Hazina Sacco Records Upward Trajectory As Membership, Assets and Share Capital Soar

Hazina Sacco Society Limited has held its 41st Annual Delegates Meeting (ADM) recording impressive growth across all parameters. Presenting the Board of Directors report to delegates, Hazina Sacco National Chairman, Mr. Evans Kibagendi highlighted the Sacco’s achievements in the year under review.

In the report, read by Mr.Kibagendi, the Sacco membership grew by 11.1% to stand at 32,518 in the year 2024 up from 29,257 in the previous year. In the same period, the non-withdrawable share capital increased by 13.4% from Ksh490.4 million to Ksh541.5 million.

The member deposits in BOSA increased from Ksh10.5 billion to Ksh11.9 billion, which represented a 13.1% rise enabling the Sacco to sustain its main activity of advancing credit to members. Loans and advances to members grew by 16.8% from Ksh9.8 billion to Ksh11.5 billion.

The Sacco’s gross income stood at Ksh2.08 billion as compared to Ksh1.7 billion in 2023, marking an increase of 17.1%.

Overall expenses however, rose by 32.8% from Ksh317 million in 2023 to Ksh421 million last year. The chairman assured delegates that the Sacco’s institutional capital continues to grow due to the boost from enhanced retained surplus which increased to Ksh2.36 billion from Ksh1.8 billion in 2023, an increase of Ksh546 million.

Dividends and Interest on Deposits…

Following the good performance, Hazina Sacco declared a final dividend at the rate of 17% on share capital and an interest rebate of 10.85% on deposits held on pro-rata basis.

Expansion…

Mr. Kibagendi went on to disclose that in the year under review, the Sacco opened its fourth satellite office in Kitale Town in Trans Nzoia County. The opening of the new office brought to four the total number of satellite offices, the others being in Siaya, Mombasa and Vihiga counties.

He said the Kitale branch was unveiled on 13th September, 2024, in an event graced by Trans Nzoia CECM Agriculture, Irrigation, Livestock & Fisheries, Mrs. Phanice Khatundi and CECM Trade, Industrialisation, Tourism & Cooperative Development, Mr. Patrick Gicheru, among other guests.

Prudential Financial Management…

Addressing delegates during the ADM, the Commissioner for Co-operatives, Mr. David Obonyo who was the Chief Guest congratulated Hazina Sacco for recording impressive performance over the years noting that Hazina Sacco was among societies that were prudently managing member funds as well as adhering to the rules set out by the regulator SASRA.

The Commissioner for Co-operatives regretted the fact that financial mismanagement was a significant challenge facing some Savings and Credit Co-operative Societies in the country, adding that the government is championing policy reforms and strengthening cooperatives regulations to create a conducive environment for growth. Mr. Obonyo hailed Hazina for declaring a 17% dividend on share capital and 10.85% interest on deposits for the year 2024 noting that it was an impressive pay-out.

CSR…

Over and above the institution’s financial growth and expansion, Hazina Sacco has re-mained committed to Corporate social responsibility. In the year under review, the Sacco carried out impactful Corporate Social Responsibility (CSR) initiatives that benefitted communities in Kakamega and Trans Nzoia counties.

The SACCO donated 60 lockers, chairs, and 190 mathematical sets to Lugala Secondary School in Shinyalu Constituency, Kakamega county and funded the construction of an ablution block at Top Station Primary School in Kitale Trans-Nzoia county demonstrating the SACCO’s dedication to uplifting communities and leaving a lasting impact.

The Sacco is now looking to initiate similar projects in Kwale and West Pokot, ensuring that more communities benefit from Hazina SACCO’s generosity. “We are grateful that so far, we are progressing well in the spirit of touching lives and imprinting the name Hazina SACCO on the hearts of the communities that we interact with throughout the country,” the Chairman noted, emphasizing the SACCO’s ongoing commitment to social good.

During the high-octane ADM the delegates were taken through the innovative products and services the Sacco is offering and were urged to encourage members to patronize in order to benefit from the wide range of products and services.

At the same event, Hazina Sacco awarded long serving delegates with prizes to thank them for being loyal and dedicated members. The Sacco also awarded delegates who recruited most members in the last year as a way of motivating them to continue with the good work.

The Hazina Sacco Chairman in his speech recognized the dynamic role that delegates have played in membership recruitment, education of members among other roles stating, “Your keen efforts to increase our membership for the overall growth of our Sacco don’t go unnoticed, and I want to salute all of you for the good work you are doing.”

Looking to the future…

Hazina Sacco’s deliberate and intentional implementation of its 2023-2027 Strategic Plan has been a key driver of the institution’s success.

The strategic plan, focusing on business growth, operational efficiency, human resource management, and corporate governance, has ensured Hazina SACCO remains lively and responsive to market and the ever-evolving financial needs of members.

With over two years to the conclusion of the 2023-2027 strategic plan, the institution is poised for even greater growth.