Digital products, unique business models set to drive Boresha’s growth

Digital products, unique business models set to drive Boresha DT SACCO’s growth

By our Correspondent

Boresha Deposit Taking (DT) SACCO has been tipped to develop innovative business models while also embracing technology-based products and services to drive growth across the country.

While addressing the 31st Annual Delegates Meeting in Eldama Ravine, the chief guest Cooperative Commissioner, Mr. David Obonyo, lauded society for remaining resilient in the face of challenging economic climate brought by Covid-19.

Mr. Obonyo advised SACCO to develop innovative business models that can accelerate growth while competing with giant societies in Kenya.

The commissioner tipped SACCO to learn from the best in the industry by deploying digital products and services that serve the changing tastes and preferences of the market.

‘‘SACCO’s nevertheless are required to engage necessary competencies in regard to the security of members’ funds through employing ICT savvy team to curb cyber security threats. This would allow an enabling business environment free from fraud,’’ said Mr. Obonyo.

Deposit Protection Scheme for members will be deployed in Kenya’s cooperative sector following Cabinet approval on amendments to Savings and Credit Cooperatives under the Act of 2008, the commissioner explained.

The Deposit Guarantee Fund, which is aimed at cushioning savers’ funds in the event SACCO collapses, will come into force in August according to Mr. David Obonyo.

Further, the Commissioner of Cooperatives noted that the central liquidity facility would allow SACCOs to borrow loans to enhance their business development.

He singled out Boresha DT SACCO as one of the tier-one savings and loan societies in Kenya with the ability to deploy strategies that yield attractive products and services in the cooperative industry.

Kabarak University Vice-Chancellor, Professor Henry Kiplagat, who was one of the invited guests and a member of the SACCO commended the delegates for their critical role in the growth of the business.

He noted that Boresha DT SACCO is a benchmark for upcoming SACCO’s especially on leadership, staff efficiency, and the cultivation of loyalty among members.

Prof. Kiplagat challenged the society to earn ISO certification just like Kabarak University and the other Tier 1 and DT Saccos in Kenya since

Delegates during the 31st ADM.

Commissioner of Co-operatives Mr. David Obonyo addressing delegates during the 31st ADM

Vice Chairman Mr. Kipruto Kiptoo speaking to the delegates during the 31st ADM.

Boresha Sacco CEO Mr. Jacob Mengich addressing delegates during the 31st ADM.

Former Boresha Sacco CEO Dr. Moses Chebor receives award from Ms. Isabella Parteneu, Supervisory Committee Member.

it paves the way for stepping up the quality of services rendered by the financial institution.

Prof. Kiplagat added that the global certification will give rise to opportunities such as training of staff, thereby equipping them with skills from the international standards entity.

He also said that the accreditation would fully outline a quality framework that meets the expectations and needs of members.

The SACCO Chief Executive Officer, Mr. Jacob Mengich, highlighted significant strides the institution has made to record impressive results print with total assets increasing by 13 percent to KSh8.9 billion in 2021 from KSh7.9 billion a year ago.

In its 2021-2025 strategic plan, Mr. Mengich added, they are targeting an asset base of KSh13 billion through the launch of novel products and services as they enhance competition at the national level.

Revenue increased by 12 percent to KSh1.3 billion from KSh1.2 billion

while the share capital grew to KSh514.5 million from Ksh466.4 million.

In an address made by the ViceChairman, Mr Kiptoo Kipruto, on behalf of the Chairman, Mr. Albert Chebiegon, active members increased to 71,088 from 60,656 as of December 2020.

Mr. Kiptoo applauded the delegates for their continued loyalty and patronage of SACCO products and services. The Society will undertake a feasibility study on the opening of more branches in various counties including Nairobi, noted Mr. Kipruto.

Baringo Governor, Mr. Stanley Kiptis, recognized the role of Boresha DT SACCO, particularly in improving the lives of members both socially and economically.

Mr. Kiptis noted that his government has enacted favorable policies to support women, youth, and people with special needs.

Mr. Mengich noted that since the SACCO rebranded to Boresha DT SACCO in 2012, it has been attracting more savers, especially from the region’s vibrant business community.

“We have established branches in Uasin Gishu, Nakuru, Elgeiyo Marakwet and Nandi counties, taking our services closer to the members,” explained the CEO.

The branding also gave the SACCO board and management a leeway for the roll-out of various corporate social responsibility programs to assist communities in the area.