Keystone DT SACCO has trained its focus on opening a new satellite office in Homa Bay after it realized high demand for its services in the area even as it plans to move to a new office in Kisumu due to increase in demand for space.
Speaking during the SACCO Annual General Meeting at the National Museums of Kenya Kisumu branch, Chairman Esau Nyambok noted that they were able to recruit 500 new members in the area during a recent awareness campaign.
The decision was backed up by the improved performance of the SACCO with its asset base growing from Ksh 1.15 billion in 2021 to Ksh 1.22 billion in 2022.
Mr. Nyambok said that the loan portfolio registered an increase of Ksh 103 million from Ksh 545 million in 2021 to Ksh 648 million in 2022.
“Loan disbursement is our key business and this increase is clear indication that the SACCO is headed in the right direction,” he said.
He added that the SACCO’s share capital rose to Ksh 422 million from Ksh 344 million in 2021 while member deposits grew to Ksh 655 million from Ksh 645 million, an increase of Ksh 20 million.
The society membership also rose from 7,816 in 2021 to 8,282 in 2022 with the SACCO planning to ensure every member achieves the minimum share capital as stipulated in the by-laws.
The SACCO boss said they have introduced new products and developed an App available on the Google Playstore for provision of services efficiently and to appeal to the potential youth demographic.
He said the new packages include Ufanisi whose loans target salary earners with a minimum of Ksh 10,000 and maximum of Ksh 5 million and a maximum repayment period of 60 months.
The Chairman said that the product will reorganize members’ FOSA accounts and improve the ability to take loans.
Mr. Nyambok said they have also introduced Fanikisha Loan targeting Early Childhood Development (ECD) teachers and offered as BOSA going for a maximum period of 72 months. Applicants can apply from a minimum of Ksh 10,000 to a maximum of Ksh 10 million.
Another product is the Christmas/Holiday Savings Accounts with minimum savings balance of Ksh 1,000 and minimum interest-earning balance of Ksh 3,000.
The last product is the Elimu/Education for school fees savings.
Chief Executive Officer Allan Kawa said that they are eyeing partnerships with other Saccos and financial institutions to develop products for various markets especially Micro, Small and Medium Enterprises (MSMEs).
Also in attendance was SASRA Chairman Jack Ranguma.
By Fredrick Odiero
Get more stories from our website: Sacco Review
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates.