By Kasembeli Albert
Worth Noting:
- The disclosure was made by Sacco Chairman Mr. Kennedy Keya who also disclosed that last year, the loan portfolio increased to KSh12.3 billion from KSh10.5 billion in 2023.
- Keya observed that the Sacco asset base grew as a result of continuous contribution in share capital and other monthly subscriptions to Non-withdrawable deposits as guided by the strategic plan.
- According to the chairman’s report, the loan portfolio increased to 17 per cent due to high uptake of loans facilitated by continuous review of credit policy that has enabled members to access more affordable credit.
- Credit disbursed as at December 2024 increased by KSh1.8 billion to KSh10,426,139,748 from KSh8,668,042,464.
Invest and Grow (IG) Sacco held its 48th Annual Delegates Meeting last week where members were informed it has registered significant assets growth due digital transformation.
The meeting, held in Kakamega on Friday was told that the initiative had greatly improved its financial performance for the year 2024.
During the event, the Sacco declared a dividend rate of 17 per cent on share capital, 15 per cent on investment and 12.2 per cent on Non-withdrawable savings.
The dividends can be accessed through various platforms starting as part of their E-Dividend Advance 2024 initiative.
At the same time, members were informed that the Sacco assets grew from KSh14.1 billion in 2023 to KSh14.6 billion last year, realizing a positive variance of 4 per cent which is equal to about KSh565 million. The Sacco’s income increased to KSh1.99 billion last year compared to KSh1.91 billion in the previous year, which is a positive variance of 4 per cent that translates to about KSh83 million.
The disclosure was made by Sacco Chairman Mr. Kennedy Keya who also disclosed that last year, the loan portfolio increased to KSh12.3 billion from KSh10.5 billion in 2023.
Keya observed that the Sacco asset base grew as a result of continuous contribution in share capital and other monthly subscriptions to Non-withdrawable deposits as guided by the strategic plan.
According to the chairman’s report, the loan portfolio increased to 17 per cent due to high uptake of loans facilitated by continuous review of credit policy that has enabled members to access more affordable credit.
Credit disbursed as at December 2024 increased by KSh1.8 billion to KSh10,426,139,748 from KSh8,668,042,464.
IG Sacco is a SASRA licensed Tier One Deposit-Taking Sacco with an Asset Base of over KSh14 billion as at December 31, 2024.
The Chairman’s report further divulged that the Sacco realized a growth in investment-based loans by 16 per cent compared to last and income-based loans increased by 24 per cent.
Generally, credit disbursed increased by 20 per cent.
He called on members to be its good ambassadors saying, “We have an active membership of 28,796 out of which 16,623 are FOSA salary earners. We still have a great potential to recruit more members to channel their salaries through FOSA to leverage on a wide range of FOSA products such as 24 month E FOSA – Loan at KSh75, 000.”
The Sacco also launched member loyalty programs and incentives that encourage long-term saving and investing within the Sacco, which included Super Savers workshop held at Royal Swiss Hotel in Kisumu, and Nyota Ndogo Funfair held at Golf Hotel Kakamega.
In recognition of the importance of Education, Training and information to members in line with the Co-operatives principles, the Sacco is currently carrying out members’ education program across thirty-four venues within Kakamega, Vihiga and its neighbouring counties.
“We aim to achieve our Strategic plan of training at least 75 per cent of our membership. We look forward to continuing with sensitization programs geared towards members’ empowerment,” reported the chairman.
In accordance with its Strategic Plan (2023 – 2027), the Sacco plans to set up branches in Bungoma, Busia and satellite offices in Kisumu and Siaya to bring services closer to members.
The Sacco continues to digitise its operations to enhance employees’ work processes and enable members’ access to services seamlessly.
Already, the chairman divulged, the Sacco has successfully implemented its Sacco Core Banking System, Electronic Data Management system (EDMS), Customer Relationship System (CRM), IG Sacco Mobile APP, Call Centre, E-Guratorship and Digitization of loan products.
Mr Keya said he was optimistic these technological advancements will enhance employee experience and members relations in achieving optimum productivity.
One of the most significant developments by the Sacco last year was the growth of its digital lending platform. The introduction of digital lending has proven to be a great success, and the volume of loans disbursed through this channel has contributed to the growth of its loan book significantly.
IG Sacco was formed in 1977 and registered as a Co-operative Society, with a total membership of 115. Through visionary leadership, committed members and staff, the Sacco has undergone tremendous transformation and developed its rich history over the years.
In line with its growth and expansion strategy, the Sacco rebranded from Kakamega Teachers Sacco Ltd, KATECO to IG Sacco Ltd in 2015 adopting a strong, bold, stable and superior brand.
IG comes with a new re-energised spirit of diligent service with a special touch to her members and society.
Felix Njenga