Qwetu SACCO launches new products as it celebrates 57 years of existence

NAIROBI, December 1, 2023 – The Qwetu SACCO in Kenya celebrated its achievements for the last 57 years days ago and launched new products, including the innovative Bakisha Savings Account, which lets members make cash deposits and withdrawals from the comfort of their homes and workplaces.

Talking about the SACCO’s growth over the decades, its board chairman Alfred Mlolwa said: “We possess a growth mindset and this has enabled us to make great progress, as we build strong foundations, we are also leveraging strategic partnerships and technology to drive our growth.”

Quetu SACCO’s seed of success was planted by about 200 visionary teachers who pooled resources together, intending to grow financially and socially. Fifty-seven years on, the SACCO has positively impacted livelihoods and attained significant milestones.

Envisioned to be a competitive and reliable provider of market-driven innovative financial solutions to members and customers, Qwetu SACCO has become a choice financial institution for offering superior financial products, assured investment returns, and excellent customer experience.

Growth

Qwetu SACCO has been making great strides in financial stability and growth, reaching significant milestones in its performance. The Sacco has achieved a remarkable 26.4 percent increase in members’ deposits between June 2022 and June 2023, from Ksh 2.1 billion to Ksh2.7 billion.

The SACCO’s  total assets during the period under review surged by 18.49 percent, hitting Ksh 3.8bln, while the loan portfolio grew by 23.79 percent to reach Ksh 2.95bln. Notably loans recorded a 16.13 percent growth, reaching Ksh 2.33bln. This growth has been accompanied by a substantial increase in the SACCO’s membership base, which now stands at 58,564 and continues to grow.

The SACCO’s remarkable performance has positioned it for even greater growth in the future. The management is optimistic that the total assets will exceed Kshs 4bln by next year, driven by increased lending. With this sustained growth, Qwetu SACCO is well on its way to becoming a leading provider of financial services, benefiting both its members and the community at large.

“I want to thank delegates for the good work they have done in marketing the Sacco, recruiting new members, and continuously providing education to our members,” said Mlolwa.

He said the SACCO is banking on technology to achieve its growth targets and enhance customer satisfaction. The Society has installed a fully functional disaster recovery site, greatly reducing transactional downtimes and improving business continuity plans.

The Society has also tightened cybersecurity by having in place a 24-hour systems uptime and security monitoring of all its infrastructure to flag down unauthorized or malicious access.

All of the SACCO’s branches also have improved network bandwidths, improving efficiency in service delivery and turnaround times.

To boost savings mobilisation, the SACCO has eliminated tedious Pay Bill transactional procedures by improving the format to enable members to use a six-digit account number when depositing using the Pay Bill number 129104.

Mlolwa noted that the SACCO had also changed its governance structure by creating new electoral zones to have diverse members’ representation in the board of directors, including retirees, farmers, county government, business community and security sector, in line with cooperative principles.

“Every sector will be represented by one delegate per sub-county. We will also review some of our by-laws to spur growth and conform with other related laws,” he said.

The SACCO plans to open a branch in Mombasa town next year to serve members efficiently and grow the business.

The SACCO plays a crucial role in the development and growth of the economy and transforming members’ livelihoods, as well as empowering the community through active corporate social responsibility programs and initiatives that add significant value.

Through the Kwetu Foundation, the SACCO has implemented elaborate corporate social responsibility initiatives anchored on three pillars: health, education and environment. The SACCO has sponsored 12 students in colleges and universities.

Source: Co-op News

https://thecooperator.news/kenya-cooperatives-bill-to-re-energise-growth-of-the-sector/

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