Members now don’t have to look any further in search for banking solutions or financial services provider in their quest to do or improve their business as GDC Sacco proves to be the force to recon when it comes to financial solution as it demonstrated at the 97th international day of cooperatives.
The celebrations which was presided over by the head of state His Excellency President Uhuru Kenyatta at the Kenya international convention Centre (KICC), culminating into a gala night at Nairobi Safaripark Hotel, saw GDC Sacco emerge position one (1) as the best in Credit Management, position two (2) Best in Savings Management and position three(3) among the Best Improved Sacco in that are agricultural based Category.
Statistics available at the Sacco indicate high growth prospects despite the past Challenges recorded by different financial institutions with the most recent being the prolonged presidential election in 2017-18.
According to the Sacco Chairman Peter Mbugua, the growth came in due to technology based products such as PAYBILL, Mobile banking, ATM Services, Diaspora Banking that led many Kenyans in diaspora banking with GDC Sacco, MPESA services, Partnerships with Governmental and non-governmental organizations that have brought in many members to the Sacco.
The Sacco’s share capital has continued to grow from Kshs.992, 046.00 as at 31st December 2003 to Kshs.155.8 M as at 30th June, 2019 with the members Deposit as at 30th June, 2019 hitting Kshs. 1.1Billion as at 31st December, 2018 Sacco had 22,432 active membership.
The statistics further indicate that the Sacco Loan book reads Kshs. 1.65 B.
The Sacco which draws its membership from Members of the parent society Githunguri Dairy Farmers co-operative Society Limited and its employees, Tea and Coffee farmers, Institutions, Schools, Churches, Chama -groups and the Business Community.
The Sacco has both Back office saving activities (Bosa) and front office activities (Fosa). “For Bosa, the loan term ranges from one to five years. The Securities for the Loans include Guarantors, Title deeds, Log Book, Unwithdrawable Deposits and Salary, She elaborates.
GDC Sacco started its Front Office Services Activity (Fosa) in April 2006. As at 31st December, 2018, the FOSA accounts stood at 34,708.
Charles Kioko, the Chief Executive Officer (CEO) GDC Sacco, informed us that the Sacco rebranded last year from Githunguri Dairy and Community Sacco to GDC Sacco Society Limited to allow the Sacco do business beyond Kiambu County, this led enabled the Sacco to open GDC SACCO -MAAI MAHIU Branch-Nakuru County, targeting the micro and small traders, products offering and expansion, leveraging on technology and using Agency Banking which has increased to 15 Agencies distributed in various towns.
The Sacco has other Subsidiaries which include Pambazuka Housing Cooperative and GDC insurance agency
Susan Kungu of Pambazuka Housing Co-operative Society Ltd shares that housing cooperative was established in August 2012 as a subsidiary of GDC Sacco to exclusively deal with housing and real estate, drawing its membership from the dairy sector duly registered groups, institutions, the business community and any other approved institutions and as of June 30th 2019 the membership stood at 1658 member.
She says since inception Pambazuka has undertaken 11 projects, 8 of which have been successfully completed and members issued with title deeds.
“We have 3 ongoing projects, Olkalou at the foothills of Abadare forest along Olkalou Njambini road going for Kshs.250,000, Naivasha along Longont-Naivasha Highway 400M off tarmac with a view of L. Naivasha next to Longonot Gate going for Kshs. 500,000 and in Kisaju, along Pipeline road touching tamarc going for Kshs. 700,000.”
Despite challenges that have faced the real estate sector in Kenya, Pambazuka Housing has manged to overcome and during this year’s Ushirika day celebrations the Sacco managed to scoop 3 trophies thus for position one (1) Best in investment, position (2) best improved, position (2) best managed and position (3) best Capitalization in investment and housing co-operatives category.
“This colourful performance is also as a result of dedicated board of directors, qualified staff supportive membership and fast processing of member title deeds. Pambazuka will continually provide affordable and quality properties in line with our vision, mission and strategic plan,” Susan.
The GDC Insurance Agency was established in 2016 covering general and life products and has adopted a participatory policy where every loanee meets the insurance cost of his or her loan. According to the management, the move was taken to spread the cost of insurance fairly to all customers.
Various policies are administered to secure institution assets. The Dairy members enjoy Livestock Insurance that ensures every loan payable by the dairy farmer, livestock cover is a must, then incase of the death of the animal the member is compensated to continue with his Agri business. For Assets and Business loan comprehensive and Business insurance is incorporated thus when incidences’ happen the member is secure and have peace of mind
The Sacco continues to adjusts to the modern approaches to business which requires Saccos to introduce information technology in their setup now that doing banking-like activities requires efficient and accurate Management information system that provides real time services to customers.
ICT Manager, Madam Judy Muhia retaliated that computerization started in November 2005, which has so far been doing reasonably well. The Sacco software is integrated and interlinked to all the Six (6) Branches, and 15 Agency Banking Points. In addition GDC Sacco also conveniently avails services to its members through ATM Services, Mobile Banking, Paybill services, Mpesa Services, Diaspora Banking, KPLC bills payment and NHIF Agency which have all been facilitated by modern Core Banking System
The Sacco Marketing Manager Madam Irene Kamondo says the Sacco will continue developing products that meet the ever-changing customers’ needs in order to attract and retain customers, continued aggressive marketing to recruit more Members, Participate in Women, and Youth Fund on- lending, Mortgage Product. Develop a long time loan product to ensure that we reach the high end Market, with long loan repayment of between 10 Years to 15 years. The Sacco is also considering the opening of more branches in the country,”