East Africa

SACCO awarded for excellence in governance

NAIROBI-Kenya Highlands Deposit Taking SACCO [Kenya Highlands DT SACCO ]was days ago voted the most improved organisation as it bagged an award during the 2022 edition of the Champions of Governance [COG] Awards.

According to Kenya’s Co-op News, the SACCO has consistently featured prominently in the awards for excellence in governance, highlighting its leadership and management commitment to adhere to good corporate governance.

The COG Award points to the society’s efforts to maintain the highest standards of practice of good governance, in line with its mission of mobilising resources to meet customers’ needs entirely and its vision of being a preferred dynamic financial provider to customers and the community.

The SACCO was recognised for its innovations, which support good governance and enhance service delivery. COG Awards is organised by the Institute of Certified Public Secretaries of Kenya [ICPSK].

The Award aims at promoting practices in good governance by recognising of practice and application of good governance in both the public and private sector entities.

Since its establishment in 1991, Kenya Highlands DT SACCO has continued to record tremendous growth and financial performance to stand tall in thriving Kenya’s cooperative movement winning national recognition and awards.

Of recent, the SACCO’s outstanding performance has seen take home trophies and certificates for being the best-managed agricultural-based Sacco countrywide and the second-most efficient society nationwide.

With over Ksh3.5 billion in total assets, the Sacco is among the top-ranking Co-operative Societies. It is licensed and regulated by the SACCO Societies Regulatory Authority [SASRA].

Its upward growth trajectory has remained steady, with members receiving attractive annual investment returns. The SACCO has also leveraged on technology to improve service delivery while offering relevant, reliable, and convenient banking solutions.

The SACCO is about to commence the construction of its new Kericho Town Plaza next year.

Speaking recently during a special delegates meeting, the SACCO chairman Richard Mutai said they had started the process of putting up the plaza, having had all relevant authorities approve the construction. “We are working on the technical aspect as we expect the project to start early next year,” he said.

The multi-million project will enhance the SACCO’s brand and ensure members get better services and banking experience.

The chairman told delegates they had finalized the 2023-2028 strategic plan, which envisages growth of total assets and annual revenue to Ksh 10bln and Ksh 1.8bln, respectively, in the next five years.

Despite the tough economic times, the SACCO maintained steady growth in the last eight months of the year with a 10 percent growth in membership or an impressive 10,178 new entrants.

By the end of August last year, the Sacco had disbursed Ksh 2.35bln in loans and advances to members. It Society also opened two satellite marketing offices in Kiptagich in Olenguruone and Kaptumo in Nandi, which have shown tremendous growth in membership and business. “We are considering upgrading them to fully-fledged branches, which is viable according to a feasibility study we had conducted,” said Mutai.


Source: Co-op News

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