Chai SACCO has celebrated 50 years since it started its operations of empowering its members economically, socially, and promoting financial inclusion.
Some of the most recent milestones the SACCO has achieved are the investment and introduction of financial products and services. They include credit, savings, loans and insurance solutions that have resulted in the growth of its membership base and improved financial performance of SACCO for the period ending 2022.
While gracing the celebrations, Cabinet Secretary State Department for Cooperatives Principal Secretary Patrick Kiburi Kilemi said, “I am delighted to be part of this important occasion when you are celebrating your Golden Jubilee as well as the awarding of Quality Management System (QMS)- ISO 9001-2005 certification. The Ministry will continue to strengthen commodity co-operatives to carry out value addition with their view to increasing their competitiveness and returns to members.”
Speaking during the celebrations and commenting on the financial performance of the SACCO, Chai SACCO Chairman Boniface Ayub said, “As we mark the 50th anniversary, the SACCO has achieved remarkable success in its financial operations. We have recorded a growth of 8.7 per cent in 2022 compared to 7.5% in 2021, with the total assets growing from Ksh. 4.3 billion to close at Ksh. 4.7 billion. Our revenue increased by 14.2 per cent from Kshs 634million to Ksh.725million. These are good projections and a golden ticket to chat the path forward. We continue to implement our strategic plan which is anchored on technology and new innovations. I’m proud to mention that we have been able to achieve all our ratios, particularly, the institutional capital ratio which was below the threshold of 8%.”
Mr Ayub disclosed that the Chai SACCO has a strong membership base with the Society recording an active membership growth of 27.9 per cent from 25,945 members in 2021, closing at 33,184 members in 2022. He noted that the results are attributed to a new recruitment drive, activation of dormant accounts and review of membership policy to include transactions such as deposits, shares and saving; and loan repayment in determining dominant membership. He disclosed that the execution of these initiatives led to the reduction of the dormant members from 9,131 to 707.