Bandari Sacco beat all odds with a resilience performance in the last financial year, to post four percent growth in income with an asset base of Ks1.33 billion.
The Sacco, one of the biggest in the country, has also embarked on a re-branding and change of name from Bandari Sacco to Bandari Deposit Taking (DT) Sacco.
Chairman of the Sacco Ken Sungu said this during the Annual Delegates Meeting held in Mombasa at the weekend.
At the same time, the Sacco announced the opening of a new branch in the lakeside town of Kisumu as it encourages employees of the giant Kenya Ports Authority (KPA) as it opens up to the general public as it grows its membership base and footprint in the country.
“I am glad to report that the Commissioner of Cooperatives finally registered the proposed amendments and further certified our change of name from Bandari Sacco Ltd to Bandari DT Sacco Ltd. These enviable achievements speak volumes about the dedication and commitment that you have towards the mission and objectives of the society.
“In pursuit of our mission to enhance our footprint in the country, we opened a new branch in the lakeside city of Kisumu that is now fully operational. This year we plan to expand our presence to other viable markets as and when need arises, said chairman Ken Odero Sungu during the ADM.
According to the Sacco directors, they have entered into partnerships to improve its efficiency and business growth to deliver to its members.
“In the year under review, we entered into a partnership with ABC Bank that has made it possible for our members to own a Sacco branded cheque book. This is an important milestone that has given them access to the national payments system, increased ease of transactions and improved efficiency of doing business. We shall continue to embrace more collaborations that are of socio-economic benefit to our members,” said the CEO Joseph Otieno Bee.
Over the period, the Sacco reported a Share Capital growth of 18.4 percent, from Ksh304,072,632 in 2020 to Ksh360,258,028 in 2021. Loan to member stood at Ksh7.2 billion, a 10 percent growth from the previous Ksh6.62 billion while the total assets grew at 10 percent and the membership recorded an 11 percent growth to stand at 18,584 members.
“Due to the macroeconomic challenges meted by the global pandemic, the Board proposes to pay a dividend on share capital at 18 percent and interest on members’ deposits at the rate of 11.5 percent (FOSA /BOSA deposits) for the year ended 31st December 2021, however, the regulator proposed a payout on interest on member deposit at 10 percent or below,” said the chairman in his report.
The Sacco is at the same time looking for buyers for parcels of land they own in Kanamai. They managed to recover a piece of land invaded by squatters in Kembeni area, a subject of a court process that the Sacco won.
Read: Court Dismisses Petition Against Bandari Sacco Management
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