sacco

The Saccos that dominated performance at County level

By Jackson Okoth Teacher Based Saccos continued to dominate at the Ushirika Awards at the County Ushirika Day celebrations with names like Boresha Sacco, formerly Baringo Teachers, Gusii Mwalimu Sacco in Kisii County, Cosmopolitan Sacco formerly Nakuru Teachers Savings and Credit Co-operative Society Limited featuring prominently. Other notable teacher-based Saccos which swept the trophy cabinet at the counties include Imarika Sacco formerly Kilifi Teachers Sacco, Ng’arisha Sacco, formerly Bungoma Teachers Sacco and Faridi Sacco, formerly Busia Teso Teachers Sacco. In Murang’a County, it was Mentor Sacco formerly Murang’a Teachers, which clinched the Best Overall position in the county. “We collected…

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By Jackson Okoth
Teacher Based Saccos continued to dominate at the Ushirika Awards at the County Ushirika Day celebrations with names like Boresha Sacco, formerly Baringo Teachers, Gusii Mwalimu Sacco in Kisii County, Cosmopolitan Sacco formerly Nakuru Teachers Savings and Credit Co-operative Society Limited featuring prominently.
Other notable teacher-based Saccos which swept the trophy cabinet at the counties include Imarika Sacco formerly Kilifi Teachers Sacco, Ng’arisha Sacco, formerly Bungoma Teachers Sacco and Faridi Sacco, formerly Busia Teso Teachers Sacco.
In Murang’a County, it was Mentor Sacco formerly Murang’a Teachers, which clinched the Best Overall position in the county. “We collected a total of six trophies at the county level in addition to four at the National Ushirika Day celebrations in Nairobi,” said Alex Irungu, CEO Mentor Sacco Society Limited.
Boresha Sacco, formerly Baringo Teachers Sacco, won two trophies at the Baringo County Ushirika Day fete – for Rural Wealth Creation and Best Sacco CEO in the county.
The Society won various trophies and certificates during celebrations in Baringo, UasinGishu, Nandi and Nakuru counties. The Sacco’s CEO Moses Chebor, was awarded for championing rural wealth creation in Baringo County and beyond.
“We also received accolades as most organized Sacco in Eldoret as well as certification in Kapsabet and Nakuru. We have been at the forefront of championing rural wealth creation in areas where we operate, including Eldoret, Kapsabet and Nakuru as well as Baringo,” said Philemon Chebii, Boresha Sacco Marketing Manager.
“Boresha Sacco’s focus has been to mobilize savings and grant affordable credit to Salaried, Biashara and Kilimo Members,” said Moses Chebor, CEO, Boresha Sacco.
Chebor added that the Sacco’s impact in the community is real. “We are determined to continue transforming more members’ lives. We urge them to continue buying shares and patronising the Sacco,” said Chebor
Kimbilio Daima, which scooped third position at the National Ushirika Day Awards in Nairobi as Farmers’ Sacco with the Best Banking Services, also won accolades at the Bomet County fete.
In Elgeyo Marakwet County, Nyaru Express Sacco from Keiyo South Sub-County, scooped four trophies out of the 10 awards competed for at the County Ushirika Day celebrations.
It won first position as Sacco with the Best Audited Accounts, having the Highest Dividend rate and second position in the Most Improved Sacco category.
The Sacco also scooped the Best Manager of the Year award. “We have received these awards owing to our investment to ensure this society is well managed and gives the best returns to members,” said Michael Kipruto.
Ndege Chai Sacco proved its mettle in Kericho County when it won an impressive number of awards across the various categories at the fete. Other top achieving Saccos were Simba Chai, Imarisha and Kenya Highlands.
In the event presided over by Kericho County Deputy Governor Susan Kikwai and the County Commissioner for Co-operatives Leonard Oti at Kericho Primary School, Ndege Chai scooped four awards, a testament to its efficient quality of service to members, management as well as its products.
In Nakuru County, Cosmopolitan Sacco emerged the Best Sacco in the county.Established in 1977 as a teacher-based Sacco with 46 members and known as Nakuru Teachers Savings and Credit Co-operative Society Limited, the Sacco has grown rapidly after rebranding and acquiring a deposit-taking license in 2011.
In Kisii County, those who climbed on the podium to receive trophies included Gusii Mwalimu Sacco, which clinched three trophies while Wakenya Pamoja Sacco and Kisii Youth Bunge Sacco got two trophies each.
Other Saccos that were awarded include Nyaguta Farmers Co-operative Society, Ibacho Farmers Co-operative Society, Mamboleo Dairy Cooperative Society, Ekegima Women and Disabled Sacco and Kisii Town Motorcycle Sacco.
In Mombasa County, Bandari Sacco won the highest number of trophies, including first position in loan service followed by Nyumba Sacco. Transform Sacco was third. Bandari Sacco also emerged the best in education and training followed by Hardware Sacco and Bamburi Wananchi Sacco.Imarika Sacco formerly Kilifi Teachers Sacco, won awards in the category of Best Managed Sacco followed by Lengo and Mariakani Mabati Sacco.Imarika Sacco Society was also declared Sacco with Best Insurance Services.
The giant Ng’arisha Sacco, formerly Bungoma Teachers Sacco, emerged the Best Sacco overall in Bungoma County. The Society also took the trophies for Sacco with Best Saving and Sacco offering the Best Education and Training to members.
Macklins Wamukota, Ng’arisha Sacco CEO, attributed this sterling performance to good corporate governance, proper working relationship between the Sacco and the Bungoma County Government as well as competitive rebates to members on their investments.
“We also have an able board of directors and competent members of staff, working for the Sacco,” said Wamukota in an email response to Sacco Review.
It has been under Wamukota’s watch that Ng’arisha Sacco underwent a rebranding exercise and opened its common bond to include members from the informal sector, which include jua kali artisans, motor bike operators and vegetable vendors among others not in the teaching profession.
Faridi Sacco, formerly known as Busia Teso Teachers Sacco or BUTETE Sacco, carried the day at the Ushirika Day celebrations in Busia County. It won four trophies, including the Governor’s award, Best Sacco, Sacco with the Highest Savings per member and overall Best Managed Sacco in the county.
“We were able to reach this level due to the good relationship between the Board, staff and members of the Society. The Board has been supportive in its policy formulation role which has enabled us achieve all targets as set out in the Society’s strategic plan,” said Cleophas Musundi Masinde, CEO Faridi Sacco.
Faridi Sacco Society Limited was registered on 6th March 1977 vide registration certificate No. 2655 as BusiaTeso Teachers Sacco Society Limited and later re-branded on September 13, 2014 as Faridi Sacco Society Limited
The Society has members who include employees of the Sacco, Ministry of Education, Office of the President, Ministry of Youth Affairs and Sports, Ministry of Special Programmes, KNUT members and other organizations approved by the Board.
To date, the Sacco has experienced substantial growth and now has more than 5,500 members.
In Kakamega County, it was IG (Invest & Grow) Sacco Society Limited (formerly Kakamega Teachers Sacco Society Ltd), which emerged the top.
With offices in Kakamega and Vihiga counties and branches spread across the Western region of Kenya, IG scooped seven out of the 16 categories followed by Western Shuttle Sacco, which got four trophies.
Kirinyaga County-based Bingwa Sacco scooped 7 awards at the National Ushirika Day Gala night held on July 2, 2016 at the Safari Park Hotel, Nairobi.
Bingwa Sacco was the Third Best Managed Co-operative nationally after New Forties and Simba Chai Sacco. It was also the Best Farmers Sacco in terms of Banking Services and Best Insurer, followed in this category by New Forties and K-Unity Sacco. Bingwa Sacco was the Third Best Managed Co-operative nationally after New Forties and Simba Chai Sacco. It was also the Best Farmers Sacco in terms of Banking Services and Best Insurer, followed in this category by New Fortis and K-Unity Sacco.
Overall, Bingwa Sacco was voted the third Best Sacco in Kenya after collecting all 7 trophies at the National event while occupying first position in all categories at the county level.
At the national level, Bingwa Saco clinched first position as Best Managed Rural Sacco in Kenya. It also won trophies in the Best Sacco in Education and Training, Best Insured, second position in Farmers Sacco with the Highest Dividend and Farmer Sacco with the lowest expenditure. It also won a trophy as Farmers Sacco with the Best Credit Management.
“We have won all these awards as a result of numerous factors including having a large number of members, now estimated at over 130,000. Bingwa Sacco has always been keen on providing good customer care services, has a transparent, honest and accountable management and staff and has a wide network of branches which has allowed us to be more efficient in providing competitive products to our members,” said Jane Mugo, CEO Bingwa Sacco Society Limited.
Available figures indicate that the Sacco has so far disbursed loans amounting to Sh12 billion to members since its establishment, has an asset base of Sh 3.5 billion and has now networked all its branches, 18 enabling a member to transact business from any.
“We have a professional and competent staff, efficient credit management system and provide a good return on investment by our members. We have also received adequate support from the county government which has given us the responsibility of collecting its revenues. Bingwa Sacco also offers members a platform to air their views and offers a one stop shop for all products needed by our members,” said Mugo. She added that Bingwa Sacco has an investment wing

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