Bandari Sacco records over one billion turnover


May 31, 2017

By Wesley Ken.

Mombasa-based Bandari Sacco Society Limited was the first Sacco in the Coast region to register its books of accounts with the Sacco Societies Regulatory Authority (SASRA), a sign of changing fortunes and management in the Society.
In order to achieve a solid growth, Bandari opened a common bond to include employees of Kenya Ferry Services,Kenya Maritime Authority and Bandari College, businesses operating within the Port, the Mombasa County and introduced various products that suits them in the FOSA.
Through the years, the Sacco has been able to retain her members in the wake of stiff competition from commercial banks majorly due to innovation and being proactive.During the ADM ,the management announced the dividend payment of 20 per cent on share capital,11 percent on interest on deposits emerging one of the best dividend paying Sacco nationally .
Ministry official Mr Nelak Tenai commended the management of the Sacco in streamlining its operations within a short time noting that the Sacco had not borrowed from the commercial banks.
With change of governance towards the end of the year 2016, Bandari remains one of the well managed Saccos in Mombasa County, faithful to her established purpose of promoting the welfare and economic interests of her members in accordance with the co-operative principles and values.
The Sacco has diversified its activities from the Over traditional Back Office Services Activity (BOSA) to Front Office Service Activity (FOSA) and currently Micro Credit Activity.
This has enabled members to access banking services at reasonable and affordable rates.
All through, Bandari Sacco has been able to change management smoothly without affecting her service provision to members. The Sacco has also been able to successfully roll out Visa-branded ATM services to her members among many other products.
The Sacco has continued on a steady modernisation path and now has a Mobile Banking platform that enables it to provide better customer experience and efficiency.
Its operations have been strengthened through digitization, product innovation and enhanced relationship management in line with its customer service charter.
Bandari Sacco is a recognized and respected brand in Kenya and within the region. Its awards include First runners up –Mombasa Business awards December 2016.
The Society is a trusted brand with an asset base of Sh7 billion.
It has also received awards for 3rd Best Capitalized Sacco in Kenya that offers a wide range of affordable loan and savings products backed by a personal financial management and follow up plan.
This plan received an award for Best Diversification in Financial Services in Mombasa County. Other awards include: Sacco with 2nd best loan service in Kenya and 2nd highest dividend payer in Kenya.
Bandari Sacco has dedicated relationship managers and partnerships that expose them to networking opportunities.
It routinely organises Chama investment summits- forums that provide training for investment group members on personal financial management techniques and responsible investment strategies for their group initiatives. This provides an opportunity for information exchange and knowledge sharing.
The Sacco also organises Dau Junior parties – a Kids’ Fun Day that brings together all the Bandari Sacco junior account holders and reinforces the value of saving at an early age.
Other benefits to Dau Junior account holders include a birthday cake and a 50 per cent discount voucher to Wild waters amusement park which promises great fun at low cost.
Bandari Sacco Holiday Savings account comes with a negotiated package that offers a 12 day affordable trip to historic religious sites in Egypt, Israel and Mecca among others; Empowerment package that offers one peace of mind and competitive interest rates on loans.
Its Flagship products include the Landlords Account: a safe vehicle for rent collection at no extra charge and an opportunity for landlords to save and build more property.
In giving back to the community, Bandari Sacco operates though CSR programmes that are critical in enhancing brand awareness.
To this end, the Sacco seeks to support high impact community social partnership programmes that resonate well in the market.

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