By Wesley Ken.
Solution Sacco Limited reported exponential growth in the year ended 31st December, 2016. This is amid challenges and stiff competition in the Financial Environment.
This impressive performance is a culmination of prudent management, provision of market driven products, seminars, excellent customer service and rigorous marketing.
Total assets shot up from about Sh2.9 billion in 2015 to Sh3.4 billion in 2016, reflecting a 16 per cent rise. Total revenue increased by 26 per cent, from KSh.456 million to about KSh.573 million.
The Sacco also saw its share capital improve to Sh131 million in 2016, up from Sh116 million in 2015. Dividend rate on members’ shares went up by 25 per cent, from 12% in 2015 to 15% in 2016.
Speaking during the 2017 Annual General Meeting (AGM) held at Kamunde Hall – Meru town, the Sacco chairman, Mr. Peter Karemanu urged members to save with the Sacco, highlighting the vital role that savings play in the day-to-day business of the Sacco, and in subsequent better service delivery to the members.
“We can only ensure that our members get affordable credit/loans and advances if you all bank with us,” he added.
He further said that, it’s very convinient to operate transactional accounts with SSL because one can access his/her money any time anywhere using the Sacco’s platforms of Spot-Cash and Visa branded ATM cards (Sacco-Link).
As a pace setter in Africa, Solution Sacco pioneered the installation of its own ATMs. Now, just like commercial banks, the Sacco has embraced agency banking. It is up and running and members can enquire at any of the Sacco’s branch offices on how they can enjoy the services.
Karemanu further praised the members for their spirited participation in the recently concluded Imarika Na Solution promotion which sought to raise Sh250 million, saying the Sacco is still floating the shares in the market.
“This is a worth investment, with each share attracting a 15 per cent dividend. You can increase your shares by making cash deposits, cheque deposits, standing orders and direct deposits” he said.
In his remarks, Mr Daniel Marete, the Sacco CEO urged members to increase their savings in the Sacco so as to obtain loans as well as increase their shares to earn more dividends.
“We are not only about giving out loans to members. We also have other financial products and fixed accounts where members can also put in their money and get returns that will assist them even after retirement,” he said.
SSL continues to expand not only from within but beyond Kenya. As per the 2014-2019 Strategic Plan period, the Sacco plans to launch new branches in Tigania East (Mikinduri Town), Tigania East (Muriri), Imenti South (Igoji) and Meru Central (Githongo).
Plans are also underway for the opening of branches in Kitui, Laikipia, Marsabit and Samburu counties and other counties in the country.
A satellite office has already been opened in Kitui town. SSL plans to complete a feasibility study and then open up more branches in order to tap into new businesses in these areas and improve the Sacco’s profitability.