NAIROBI– Despite a difficult economic environment in the country, Kenya’s Tai SACCO posted an impressive financial performance in the year ended December 31, 2022, posting Ksh 4.1 billion in total assets, its officials say.
According to John Mwangi, the CEO of the SACCO, a good loan book was responsible for the growth of its total assets. “We recorded a growth of 33.8 percent in our loan book to close at Ksh 3.45 billion, which boosted our total assets to Ksh. 4.1 billion at the close of the year,” Mwangi said.
He added: “Tai has remained on an upward trajectory largely because we continue to expand, enabling new members to join the SACCO and conveniently access our services and products.”
The SACCO posted a 14 percent jump in turnover to Ksh 673.9 million last year from Ksh 589.1mln in 2021, driven by increased lending and efficient service delivery.
“The society [SACCO] has made significant strides toward its goal of transforming the lives and enterprises of its members in the midst of tough economic periods, challenging climatic conditions, and rising inflation,” added Peter Mwaura, the SACCO chairman.
“Tai SACCO has extended its reach, growing its agents from 67 in 2021 to 99 by the close of 2022, ensuring customers access services near their homes and workstations, which saw the number of daily transactions, grow immensely. The society also implemented its digital transformation by accelerating the issuance of tills to businesses.”
The financial statement of the SACCO shows members’ deposits grew by 16 percent to 2.8bln in 2022, from Ksh 2.4bln in 2021, while the active membership recorded an 11 percent growth to 89,500 in the year under review from 71,766 in 2021.
Mwaura affirmed the Board’s commitment to strengthening good governance practices by developing and implementing the necessary governance policies and enhancing training and education for staff and members.
“The SACCO will remain innovative while expanding its presence nationally. The increase of Sacco agents and members using digital platforms, the invention of M-Pesa till services, the introduction of new products, and the reengineering of our processes, have been a game-changer, yielding better results,” Mwaura said.
Currently, Tai SACCO has a network of 10 branches in Githunguri, Gatundu, Kamwangi, Kagwe, Kigumo, Ruiru, Thika, Githurai, Kimende, and Nairobi and projecting to open a branch in Nakuru Town in the second quarter of 2023.
This year, the SACCO board of directors announced the payment of interest on deposits [6.5 percent] and dividends on shares [9 percent] amounting to over Ksh128.4mln, a 17.7 percent growth from the previous year.
Speaking during the 31st Annual Delegates Meeting [ADM] held recently at Mariapolis Centre-Kenyatta Road, Mwaura expressed his satisfaction that the SACCO has greatly empowered entrepreneurs to achieve their development goals by offering affordable and accessible loan facilities.
Established in 1992, Tai SACCO draws members from various sectors of the economy, including farmers, the business community, civil servants and pensioners, county employees, salaried in public and private sectors, the transport industry, groups and SMEs, and diaspora.
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