Safaricom Sacco lands Tier One status

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By Munene Maina

Safaricom Sacco has finally bagged the coveted ‘Tier One Sacco status’ ranking by Societies Regulatory Authority (SASRA).
“As we climb towards the top, it gets steeper; however we are optimistic we shall break into the larger Tier deposit-taking Saccos,” said Collins Ogutu, Safaricom Sacco Chairman.
The Sacco closed the fiscal year 2017 with total assets of Sh5.16 billion keeping alive its pursuit to be among top 10 large Sacco’s in Kenya by asset base.
Its progressive improvement in assets growth places the Sacco among top 21 largest Sacco by assets from position 56 in the year 2012 as per a recent SASRA supervisory report.
The Sacco also recorded a 30 per cent growth in revenue to close at over Sh585.1 million compared to Sh448.65 million it generated in the year 2016.
He was addressing the Sacco’s 17th Annual General Meeting (AGM) held at Desmond Tutu conference center on February 17 this year.
According to Sacco CEO, Dr. George Ochiri, the Sacco has implemented a robust Board Charter which introduced election of board members based on skills and AGM acceptance.
“We hope to maintain an energised and resourceful team at the board, as we shift focus to managing team at the secretariat,” said Dr. Ochiri.

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