Kenya National Police DT SACCO Named 2nd Best Managed Sacco in Kenya
The Kenya National Police DT SACCO was named the second best managed SACCO in Kenya at the 100th Ushirika day celebrations held at the Kenyatta International Convention Centre (KICC) grounds in Nairobi. The award comes ahead of the institution’s 50th anniversary celebrations to be held before the end of the year.
According to official records, the Kenya National Police DT SACCO savers catapulted the Society to the helm with the Society’s total assets growing to Ksh44.1 billion up from Ksh39.1 billion in 2020, an increase of 12.7% while members’ deposits grew by 10.3% to Ksh23.5 billion in 2021 from Ksh21.3 billion in the year 2020.
The SACCO disbursed loans and advances worth Ksh37.3 billion, a 14.4% growth from Ksh32.6 billion in 2020. The Society’s total revenue rose by 16.7% to stand at Ksh7 billion up from Ksh6 billion in 2020.
The SACCO paid Dividends on Shares at 17% and interest on deposits at 10.8%. Similarly, the SACCO made a gross total payout of Ksh2.9 billion in 2021 up from Ksh2.6 billion in 2020.
H.E. President of the Republic of Kenya, Uhuru Muigai Kenyatta while presenting the award of 2nd Position, Best Managed SACCO in Kenya to the Kenya National Police DT SACCO National Chairman David Mategwa alongside General Manager Operations and Strategy Simon Tanui noted that he was immensely pleased with the SACCO’s continuous growth and performance over the years.
President Uhuru Kenyatta attributed the rapid growth of the cooperative sector to the policy reforms the Government has implemented since 2013.
“The implementation of the SACCO Societies (Non-Deposit Taking SACCO Business) Regulations 2020 that commenced in January 2021 have helped to double the number of SACCOs under prudential regulation of SACCO Societies Regulatory Authority (SASRA) to 360. I note with appreciation that over the period 2014 to 2021, the SACCO industry has registered remarkable growth. In terms of membership, the number has risen from 3 million in 2014 to 5.5 million in 2021,” said the President.
Top Savers Benchmark in Thailand…
Meanwhile, the Association of Asia Confederation Credit Union hosted the Kenya National Police DT SACCO officials together with top savers from the SACCO who were part of a delegation attending the 2022 ACCU-ACCOSCA exposure programme in Thailand. The programme seeks to educate as well as instill knowledge and insights on best practices from credit unions in Thailand.
The ACCU-ACCOSCA Savings & Credit Cooperative Exposure Program officials received the delegation which was led by Kenya National Police (DT) SACCO National Chairman David Sohelo Mategwa and the SACCO’s Top Savers; Deputy Inspector General of police Edward Mbugua among others.
This trip followed a series of regional seminars with the SACCO’s top savers in which the SACCO selects exemplary members to accompany officials of the SACCO on a benchmarking mission abroad. During the country wide seminars held in the last three months, participants were trained on the SACCO’s products and Services and thereafter awarded certificates of completion and appreciation.
ACCOSCA is a Pan-African confederation of national associations of savings and credit cooperatives societies. It opened its doors in 1968 and is currently being governed by domicile laws and the ACCOSCA constitution. It enjoys goodwill gesture from its members and other stakeholders that are keen on making Africa a better place to live.
The General Assembly which currently comprises of twenty seven countries is the highest organ of the organization. The General Assembly is held annually and is rotated within the region. It ensures that the activities of ACCOSCA remain relevant in meeting the challenges faced by Africa.
The ACCU- ACCOSCA exposure programme attended by members of the Kenya National Police (DT) SACCO seeks to sustainably empower SACCOs in Africa through technical programs while promoting Financial Inclusion in Africa. Currently, ACCOSCA has developed programs aimed at improving socio-economic needs of Africa through saving and credit unions.
ACCOSCA has partnered with various government bodies, development agencies and research institution so as to contribute towards mitigating challenges facing Africa in the twenty-first century.
Cooperation Among cooperatives…
The Kenya National Police DT SACCO having persistently been ranked as a top SACCO in Kenya has over the years attracted many regional SACCO’s that have visited the institution on benchmarking missions.
The institution was privileged to host representatives from United Civil Servants SACCO all the way from Malawi who were on a benchmarking tour.
The delegation was hosted by the Kenya National Police DT SACCO General Manager in charge of Operations Mr. Simon Tanui and the General Manager Finance, Mr. Moses Manyuanda as well as other management staff.
The SACCO continues to leverage on cooperation among cooperatives by comparing products and services offered by leading regional SACCOs in a bid to offer even better services for its members.