By Our Reporter
Asili Sacco has maintained a steady growth in membership, members’ deposit and asset base to stand out among fast growing co-operative societies in the country.
The Sacco shrugged off harsh economic realities in the financial year 2017 to post impressive financial performance.
Its total asset base increased to over Sh 2.227 billion from Sh 1.96 billion in the year 2016 while loan to members grew to Sh 1.33 billion.
Members deposit rose to Sh 1.54 billion from Sh 1.42 billion the previous year. The share capital also recorded growth to hit over Sh180 million. The Sacco membership is more than 11,000 currently.
The society was established in 1972 and registered under the Cooperative Society Act Cap 490.
Currently the common bond has been open to accomodate people from a wide range of proffessional background.
The Sacco is among the few deposit taking societies that operate both BOSA and FOSA.
Being a Deposit taking Sacco, it is licensed and regulated by Sacco Societies Regulatory Authority (SASRA).
The Sacco leadership structure is well formulated to ensure prudence in its management. The Sacco is one of the most compliant institutions, governed by relevant laws and regulations as stipulated by the Sacco Movement laws in Kenya. It has seven-member Board of Directors, three Supervisory Committee members and adequate staff members.
Asili Sacco is the only financial institution operating in Muhuru Bay, Migori County. Our mission is to continuously mobilize member’s savings for provision of sustainable competitive financial services by using appropriate technology while adhering to cooperative principles for benefit of shareholders.
The long term goal is guided by the vision which states “to be the preferred Sacco in provision of quality services and shareholders benefits”.
The deposit-taking Sacco has its membership spread countrywide and abroad.
The Sacco was the pioneer institution in providing members with Sacco Link ATM Cards. It recently introduced Electronic Fund Transfer (EFT), salary processing in partnership with Co-operative Bank of Kenya.
To maintain its growth, the Sacco is set to launch more innovative products and services to members.
Asili Sacco has embraced technology such as use of Microsoft Navision in core banking system and M-ASILI, a mobile platform enabling members to access their money via phone and at their own convenience.
The top class Sacco is a one-stop financial shop and solution provider to its members needs. “When searching for a financial institution as stated by our motto: “Our Sacco, Our Future”, Asili would be the right institution to join” he said. Speaking during the Sacco’s 2018 Annual Delegates Meeting, the National Chairman, Mr Evans Kegode Aluda noted that a difficult operating period in the year 2017 did not deter the Sacco from recording tremendous growth.
Mr Aluda said the Board of Directors remained committed to corporate governance best practices and they were able to manage risks, opportunity and maintain good results.
“Strong governance and transparent reporting are critical to long term creation of value for the society,” he said.
To enhance service delivery, the Sacco has continuously invested in technology through strengthening of cyber security, stabilising Sacco internet connectivity and upgrading the website.
Mr Aluda encouraged members to patronise Fosa products and services to boost Sacco business.
The Sacco paid members dividend at a rate of 10 per cent on share capital.
The Sacco members also agreed on construction of Asili Towers to ensure adequate office space.
“The society has a wide range of quality products and services that are responsive to the modern day customer and market enabling members get effective and efficient services,” said the Chief Executive Officer, Grace Alinyo.
The CEO affirmed all members are accorded an equal opportunity when accessing services from the society without discrimination or favour. The Sacco has lined up several members education and training seasons this year.
She said the Sacco has embarked on an aggressive campaign to boost membership numbers as well as investing in appropriate ICT to modernise operations and keep abreast with changing technological advances.
“We strive to improve speed and delivery of our services, maintain high standards of governance and good practices,” said Miss Alinyo.On Corporate Social Responsibility, Asili Sacco has continued to sponsor the Young Dragon Karate club since 2015.
The organisation is composed of kids from slums in Thika town, some who are orphans and less fortunate.