Bandari Sacco is home to over 18,000 members and boasts of an asset base of Ksh.11 billion effectively placing it among the Tier 1 ‘Big Boys club’. Founded in 1975 by 20 members of East African Harbours and Railways Corporation to support one another in dire times, the Sacco was initially known as Harbours Workers Savings and Credit Co-operative Society
Coast-based Bandari Sacco bagged two coveted honours in the recently concluded 2023 Ushirika Day Award Gala held at the Kenyatta International Convention Centre (KICC) in Nairobi. The Sacco also emerged number two in the Best Deposit Taking (DT) Sacco in Capitalization, Employer Based Saccos category at an impressive 24.69 per cent point, the winner in this category was Kenya National Police Sacco at 30.63%.
Bandari Sacco came in among the top ten Sacco’s in the highly competitive category of Best in Risk Management Country Wide across all tiers, sharing the spot with Bingwa Sacco, Nawiri Sacco and Magadi Sacco societies at 89.0 per cent. According to the Cooperative Alliance of Kenya-commissioned adjudicators, Co-op Consultancy & Bancassurance Intermediaries (CCBI) Report, the Best in Risk Management parameter benchmarked its findings on insurance coverage, business operating policies and information security. Mentor Sacco topped this category ahead of Mwalimu National Sacco, Yetu Sacco, United Nations Sacco, Kenya Highlands Sacco, Safaricom Sacco, Tower Sacco and Ukulima Sacco at Position One to Eight.
Instructively, most Saccos have all the requisite SASRA-supervised policies, essentially yielding a high score in this category. On the other hand, a comprehensive assessment of the Best DT Sacco in Capitalization was reliant on the Financial Pillar that was emphatic on capitalization (share capital and reserves) expressed as a percentage of the Society’s total assets as one of the key indicators of the Society stability and financial muscle.
The institutional capital which results from retained earnings was also considered as a growth indicator. Members’ deposits in terms of average savings and growth, overall investments, income and assets growth trends were also considered in determining the overall performance for three years and above.
An analysis of the Society’s efficiency was considered by comparing the individual expenses as a percentage of total expenditure and/or total income. The surveyors also determined the existence of budgets and budget variance as a budgetary control tool and the ability of management to adhere to these budgets. This year’s Ushirika Day feat comes hot on the heels of a litany of awards and recognition at both national and regional levels in the recent past. At the regional level, some of the prizes bagged include:
Winner Best Microfinance Institution – KNCCI Mombasa 2021; Winner, Highest Shareholding category, Coast region – CIC awards 2019; Winner, Medium-size co-operatives – CIC 2019 and Winner, Best Insured Co-operative Society, Coast province – CIC 2019. Others are Most Innovative Sacco in the region: ICD 2018; Best Cooperative Society overall Parastatal Sector – ICD 2018 and Best Micro Finance Company – Mombasa ASK Show 2019. At the national level, previous bragging rights that Bandari Sacco ran away with include Best Managed Parastatal Organization in the Sector, Second Best Dividend/Interest Rate in Parastatal Sector, Second Best Education/Training in the Parastatal Sector and Second Most Innovative Sacco among others.
Home to over 18,000 members, Bandari Sacco boasts of an asset base of Ksh.11 billion, effectively placing it among the most sought-after Sacco Society among the Tier 1 ‘Big Boys club’. Founded in 1975 by 20 members of East African Harbours and Railways Corporation to support one another in dire times, Bandari Sacco was initially known as Harbours Workers Savings and Credit Co-operative Society.
When the parent organization changed to Kenya Ports Authority in 1985, the Society transformed into Bandari Savings and Credit Cooperative Society, with its common bond included employees of KPA, Kenya Ferry Services and Kenya Maritime Authority. In 2005, the Sacco opened its common bond to the public and now boasts of a diverse membership ranging from salaried and non-salaried individuals, investment groups, Chamas, welfare groups, MSME enterprises, large corporates and sole businesses, among many others.