7 minute read
With a rising asset base, Kimisitu Sacco eyes sturdy growth
from Issue 39
From Left Hon. Sec. Mr. Ronald Mujete, Vice Chair
Mr. Philip Mutisya, Chairman Mr. Philip Oyuko,
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Commissioner of Cooperatives Mr. David Obonyo, CEO Kimisitu Sacco Board of Directors, Chief Guest, CEO and
Mr. Lwanga Mbeche, and Sub-County Cooperatives Sub-County Cooperatives Representatives Mr. Mwang pose Representative Mr. Mwangi for a photo during the event.
By Kenneth Ochieng
In a world of evolving paradigms, Kimisitu SACCO is inspired by the call to develop and retain the next generation on share capital and increased interest on deposits to 8.5 percent from 8 percent. The Chief Guest, the Commissioner of the cooperative sector seeking to improve the livelihoods of members of the public,” said Mr. Obonyo. He highlighted the SACCO’s contribution to the membership of savers through building connections among members while promoting savings. Speaking during the SACCO’s 37th Annual General Meeting at the Bomas of Kenya, Nairobi, the SACCO chairman Mr. Phillip Isaac Oyuko stated that Kimisitu SACCO is indeed a success story. “I wish to thank you for giving me this great opportunity to serve you over the last six years. I am proud of the achievements we have made particularly since I became chairperson in 2017,” said Mr. Oyuko The society is celebrating income of KSh. 988 million, translating to 11.6 percent growth from the KSh. 886 million realized in 2020. The latest annual disclosures show the ISO 9001:2015 certified society’s asset base hit KSh8.57 billion in 2021 up from KSh7.66 billion in 2020. Since 2018 the asset base has grown by over KSh2 billion. Loans and advances expanded by 10.4 percent to KSh6.11 billion compared to KSh5.53 billion in 2020, as members’ deposits increased by 7.3 percent to KSh6.34 billion. Mr. Oyuko noted that the SACCO is not only proud of the remarkable growth, but also the steady increase in revenue recorded in the last six years, which is a pointer to good returns to the savers in the future. In the trading year 2021, the board has maintained a dividend rate of 15 percent Cooperatives, Mr. David Obonyo, reiterated that Kimisitu SACCO is no ordinary cooperative, but a domineering entity with an enviable track record. “Kimisitu SACCO is one of the key players in base of the cooperative movement with a 7.4 percent growth from 8,437 members in 2020 to 9,058 members in the year ended 2021. Facts about the Loan: Facts about the Loan: 1. Mobile Loan 1. Mobile Loan 2. Issued Up-to 300K instantly 2. Issued Up-to 300K instantly 3. Accessible to all members 3. Accessible to all members 4. Through KIMISITU Money 4. Through KIMISITU Money App and USSD *503# App and USSD *503#
This membership is largely drawn from NGOs, Embassies, foreign missions, international organizations, goverment agencies and other reputable organizations as well as individual members either employed or in business, chamas and corporates.
Mr. Obonyo also lauded the SACCO for complying with most of the prudent credential guidelines outlined by the SACCO Society Regulatory Authority (SASRA).
Kimisitu delivers value, customer delight with new digital tools Kimisitu SACCO is banking on the adoption of technology-driven tools to make the most out of the dynamic business environment in Kenya’s cooperative sector.
According to the CEO’s statement on the SACCO’s innovation and technological advancements, Mr Mbeche Lwanga highlighted that the Society is keen to provide its members with new, efficient and digitally-enabled services in the year ahead.
In the year ended December 2021, the society accelerated the adoption of ICT systems as well as investments in better security systems and skilled personnel to drive service offerings to members.
Kimisitu money app (the SACCO mobile application) provides members the platform to access loans of up to KSh300 thousand, being the first pioneer SACCO app in the cooperative movement to offer large amounts through mobile.
Mr. Mbeche told the members that the app is working and already available on Google App Store for download. The app provides round-the-clock services where members can check their account balances, request or repay loans, make withdrawals, or effect money transfers from their accounts. The SACCO is looking forward to issuing a selfguaranteed loan upto Ksh. 1 million by the end of the first half of 2022.
The SACCO also continues to review and enhance its savings and loan products in order to develop competitive savings and borrowing schemes. Following the recent revamp of the Makao Halisi loan Product, which ensures members secure their housing needs, its uptake grew by 800 percent to a total disbursement of Kshs. 467 million in 2021, compared to Kshs. 94 million disbursed in the previous year.
Kimisitu Insurance Agency has also been operationalized to offer insurance agency services to members and employer
Chief Guest Commissioner of CoOperatives Mr. David Obonyo
Director of Cooperatives, Nairobi County, Madam Dolphine Aremo gives her address on new developments in the cooperative sector.
Kimisitu Sacco Chief Executive Officer Lwanga Mbeche during the SACCO’s 37th Annual General Meeting.
organizations. These services are motor vehicle insurance, property insurance, medical insurance, among others.
These innovations and enhanced customer services are set to significantly improve members’ engagements at a time when rapid digital tools are driving financial inclusivity in the banking industry.
Last year saw the society’s regular member recruitment drives register an increase in the number of savers to 9,058 up from 8,437 in the period ended December 2020.
To stand out in the crowded SACCO marketplace, Mr. Mbeche acknowledged that the cooperative had to surmount tough economic challenges during the Covid-19 pandemic, and has learned how to tap into the power of digital innovations to sustain growth.
The SACCO is laying the blueprint for this year’s projected achievements: enhancement of leadership, the launch of Kimisitu Foundation, adoption of Statebacked Central Liquidity and Shared Services Cooperative Society, and the National Payment System as key engines for driving better performance.
The SACCO is now seeking members’ nod to open fresh income streams by participating in lending to other cooperatives while also enjoying the economies of scale by having a standard provider of Management Information Systems, and access the National Payments System offered by the Central Bank of Kenya through SACCO Central initiative.
This year, SACCO is projecting to increase its income to KSh1.4 billion, loan book to KSh8.3 billion, and members’ deposits to KSh7.4 billion from an estimated membership of 12,000 people.
• Established in 1985. • The Sacco has got both BOSA and FOSA products • The Sacco draws its membership from International Organisations, NGOs, Embassies,
Reputable Organisations, Individuals in trade and Business, Corporates and Chamas. • Membership Registration and Loan Application are done online through
https://portal.kimisitusacco.or.ke/MembershipRegistration.aspx
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