By Wakhungu Andanje
Invest & Grow Sacco has announced plans to open new branches as its asset base reached Ksh. 15 billion as of 31st December 2024. The new branches will be established in Bungoma and Busia, while Kisumu and Siaya will have satellite offices to serve the Sacco’s growing membership. This expansion aligns with the Sacco’s progressive five-year strategic plan under its business operations and membership pillar, following the completion of feasibility studies for the new offices.
Chairman Kennedy Keya, in a speech delivered by Vice Chairman Rodgers Waswa at a training workshop in Matete, confirmed that members in Bungoma and Busia will soon have branches at their doorstep. He urged members to recruit new entrants to support the Sacco’s continued growth and prosperity.
Keya attributed the Sacco’s strong performance to the leadership of Chief Executive Officer Cyprian Peter Vuhya, alongside nine directors and 76 staff members. He praised their stewardship in ensuring the cooperative remained resilient despite economic challenges.
[By Wakhungu Andanje]
“The Sacco has defied the odds, recording a 7% increase in profit (Ksh. 1 billion), with performance assets rising from Ksh. 14 billion in 2023 to Ksh. 15 billion in 2024, thanks to our capable team led by Mr Vuhya,” he stated.
The Sacco also saw an 11% rise in income, from Ksh. 1.9 billion in 2023 to Ksh. 2.1 billion in 2024, an increase of Ksh. 200 million. Its loan portfolio expanded by 10%, growing from Ksh. 10.8 billion to Ksh. 11.9 billion. The rise was attributed to increased loan uptake following adjustments to the credit policy, which extended repayment periods and reduced repayment percentages to accommodate members facing excessive payroll deductions.
“Our primary mandate at Invest & Grow Sacco is to provide low-interest loans to our esteemed members. Our asset base has grown through continuous contributions towards share capital and monthly subscriptions, as guided by our strategic plan,” Keya added. He further noted that the opening of new branches and satellite offices would attract more members to the movement and strengthen its membership base.
Strong Credit Performance and Digital Lending Growth
The Sacco’s credit performance and digital lending grew by 15%, with total lending standing at Ksh. 8.9 billion in 2024, up from Ksh. 8.3 billion the previous year. Of this amount, Ksh. 600 million was issued as investment loans, while income loans stood at Ksh. 4.4 billion.
Investment-based loans increased by 11%, while income loans grew by 4%, driven by members embracing digital lending solutions, including IG e-loans, where guarantors can approve loans online. The Sacco reaffirmed its commitment to digitising products and services to meet members’ financial needs.
“Providing digital loans that allow members to access financial services from the comfort of their homes is our next area of focus,” Keya stated.
“We encourage members to utilise our Sacco products and services for investment projects that can provide alternative sources of income.” Invest & Grow Sacco has already engaged its regulator, SASRA, to conduct annual audit reports and approve them before issuing dividends and interest to members.
Membership Growth and Recruitment Drive
Currently, the Sacco has 27,138 members, with 16,018 being FOSA salary earners. However, the Sacco is working on modalities to ensure all members subscribe to FOSA to benefit from its diverse financial products, including E-FOSA loans at 75% financing and empowerment loans with an 84-month repayment period.
Keya urged members to shift their salary payment points to the Sacco to fully enjoy its financial services. He assured new branches that a dedicated marketing team would be on the ground to recruit more members while also encouraging existing members to participate in recruitment efforts.
“Let us all take responsibility for bringing in new members, especially teachers recently confirmed by the Teachers Service Commission (TSC), to help us achieve our 10% strategic growth target,” he emphasised.
To incentivise recruitment, the Sacco is rewarding members who bring in recruits—Ksh. 300 for a new member and Ksh. 500 for a FOSA recruit. So far, the Sacco has disbursed Ksh. 353,400 to 778 members as recruitment bonuses.
