With a presence in 17 branches across Kenya and growing, Taifa SACCO is projecting to become a financial services hub by 2025.
Chairman James Giting’a is confident that the plan will lead to the delivery of quality services by offering competitive rates of return on deposits and dividends on members’ share capital.
“I wish to sincerely thank delegates for the unwavering support and patronage of the SACCO. We shall continue to give it all our best for the sake of ensuring that the business of the SACCO is carried out to the satisfaction of our members,” said Mr. Giting’a during the 22nd Annual Delegates Meeting.
Already, the society has 18 branches in Nyeri, Nyandarua, Laikipia, Nakuru and Nairobi counties.
Plans are underway to open service centres in Kibirigwi/Kibingoti and Ngurubani in Kirinyaga, Kiriaini in Murang’a, Thika in Kiambu as well as Timau in Meru County.
Additionally, the society has gone digital. It has rolled out Taifa SACCO Mobile Banking, ATM, and Agency Banking services that not only serve the local members, but also attract Kenyans living and working abroad, to join the cooperative.
The mobile banking service, which is in partnership with telco giant Safaricom, enables the incorporation of Paybill Number, Lipa-na-M-Pesa, Till Number, Bulk payment, and utility payment capabilities.
Further, the SACCO intends to
Taifa SACCO Society Chairman Mr. James G. Gathiru marks the year’s ADM with a remarkable addresses.
The Chief Guest, Mr. Peter Theuri, the Nyeri County Director of Cooperative Development, graces Taifa SACCO’s 22nd ADM in Nyeri.
Taifa SACCO Chief Executive Officer Mr. Samwel Ngugi addresses delegates present during the release of the 2021 financial statements.
enhance and continue leveraging technology and training of staff members, board, and delegates to enhance their skills in the provision of seamless services.
In the 12-month period under reiveiw, the society’s total assets increased by 10 percent to KSh4 billion from KSh3.6 billion in 2020.
Net revenue posted 11 percent growth, closing the year at KSh509 million compared to KSh455 million reported in a similar period a year ago.
Further, deposits from savers surged by 13 percent to KSh3.1 billion, up from KSh2.7 billion in 2020, attributable to vibrant marketing campaigns across the region, as well as rise in membership.
Despite a tough business environment amid the pandemic, Mr. Giting’a said the society achieved 90 percent of the projected growth targets in all key areas in 2021: increasing shares and deposits, rise in savings, impressive turnover, and the opening of new accounts.
“Indeed, your valuable advice and contribution towards the growth of our SACCO played a critical role in making our SACCO be what it is today,” Mr. Giting’a told the delegates.
The society made a pretax surplus of KSh56.8 million against KSh52.4 million in 2020. Following impressive results print, members will receive a dividend rate of KSh7 per ordinary share and a 7 percent return on one’s interest on deposit for the trading year.
Taifa SACCO’s strategic vision is to grow the loan book to over KSh5 billion by 2024.
A section of Taifa SACCO Board of Directors present during the year’s ADM.
In 2021, the society’s vibrant revenue stream, Taifa Bima Insurance Agency, continued to perform well ensuring members who seek credit from SACCO by use of tangible securities are vetted and the money is disbursed promptly.
“This department has continued to contribute to the growth and security of the SACCO’s assets by ensuring that all assets and loans are insured against any risk, thereby cushioning against default,” the chairman noted.
Since the set-up of the society’s welfare fund in 2019, over KSh30 million has been collected and disbursed to bereaved families of savers.
Chief Guest, Nyeri County Director of Co-operative Development, Mr Peter Theuri, congratulated the SACCO on their good performance in a year when the pandemic negatively affected business across industries.
“I want to recognize Taifa SACCO as a key partner in the growth of 64 cooperatives in Nyeri County, supporting agricultural cooperatives in accessing finances. I am sure that you will continue making Taifa SACCO become the giant that we all aspire to be,” noted Mr. Theuri.
The government is reviewing cooperative laws so that they align with the Constitution, Mr. Theuri revealed, while also urging the delegates to attend public participation meetings to share their views when called upon by the Ministry of Cooperatives.