Hazina Sacco has set its sights on a Ksh 25 billion asset base by 2025, with Chairman Kibagendi declaring that the cooperative’s recent performance proves the target is not only ambitious, but achievable. Addressing delegates during the 42nd Annual Delegates Meeting (ADM), the Chairman of Hazina Sacco described the forum as a defining moment to reflect, recalibrate, and recommit. “Your 42nd ADM is not merely another general meeting. It is a declaration of renewed vision.”
From Steady Growth to Exponential Expansion
Under his stewardship, the Sacco has recorded remarkable growth. Assets have risen from Ksh 7.9 billion in 2018 to Ksh 19 billion today, meaning the institution has created more wealth in the last six years than it did in its first 47 years of existence. Membership has nearly doubled over the same period, growing from 18,400 in 2018 to 35,289 members today.
Chairman Kibagendi attributed this momentum to operational efficiency, strategic branch expansion, and digital transformation. Total assets grew from Ksh 12.8 billion to Ksh 18.7 billion in the last reporting cycle alone, while the loan book expanded from Ksh 11.5 billion to Ksh 12.9 billion, and deposits rose from Ksh 12.4 billion to Ksh 13.9 billion. “These are commendable achievements,” he noted, adding that growth above 10 percent signals strong institutional health.
A cornerstone of the Sacco’s transformation has been digitization. The institution has migrated from website-based services to a dedicated mobile application, enabling members to apply for loans and monitor their accounts seamlessly. “We want efficiency, we want effectiveness, and we want our services to resonate with the aspirations of the members,” he said.
The Chairman also emphasized accountability in performance. Top recruiters, including Francis Nawai, Rosemary Watende, and Stephen Kakungu, were recognized for their contribution to membership growth, while the Nairobi Branch emerged as the top performer in both recruitment and savings mobilization.
At the same time, branches that recorded zero recruitment were challenged to improve, underscoring that membership growth remains central to the Sacco’s long-term sustainability. Looking ahead, Chairman Kibagendi reaffirmed his confidence in achieving the Ksh 25 billion asset target. “It’s ambitious, yes, but it is possible. Focus on the target, lay good strategies, and you will achieve it.”
Safeguarding Stability and Member Trust
CPA Alice Kiringa, Chairperson of the Supervisory Committee, focused her remarks on governance, risk management, and sustainability. She assured members that the Sacco’s financial records had undergone rigorous review and that the proposed dividends and interest on deposits were supported by solid financial capacity.
“Your money is safe. We are your eyes and ears.”
However, she cautioned that sustainability requires balancing attractive returns with prudent capital retention. She also highlighted a strategic concern facing the Sacco: an aging membership base. “We are seeing our members aging. We must deliberately recruit young people to secure the future of the Sacco.”
The Supervisory Committee conducted several audits during the year and confirmed that management had implemented most prior recommendations, strengthening internal controls, governance, and transparency. CPA Kiringa also addressed concerns around customer experience. Delegates acknowledged frustrations with unanswered calls, prompting the Committee to recommend transitioning from the current roaming phone system to a fully-fledged call center, alongside the recruitment of additional ICT and customer care personnel.
In the interim, she proposed introducing a callback configuration to reduce inconvenience for members seeking assistance. “These measures will improve accessibility, reduce frustration, and ensure timely responses,” she said, reinforcing the Committee’s commitment to vigilant oversight and honest reporting. “In governance and financial reporting, credibility and transparency matter more than overly strong praise.”
Warning on Capital Trends and Cyber Threats
Cooperative Commissioner David Obonyo commended Hazina Sacco’s impressive growth but urged caution regarding capital adequacy trends. While the Sacco remains above the minimum thresholds set by the Sacco Societies Regulatory Authority (SASRA), he observed that some capital ratios have gradually declined over recent years.
“You are above the minimum standards, yes, but the trend is going down,” he noted, encouraging leadership to strike a careful balance between rewarding members and strengthening institutional capital. He also issued a warning about the growing threat of cybercrime targeting Saccos across the country. “If you have not been hit, thank God. But as you thank God, prepare,” he cautioned.
Commissioner Obonyo emphasized the need for robust and resilient ICT infrastructure capable of withstanding cyberattacks that could paralyze operations and disrupt services to members. “Growth must be anchored on strong governance, prudent risk management, and technological resilience,” he advised.
A Unified Vision for Sustainable Prosperity
Taken together, the insights from Chairman Kibagendi, CPA Kiringa, and Commissioner Obonyo reflect a Sacco at a pivotal moment, confident in its rapid growth, yet mindful of the importance of governance, youth recruitment, capital strength, and cybersecurity.
With assets approaching Ksh 19 billion, membership surpassing 35,000, expanding branch networks, digitized services, and a bold Ksh 25 billion growth target, Hazina Sacco has signaled that its next chapter will be defined not merely by scale, but by sustainability and resilience.
As delegates concluded the 42nd ADM, one theme stood out clearly: Hazina’s growth story is strong, but its future will depend on disciplined leadership, robust oversight, and collective responsibility.
