East Africa

Qwetu Sacco now has own home

VOI-Qwetu Sacco has turned a new page as an important sector player by launching the new Qwetu Sacco Plaza in the heart of Voi town, a key milestone in their quest to become a critical financial solution provider in the coastal region and the country at large.

Now, its more than 50,000 members will access services more convenience within the precincts of the head office as all services will be converged in the premise located within the Central Business District [CBD].

Moving the head office from Wundanyi to Voi marks a major achievement in the Sacco’s march towards improved customer service and experience.

Its expenditure will now reduce drastically, significantly boosting the Society’s liquidity and profitability.

Besides, this is a great boost for the marketing and public relations departments as the new location will improve its outreach campaigns and strategies around Taita-Taveta County.

Effectively, the Sacco has moved its headquarters to Voi from Wundanyi, which will now be a sub-county branch.

The move signals a major development for a Sacco that has been growing steadily over the years, and currently planning to expand its services to other parts of the Coastal region.

Founded in 1968, their journey has been replete with challenges; from operating in rental offices to moving from town to town. It is a resounding proof of resilience, one of the overriding attributes of the Cooperative movement.

Besides Wundanyi and now Voi, Qwetu Sacco has branches in Mwatate and Taveta.

Addressing guests and Sacco staff during the official opening of the new branch, Sacco chairman Alfred Mlolwa lauded members for being patient during the construction of the plaza.

Operating from their new office premises, he noted, would be more prudential as it would save the funds previously used for paying rent.

“I wish to thank our members for being very patient as we struggled to put up this magnificent building. From now on, our members will enjoy services from these modern and spacious offices,” said Mlolwa.

The Sacco chairman said new government funds, such as the Hustler Fund, which is meant to uplift SMEs and low income bracket businesses, should be channeled through Qwetu Sacco.

“We have diverse and elaborate products catering for youth, women groups, boda boda operators, and the like. The Hustler Fund can be a major boost to our clients if channeled through our Sacco,” he said.

Mlolwa pointed out that Qwetu had upgraded its systems into modern ICT facilities where clients can access services even from the comfort of their homes.

“Upgrading ICT facilities is crucial in any financial institution as it ensures fast, seamless and secure services. I am proud to say that Qwetu Sacco has not been left behind in this new development,” he said.

He called upon financial institutions to tone down on the ferocious cut-throat competition, which he said could be counterproductive in the long run.

“The area our building is located is like the treasury squares in other big towns since all major banking institutions have branches within this vicinity. Our role should thus be to complement each other, not compete unfairly,” said Mlolwa.

The guest of honour and Taita-Taveta ACK Diocese Bishop Liverson Mngonda challenged investors and county residents to embrace a saving culture to secure their future.

“Most people suffer during old age because they failed to embrace a saving culture during their working years,” said Mngonda.

According to the Sacco Supervision Annual Report, 2021, Qwetu Sacco’s asset base was Ksh 2.82bln with a deposit portfolio of Ksh 1.93bln at the close of 2021.

Its loan book was estimated at Ksh 2.15bln while income was approximately Ksh 460 million during the period under review.

Source: Sacco Review


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