Why Tai Sacco won Champions of Governance Award

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Mar 24, 2017
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By Munene Maina.

Tai Sacco Society Limited won the Most Consistent Organization in the Co-operatives category during the recently held Champions of Governance (COG) Awards, organized by the Institute of Certified Public Secretaries of Kenya (ICPSK). This was at the ICPSK COG AWARD Gala night held on November 4th, 2016 in Nairobi.
“This is a big honour for our Sacco, an achievement we are proud of. It gives confidence to our members that we are headed in the right direction,” said John Mwangi, Tai Sacco’s Chief Executive Officer.
He said the Tai Sacco’s Board of Directors and management ensured that the Society adhered to best corporate governance practices, professionalism and integrity.
“We carry out business above board and in a transparent manner,” said Mwangi.
He added that Tai Sacco ensures all Board of directors are duly selected, trained and inducted. The Board also meets regularly to deliberate on important Sacco issues. The Sacco has established several committees that assist the Board in providing leadership and good corporate governance.
“We educate our members in all matters concerning the Sacco and whatever is taking place within the wider Co-operative sector. This is why they are able to actively participate in annual delegates meetings and make significant contributions. Members are the highest organ in the Sacco’s decision making process,” said Mwangi.
He pointed out that there are no wrangles within Tai Sacco due to its able leadership. The Board is made up of well-educated and visionary directors with vast experience in financial and business matters.
Mwangi said Tai Sacco’s books of accounts are audited by SASRA and approved external auditors.To ensure members get quality service delivery, Tai Sacco trains its staff on customer service. This has made it possible for members to establish trust with the Sacco management and staff.
“We have an open door policy that ensures members have easy access to managers of the Sacco whenever they have issues to be sorted,” said Mwangi. The Sacco has restructured its operations to reflect good corporate governance practices.
“We have also experienced rapid growth and thus created more departments to make our operations much more efficient and effective,” said Mwangi.
At Tai Sacco, members receive frequent updates on their mobile phones via texts messages while others use the company’s website and social media platforms to get latest information about the Society.
It also offers personalized bank cheques and ATM services and has also launched Point of Sales terminals.
“We are currently upgrading the society’s Management Information Systems to improve efficiency. We will soon list with a Credit Reference Bureau to help as deal with loan defaulters,” said Mwangi.
In the last financial year, Tai Sacco gave Sh 988 million in loans and advances to members.
The Sacco’s membership grew to more than 45,000 while the Share Capital rose to Sh 207 million. The Sacco recorded a growth of 30.43 per cent.
Tai Sacco with its headquaters in Githunguri town, Kiambu County now has a total of 8 branches after opening up a new one at Githurai. It plans to open up more branches, improve its loan book and grow deposits to Sh 3 billion while also recruiting more members. “This is the Sacco’s Strategic Plan which we intend to follow religiously,” said Mwangi

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