
enhance their business and
entrepreneurial ventures,” says
the Chairman

OUTREACH
Last but not least among

the saving products is Akiba
account, a savings facility that
takes care of investment plans
with a conveniently short term
to medium term investment
arrangement.
On the Loan products, the Sacco

has Boda boda loan whose
features include product to be
insured, repayment period is
18 months, interest rate is 14%
p.a.-reducing balance, has to
be guaranteed by 4 guarantors,
logbook to be retained by the
financier until clearance of the
loan, loan to be classified as asset
finance, member to contribute
Kshs 15,000 of the cost of the
group and only requires sized photograph for each of the Ndege Chai motorcycle and motorbikes will
minimum balance of Ksh 500, applicants. Sacco has a be disbursed on first come first
minimum balance of Ksh 10,000 Boda Boda served basis.
starts attracting an interest, if in Other saving product of the Loan.
fixed deposit account-negotiable Sacco are Children account The Sacco also has seasonal
interest depending on amount where members are encouraged advance, special advance a
and period is possible, Group to open this account for their product which facilitates the
members who must be account children to instill a saving payment of salary advances
holders have access to credit culture for kids when they are when a member presents a
facilities and two passport sized still young, Christmas/holiday postdated Cheque, Salary
colored photographs of officials/ account to enable members take advance, additional loan
signatories or the passport-sized time off work to relax and savour which is simply refinancing
photos of signatories taken at life. loan product. The loan facility
FOSA during account opening. is like a top up that facilitates
A member can start a Holiday completion of an ongoing
Opening the account also Savings Plan with the Sacco. project/investment or can start
requires one to have copies of Christmas Savings Account also a new project altogether.
signatories’ national identity gives members an opportunity
cards, registration Certificate to treat their selves well after Other loan facilities are
from the Social Services year end. The plan must have emergency loan, to help a
department, and constitution a minimum balance of Kshs. member meet emergency
of the group and minutes of 5,000. Interest is paid into situations that were unforeseen.
the meeting held by the group the account once a year. To Mostly called ‘school fees’
approving the opening of the withdraw from this account a loan by our members, Jipange
account. No monthly charges as member must give a 30 days loan with Online Jipange Loan
well as free standing orders to withdrawal notice. application now on. Members
the Account for Sacco members. advised to ensure they are
Still among the saving products registered in the M-Ndege
The Sacco also has Joint account is fixed deposit account for (M-Banking) platform.
which is a savings scheme members with liquid cash
for spouses or partners who which they do not intend to Winding up the loan facilities are
have mutually agreed to make use in the near future or have Maziwa loan and Normal loan
deposits in a joint account. money for a long term project which is basically a development
The partners should apply for are encouraged to fix it in this loan product meant to assist a
the account indicating their account to earn an attractive member initiate and finance
names, copies of their national interest instead of keeping it development projects.
identity cards and a passport- idle.

UPDATE
Embu Farmers want the President to order

fresh inquiry into troubled coffee societies
By Malachi Motano
C
offee farmers in Embu
now want President Uhuru
Kenyatta to intervene and
order a fresh and incisive inquiry
into not only New Kyeni but all
troubled coffee societies, accusing
the commissioner of cooperatives
for doing a shoddy job.
According to the farmers, the

recent inquiry by the Commission
released in September 2019
absolved the management from
malpractices.
The report says the allegations

raised had no merit, the
complaints were without facts,
and the complainants “dishonest
and untrustworthy.” George Nyaga, Weru Kirutha and The but he didn’t,” said Kawe.
Erastus Nthiga petitioned the petitioners
The Commissioner authorised National Assembly on behalf of address But the commissioner said, “the
Hesbon Kiura, Principal society members to probe the members of society under the leadership of
Cooperative Officer, Nairobi and society. New Kyeni Charles Kariuki had complied
Lawrence Magaju, the Cooperative Coffee Society with section 28 (6) of the
Auditor Tharaka Nithi, to conduct However, a section of farmers at Kathanjuri Cooperative Societies Act Cap 490
the inquiry after After the the are displeased with the market. and other cooperative legislation,
Kieni East MP Kanini Kega commissioner’s report’s findings as they conducted the business
led committee recommended saying it departed from that of with diligence despite challenges
that the Commissioner of the parliamentary committee facing the sub-sector and which
Cooperatives conducts an inquiry and raised more questions than are beyond their control”.
into the affairs of the society and answers.
the Ethics and Anti-Corruption Farmer John Kathangu accused
Commission to investigate alleged Peaking to the press after the the inquirers of lacking goodwill,
mismanagement of assets and report as launched , the farmers adding that nothing in the report
loss of coffee proceeds at Society. accused the commissioner of shows they visited the coffee
disregarding their concerns about farmers.
Farmers had accused the some of the society’s by-laws
management of the Embu-based which they say are not in tandem He said the inquirers should have
society of various malpractices with the constitution been accompanied by a valuer
and abuse of office, which they . who could tell if there was value
said led growers to uproot their “The composition of the for money in the construction of
coffee. management committee violates an office block by the society.
the two-thirds gender rule as it is
The row escalated to a point dominated by men. “The commissioner has failed
where last year, the Parliamentary to address the concerns of the
Committee on Trade, Industry Whereas the constitution provides farmers. For that reason, we
and Cooperatives launched for public participation, the appeal to President Uhuru
investigations into the complaints by-laws gags members with Kenyatta to intervene and order
raised by the farmers after human production of less than 300kgs an incisive inquiry into not only
rights activist Taratisio Kawe and of coffee. We had hoped the New Kyeni but all troubled coffee
coffee farmers Richard Kinyua, commissioner would address this, societies,” said Kathangu.

UPDATE
Erastus Nthiga, another farmer,

said his complaint that the
management had declared
Saccos board members, staff to
him not a society member even
when his sufficient evidence was
declare wealth before December 31
ignored. By Musalia Wycliffe filled prescribed forms to ECCOS. It is
an offence under Section 32 of Public
S
The commissioner, however, avings and Credit Cooperative Officers Ethics Act, 2003 and Cooperative
concluded the expulsion of Society board members and staff Society Act, section 28 (4) (h) not to
members was a disciplinary action have been directed by the Ministry declare the above information within the
as provided for in the by-laws. of Industry, trade and Cooperatives, prescribed time.
under State Department for Cooperative
Whereas the petitioners had Development, to declare their wealth The Public Officers Ethics Act, 2003
alleged that the management before the end of the year 2019. in section 26 requires Management
could not account for a Sh6.3 Committees and Staff Members of
million debt waiver from the In a letter dated November 12, 2019 Cooperative Societies to declare their
government, the commissioner and addressed to chairpersons of Incomes, Assets and liabilities to the
found out that the (waived) money all cooperatives in the country, the Ethics Commission for Cooperative
referred to funds the society owed Ethics Commission for Cooperatives Societies (ECCOS) after every two years.
to Cooperative Bank of Kenya. want Sacco board members and staff In addition, section 27 requires public
to declare their incomes, assets and officers to make initial declaration within
He added that the individual liabilities. 30 days of ceasing to hold state or public
debts by members under Stabex office.
Funds for farm inputs were not “Ethics Commission for Co-operative
cleared and individual farmers Societies (ECCOS) wishes to notify the Staff and board members are required
are expected to honour their management committees and staff to download the declaration forms from
liabilities. members of Co-operative societies the industrialization department website
to declare their Incomes, Assets and (www.industrialization.go.ke).
The petitioners had also accused
Liabilities before 31st Dec 2019,” read
the management of spending
the letter in part. This comes after reports of cooperative
Sh14 million to construct a storied
society’s failure due to money laundering
building for society headquarters
ECCOS Ag. Secretary David Obonyo in by staff or board members rocked the
whereas members had only
the letter warned Sacco boards against country in 2019.
approved Sh7 million.
failing to uphold the call, saying it will
be an offence. A case in study is the Ekeza Sacco, whose
But the commissioner responded:
“The inquiry confirms that the chairperson Bishop David Kariuki Ngara
procedure for procurement “We expect that by 31st Decembr 2019, aka Gakuyo had squandered more than
of various services, jobs all cooperative society leaders and Sh400 million member deposits and
and implementation of the staff will have submitted their duly savings.
construction work was done
satisfactorily and in compliance
with the law”.
They had also accused the

management misusing funds
leading to low returns for farmer’s
coffee, and failure to account
expenditure and income on the
society’s coffee farm and vehicles,
and that the society was on its
knees.
The commissioner absolved the

management from bringing the
society to its knees saying the
claim was not backed by any
documentary evidence.
Peter Munya, CS Ministry of industrialization, Trade and Cooperatives

CSR
GDC Sacco Takes Free Medical

Camp to Ikinu Residents
By Malachi Motano
M
oments of joy flared
at Ikinu village and its
environs when residents
woke up for a free medical camp
courtesy of GDC saving and credit
cooperative society in partnership
with Holy Rosary Catholic
Dispensary
“Call it corporate social

responsibility or corporate
conscience or corporate
citizenship or responsible business
cum CSR at its best practice from
GDC Sacco, says Irene Kamondo
the marketing manager.
She adds, “At GDC Sacco we

appreciate our members by giving
back to them through Corporate A member of a tank and food stuff to Prayers
Social Responsibility, we stand to Ikinu village Beyond Boundaries (PBB) in Maai “We are a Sacco dedicated
be counted......we endeavour to in Kiambu Mahiu. to Changing and developing
make the future brighter.… and County livelihood. Our Sacco has been
so ask everyone to come and let at the The Sacco remains proud of the growing year after year,” says
us celebrate touching and saving freemedicak continued remarkable growth it Irene Kimondo - GDC marketing
lives. camp has been making year after the manager.
other since its establishment and
organised by
Previously, The Sacco donated registration in the year 2003. Some of the notable growth the
GDC Sacco.
Previously, The Sacco donated a tank and food stuff to Prayers Beyond Boundaries(PBB) in Mai Mahiu.

UPDATE
CSR
Sacco has been making include, rehabilitation and sometimes lost
digital advancement where wages funeral expenses through
members can now access their accidental means.
monies anytime, anywhere
through platforms like Paybill, Other insurance products include
ATM, Diaspora banking, Bonyeza LIVESTOCK COVER, a high risk
mobile banking and Agency business, often involving huge
banking. investment which can be lost due
to unfortunate occurrences, and
Another milestone the Sacco has PERSONAL ACCIDENT COVER
gone is introduction of Biashara which provides compensation
twaeneza “We are now working for death, permanent disability,
with the business members to temporary disability, medical
ensure they prosper through expenses and funeral expenses.
savings and loan products like Residents of
Business loan- up to PTO Kshs. Ikinu village (GDC Insurance to provide) where Another subsidiary of GDC Sacco
500K unsecured, Okolea Product- woke up for we provide insurance services is Pambazuka Housing Coop
short term loan with a repayment free medical that carter for the various needs at Society (Pambazuka to provide) an
period of up to 7days, JI-INUE camp favourable terms and conditions investment company dealing with
(Group loan) enables groups to courtesy of like MOTOR INSURANCE which real estate’s and property which is
grow its members,” says Kamondo GDC Sacco. covers from the risks associated not limited to sale of land and real
with the road, considering you estates.
According to the Marketing have transferred the risk to a third
manager, GDC is a financial party. The investment wing has a vision
organization to recon with. “The of being a real estate provider
Secret to our Success-is that we Its features include a of choice, mission of improving
have a strategic plan in place that Comprehensive Cover which members social economic
guides our growth, keeps us in covers the owner against loss wellbeing by acquisition,
check and is reviewed every year or damage to the vehicle due to development and management
by Directors and Management accidental fire, theft, accident, third of affordable properties through
Team,” she says. party bodily injury or death, third innovation and prudent financial
party property loss or damage. management and a mission of
She says the Sacco is employing all Hakikisho la maisha
possible measures to ensure that it It also has a Third Party Cover –
also remains Competitive among Liability coverage, for the legal GDC Sacco Ltd was established
the peer. responsibility to others for bodily and registered in the year 2003,
injury or property damage and as a Back Office Service Activity
“Through GDC TWAPEPEA, we Personal Accident – coverage, (BOSA) .The society was humbly
have endeavored to be the best at for the cost of treating injuries, started by 428 Members with an
what we do. During the Ushirika initial share capital of Kshs.992,
day national celebrations this 046.00 as at 31st December 2003.
year at the Kenya international
convention Centre (KICC), GDC ...The Secret to our In the year 2006 the Sacco opened
the Front office Service Activity
Sacco emerge position one (1) as
the best in Credit Management Success-is that we (FOSA).
among the agriculture based

Saccos, , position two (2) Best in have a strategic plan The marketing manager maintains
that “the Sacco will continue
in place that guides

Savings Management and position developing products that meet
three(3) among the Best Improved the ever-changing customers’
Sacco in in the agricultural based needs in order to attract and retain
Category,” says Kamondo our growth, keeps customers, continued aggressive
marketing to recruit more
In Kiambu County, GDC emerged
1st position - Best Managed Sacco
us in check and is Members, participate in Women,
and Youth Fund on- lending,
(Large Category) in Deposit
Mobilization.
reviewed every year Mortgage Product. Develop a long
time loan product to ensure that
GDC also extends its strategy to by Directors and we reach the high end Market, with
long loan repayment of between 10
tap more from the market through
GDC Sacco Subsidiaries which Management Team. Years to 15 years. The Sacco is also
considering the opening of more
include GDC Insurance Agency branches in the country,”

UPDATE
Technology Proves Success

QWETU SACCO To Member
LTD Service
Delivery,FAIDA
Inspire Growth Among Saccos -Network
LEO NA KESHO
By Wycliffe Musalia You will receive an alert informing
T
echnological changes have you the application is being
inspired Savings and Credit processed and the loan will be
Cooperative Societies’ growth processed through your Mpesa
and development resulting from account.
improved service delivery.
The maturity period for the loan is
FOSA PRODUCTS
Many Deposit Taking Saccos (DTS) FOSA LOANS one month at the rate of 12% p.a.
have embraced technology to ease
 memberSaving accounts
service delivery, a key  Pre salary advanceNews and Alerts
 milestone
Qwetu supergrowth
in acquiring depositin  Salary advance Members can as well receive
membership and asset base. news and alerts about the Sacco’s
 Qwetu jibambe accounts  Prestige advance development, AGM’s, and success
 SaccoFixed DepositaRates
Times conducted case (FDR)
Sacco member access services  via aOverdraft
mobile phone. on pending
by sending the wordloans
SNSACCO to
study on societies that clinch to SMS short code 20270.
 technology
Totoinwa theirQwetu
day to account
day short code no 20270  Cheques
 Group organization account
activities, and picked up on Network You will receive an alert 
requesting Qwetu
that you inputExpress
a4 The Saccoloanstarted in 1992 with
Sacco’s milestone in this entity and digit pin Kenya Television Network as the
 how itSalary
has achieved processing
its success. and payments  Qwetu Express plus loan
initial employer organization, but
 Pension processing and payments STEP 2: Send the pin starting 
with NSP e.g. SNP1515 has
Qwetu Personal loan since diversified to include
“You can deposit cash to our You will receive a text message with the following many more companies in the
account via mobile money transfer options  Qwetu Plusmedia Loan industry.
(e-banking, pay bill number 400200) SN1 – Share deposit balance (Send NS1 to receive
BOSA
and remit LOANS
the slip or forward the deposit and share balances) MICRO CREDIT It LOANS
has a common and open
 SMS toQwetu
the SACCO…” Development 
SN2 – Your loan balance (Send NS2 to receive principal
Qwetu Biashara
membership across all media
loan
That is the success Network Sacco loan balances with the loan code) houses in Kenya, drawing its
Qwetu
 has been Smart
thriving at to meet theLoan SN3 – Existing loan products (SendQwetu SN3) Kilimo Biashara
members loan(mother-
from Standard
 needsEmergency
and expectations Loan of its SN4 – Deposit to Shares
(Send SN4)
Asset Financing
company), Royal Media, Mediamax
members. SN5 – Make loan repayments (Send SN5) Networ Ltd, Switch media,
 School Fees SN6 – Chap Chap loan (Send SN6)
LPO Financing CCTV Africa and BBC Kenya.
 With Spif Loan
a current asset base of Ksh. SN0 – Log out (Send

SN0)
Qwetu Women
The membership is open to all
Enterprise
210 million, the Sacco embraces professional journalists,loan
reporters,
Qwetudynamics
 technological Superin Loan its 
Deposit to shares and loan repayments Qwetu Youth Enterprise Loanmedia
editors, presenters and other
day to day activities, to ensure Members can as well deposit their loan shares, which practitioners.
that members satisfactions are amount to a minimum of Kes.3, 000. Per
Qwetu
month orSpecial
save Class loan
BOOKSHOP
met as it scale forSERVICES
growth. These more depending on their capability, Qwetu Boda boda
and make loan New members,
(Asset) wholoanshare a
Photocopy
 technological Services
changes include repayments using the following Mobile Money Transfer common bond, can subscribe by
the use of mobile money transfer  Qwetu Microfilling Elimu loanform available
an application
Exercise
 platforms, Books Short steps;
e-banking, Step 1: Go to Lipa na Mpesa  on their website or visiting the
Qwetu Ng’arisha Nyumba loan
 Test Books
Message Service (SMS) codes and Step 2: Paybill No 306396 headquarters at standard Group
News Alerts. Step 3: Account No is your ID office on Mombasa Road. In
 Stationeries future, the Sacco will roll over
 Games items
Upon joining the Sacco, members To make loan repayments, OTHER SERVICESonline application for members
can enjoy and benefit from any
Story
 service Books
Step 1: Go to Lipa Na Mpesa  ATM Services to ease registry services. Currently
or product offered at the Step 2: Paybill No 306396 members can view their statements
comfort of their home using the Step 3: Account No LN followed  by theMobile
loan no e.g.Banking
and loan status using their mobile
technological platforms available to LN0000  Spot Cash handsets.
their mobile phones.
Applying for the chap chap loan  SMS alertsThe technological products offered
For instance, to access data and When applying for a loan product (Chap Chap) a by Network Sacco have laid a great
For More information contact:
information from the Sacco software
and short-term loans, members
member send an SMS asVoi Branch
illustrated here; call 0728 483 398
impact in growth to the society’s
loan book and income. The society
Head Office
send simple Wundanyi
instructions to SMS Step 1: Enter the amount Mwatate Branch
to borrow starting with the call
expects0716
to grow195 625 to
its membership
P. O Box 1186 Wundanyi
short code number 20270, as in the letters SNL e.g SNL3000. Taveta Branch
The maximum amount for the call 0728 483 future,
about 10% in the near 321 with
following illustrations... chap chap loan (at the moment) is Sh.70, 000. the current membership standing
Tell
STEP +254
1: Send the 704word149 234
NS to SMS Njukini Branch call at 550 0700
members.895 513
46 FAIDA LEO NA KESHO

SACCO TIMES | DECEMBER 2019 - JANUARY 2020
QWETU SACCO LTD
FAIDA LEO NA KESHO
FOSA PRODUCTS FOSA LOANS

 Saving accounts  Pre salary advance
 Qwetu super deposit  Salary advance
 Qwetu jibambe accounts  Prestige advance
 Fixed Deposit Rates (FDR)  Overdraft on pending loans
 Toto wa Qwetu account  Cheques
 Group organization account  Qwetu Express loan
 Salary processing and payments  Qwetu Express plus loan
 Pension processing and payments  Qwetu Personal loan
 Qwetu Plus Loan
BOSA LOANS MICRO CREDIT LOANS
 Qwetu Development  Qwetu Biashara loan
 Qwetu Smart Loan  Qwetu Kilimo Biashara loan
 Emergency Loan  Asset Financing
 School Fees  LPO Financing
 Spif Loan  Qwetu Women Enterprise loan
 Qwetu Super Loan  Qwetu Youth Enterprise Loan
 Qwetu Special Class loan
BOOKSHOP SERVICES
 Qwetu Boda boda (Asset) loan
 Photocopy Services
 Qwetu Micro Elimu loan
 Exercise Books
 Qwetu Ng’arisha Nyumba loan
 Test Books
 Stationeries
 Games items OTHER SERVICES
 Story Books  ATM Services
 Mobile Banking
 Spot Cash
 SMS alerts
For More information contact: Voi Branch call 0728 483 398
Head Office Wundanyi Mwatate Branch call 0716 195 625
P. O Box 1186 Wundanyi Taveta Branch call 0728 483 321
Tell +254 704 149 234 Njukini Branch call 0700 895 513
FAIDA LEO NA KESHO DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 47


Sacco Times Issue 026 Final Print PDF

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Sacco Times Issue 026 Final Print PDF

Încărcat de

Drepturi de autor:

Formate disponibile

S

P.O. Box 41364 - 00100, Nairobi

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 1

Stima Shines Kampus Towers, 1st ﬂoor, University Way

CHIEF EXECUTIVE OFFICER

In this 26th edition, our editorial focused on the

Setting the pace is Stima Sacco after it emerged as

4 SACCO TIMES | DECEMBER 2019 - JANUARY 2020

Saccos offering banking services to heed

In November, President Uhuru

The rate cap had imposed

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 5

Stima Shines as the Best Sacco

6 SACCO TIMES | DECEMBER 2019 - JANUARY 2020

The FiRe Award recognizes in-

The FiRe Award has

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 7

Mombasa Port Sacco Urges Members

According to the Chairperson

The Sacco conducted two dinner

The chair noted that MPS has

The chairman assured members

With total membership of at least

8 SACCO TIMES | DECEMBER 2019 - JANUARY 2020

Ondiek also said that the board

The CEO revealed that the

Speaking during the event,

Kenya ports authority managing Prof. Okemwa also urged

He also urged MPS to take “MPS offers products that

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 9

Imarika Sacco To Invest In Technology

“Our target is to move our

10 SACCO TIMES | DECEMBER 2019 - JANUARY 2020

The largest share of the growth

Imarika Sacco chairman

He says every market days in He noted that, the Sacco

“The projected growth in

The finance manager added

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 11

Boresha Sacco Launches a Youth

12 SACCO TIMES | DECEMBER 2019 - JANUARY 2020

Led by Caren Jebet and Thomas

Joseph Kaguru from Africa One

Dorine Rop from National

Mr. Kiptoo said that the

Members and youth who

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 13

The principal challenged youth

“We have various courses

Boresha Sacco is among the

The Sacco is licensed by the

14 SACCO TIMES | DECEMBER 2019 - JANUARY 2020

Safaricom Sacco Introduce SafCiri

The application launched on

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 15

Speaking to the delegates,

16 SACCO TIMES | DECEMBER 2019 - JANUARY 2020

Imarika Sacco Holds ‘Malaika’ Junior Funfair

“Open the Malaika Junior

The account is opened with

Members can withdraw their

DECEMBER 2019 - JANUARY 2020 | SACCO TIMES 17

The board is now calling on