The year 2023 saw Bandari DT Sacco record an exemplary performance despite the economic challenges experienced in the country and the world, growing its asset base by 6% to hit a new record of ksh. 12.78 billion compared to the previous year’s record of ksh. 12 billion.
During the same year, its gross loans to members rose by 10% moving from ksh 7.7 billion in the year 2022 to ksh. 8.5 billion last year. Its deposits on the other hand witnessed a 9% rise to mark ksh. 8.2 billion during the year under review from the previous record of ksh 7.5 billion.
As a sign of resilience and commitment to transforming members’ lives, Bandari Sacco’s total revenue in the year 2023 grew significantly by 21% to ksh 1.89 billion compared to ksh. 1.57 billion experienced in the year before that.
The Sacco’s membership, additional went up by almost four thousand members in a single year to currently stand at 26,193 members up from 22,345 members representing 17% growth, a clear indication of how strong, reliable and trusted Bandari Sacco is to attract such a huge membership in a year.
Due to these and numerous other tremendous achievements in the year ended 31st December 2023, the sacco resolved to pay members dividends on share capital at 18% and interest on members’ deposits at the rate of 12%, rewarding members for their hard work and consistent investment in the sacco.
The sacco chairperson Mr. Ken Sungu, addressing the members said the sacco, guided by its strategic plan, had put up strategies and mechanisms in place that will see it soar even higher in the coming year. Among the strategies include appropriately positioning the recently established Bandari Sacco satellite office at Westlands Nairobi to tap into the enormous business opportunities in Nairobi region.
Also, the chair announced that the sacco’s recently acquired ICT system that is set to go live during the second quarter of this year will completely revolutionize the society’s business and operations, offering members new and seamless experience that enhance interaction between various parties hence boosting business.
In a bid to enhance its visibility even further, Bandari Sacco through the Chair, during its 49th Annual Delegates Meeting (ADM) this year, hinted that it was looking forward to celebrating its 50th anniversary in its new Sacco Plaza that is currently under construction.
Additionally, the sacco resolved to establish a foundation, Bandari Foundation, that will play a critical role in strengthening the sacco’s market position and stakeholder engagement through robust corporate social investment programs that will enhance the sacco’s brand visibility.
“Currently, the corporate social investment programs are conducted by the sacco. However, with the rapid growth of the sacco, for sustainability purposes, there is need to establish a foundation that will propagate all the activities independently,” he stated.
Congratulating the society for an outstanding performance, Hon. Kibibi Abdalla, Mombasa County’s CECM Blue Economy, Agriculture, Livestock and Cooperatives, applauded the leadership and the delegates of Bandari DT Sacco for their contribution in the growth of the sacco.
She went ahead to encourage the society to keep working together towards a positive progress adding that cooperatives play a significant role in the lives and livelihoods of community members touching and transforming their lives.
“Cooperatives help members take control of their economic future and enhance their business sustainability. They help provide security of business people, farmers, fishermen and many more,” stated Hon. Abdalla.
Further, she announced that the County Government of Mombasa successfully converted all the sixteen Beach Management Units (MBUs) into cooperatives with the Governor offering Ksh 100 million shillings to the newly converted cooperatives to use as a revolving fund.
“I urge Bandari Sacco to come on board and help these BMUs to appropriately use these funds, putting most of it into good use. Let them access the funds from the sacco so as to take advantage of your infrastructure and systems that are designed to help members grow themselves and their money.” she encouraged.
Bandari Sacco has been on a rising trajectory for years now with the sacco recording approximately an increase of 10% growth each year, a clear indication of the society’s effective and sound business model that keeps giving members significant returns.
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