The year 2023 saw Lengo DT Sacco make strategic economic milestone despite tough financial times characterized by high taxes, reduced purchasing power and weakening shilling that heavily impacted on members’ income, hampering their ability to efficiently save and invest.
The society experienced a rising trajectory on its business dealings growing its total asset base by 13% to hit a mark of ksh. 544.4 million from the previous record of ksh 481.1 million, recording a variance of ksh. 63.3 million.
Its withdrawable deposits also increased by 14.3% growing to ksh. 361.7 million during the year under review compared to the year 2022 record of ksh. 316.1 million bringing in a difference of ksh 45.5 million.
As the country grappled with high cost of living, Lengo Sacco went on a high members recruitment drive that as at 31st December 2023, the sacco had enrolled in a total of 10,880 new members boosting its rapidly growing membership to 36,562 members up from 25,682 members previously.
Additionally, the society’s non-withdrawable deposits further rose by a ksh. 39.38 million, a 16.6% margin, raising ksh. 237.1 million brought in the previous year to a new mark of ksh. 276.5 million by the end of the year under review.
The sacco’s total revenue similarly went up from ksh. 98.56 million to an outstanding ksh. 117.9 million, 19.7% rise and a variance of ksh 19.43 million. Likewise, its core capital further shot to ksh. 91.82 million compared to ksh 83.1 million in 2022.
The sacco chairperson George Mwazonga, speaking to delegates during this year’s annual delegates meeting, said the sacco’s share capital ksh. 4.01 million gains in the year 2023, rose its previous record of ksh 35.13 million to ksh 39.15 million, a rise of 11.4%.
“We are looking at the growth of the sacco in the year 2024 by placing aggressive marketing and revival campaigns that will see further increase of sacco membership while at the same time reviving dormant members,” he stated.
He announced that the sacco was in the process of seeking approval for mobile banking platform that will immensely transform its deposits and revenue, adding that going digital was the only way to take the society to greater height.
Madam Felista Moraa, Kilifi Sub-County cooperative officer, addressing the sacco’s delegates, applauded the society for incredible achievement and urged its leadership to keep steering the society with integrity and transparency.
“As leaders we must ensure that we protect members’ funds at all times, while at the same time, offering them quality products and services that address their needs so as they can get value for their money,” she emphasized.
She went ahead to congratulate the newly elected members of delegates and the board, reminding them to work for members whom they represent and as they scout for new ones to join the sacco, she encouraged, that they strive to bring in quality members that will push the sacco towards bigger growth.
“Let’s work to bring in quality members that save and invest in the sacco. Those with a paycheck, let your money go through Lengo Sacco in order to grow both yourself and the society,” she urged.
Mr. Alfred Mlolwa, Qwetu Sacco chairman and Kuscco Ltd director Coast and North Eastern, addressing the meeting as the chief guest, recognized the society’s cooperation with other saccos in the region, terming it as the true spirit of cooperatives.
He appreciated the route at which the sacco has taken to change its fortunes and counseled, “For Lengo Sacco to strive even more, every person involved in the sacco matters should focus on how best to improve and grow the society.”
For instance, he stressed that saccos do business with people and should therefore be excited when membership increase because a huge membership means big business.
The Kuscco Director, acknowledging the society’s devotion to transform members’ lives and livelihoods, advised the sacco to always be resilient, dedicated and have a strategic plan in place to propel Lengo Sacco higher.
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