Siaya-based Taraji Sacco is set to open a satellite office in Homa Bay County to spur growth in line with its new 2023-2027 strategic plan.
Speaking during the Sacco’s 44th Annual General Meeting (AGM), Sacco chairman Charles Ochieng’ Ngutu revealed that a survey conducted recently established that there was an opportunity for business there.
“After carrying out a market survey in Homa Bay County, we realized that there is a proven potential of new members from ECDE hence opening a branch there will bring services closer to our members,” he stated.
According to the chairman, the main focus of the 2023-2027 Strategic Plan is on resource mobilization, which will be achieved through member recruitment, training and education.
“The plan is deliberately designed to ignite tremendous growth in assets, loans, income and returns to members majorly by exploiting the society’s internal potential while leveraging on deposits mobilization to accumulate funds and boost liquidity,” noted Ngutu.
He observed that the new strategic plan has also been designed to mitigate the risk of delinquency, which will be tackled by addressing default through profiling members joining the society to ensure quality and healthy credit management.
“With the new strategic plan, it is projected that our membership will grow to 10,000 by 2027. Asset base is also expected to grow to Ksh1 billion, loan portfolio will reach Ksh455 million while members’ deposits will reach Ksh675 million. The turnover is expected to reach Ksh96 million in the first year of this strategic plan,” he surmised.
KUSCCO Chief Operating Officer James Ole Kiti, who was the chief guest, noted that the Sacco was on a positive trajectory as all indications pointed to a society with focused management.
“Although we have seen tremendous growth over the years, we still believe that with good strategies put in place, Taraji Sacco should be headed higher than its current state. We need to see it raise its assets and encourage members to save more and take up loans for economic improvement,” said Ole Kiti.
He advised members to use loans wisely on ventures that have the potential to record good profits.
By Erick Nyayiera
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