Speaking at the 50th Annual Delegates Meeting, held at Pride Inn Paradise in Nsanzu, Mombasa County, Bandari DT Sacco Chairman Ken Sungu addressed the prevailing economic difficulties, noting a global recession and a slowdown in Kenya’s economy, which grew by just 4% in Q3 2024 compared to 6% the previous year. Despite setbacks in sectors such as construction, mining, and quarrying, the Sacco overcame these challenges to achieve impressive growth. Sungu highlighted an 8% expansion in the Sacco’s asset base, which rose from Ksh 12.6 billion in 2023 to Ksh 13.6 billion in 2024. Loans increased by 9.2%, from Ksh 8.5 billion to Ksh 9.3 billion, while member deposits and savings grew by 7.2% to Ksh 8.8 billion. Share capital also saw a notable 19.4% increase, reinforcing the Sacco’s robust financial footing
Bandari DT Sacco delivered an outstanding financial performance in 2024, achieving an 11% rise in earnings to Ksh 2.1 billion, up from Ksh 1.8 billion in 2023. This milestone highlights the Sacco’s resilience amidst global economic uncertainties, demonstrating its ability to adapt and prosper in a tough financial climate. A key driver of this growth was loan interest, which increased by 13%, from Ksh 1.5 billion in 2023 to Ksh 1.7 billion in 2024. Membership also grew significantly, up by 16.2% from 26,193 in 2023 to 30,441 in 2024, reflecting the trust and confidence members have in the Sacco’s services.
Speaking at the 50th Annual Delegates Meeting, held at Pride Inn Paradise in Nsanzu, Mombasa County, Bandari DT Sacco Chairman Ken Sungu addressed the prevailing economic difficulties, noting a global recession and a slowdown in Kenya’s economy, which grew by just 4% in Q3 2024 compared to 6% the previous year. Despite setbacks in sectors such as construction, mining, and quarrying, the Sacco overcame these challenges to achieve impressive growth. Sungu highlighted an 8% expansion in the Sacco’s asset base, which rose from Ksh 12.6 billion in 2023 to Ksh 13.6 billion in 2024. Loans increased by 9.2%, from Ksh 8.5 billion to Ksh 9.3 billion, while member deposits and savings grew by 7.2% to Ksh 8.8 billion. Share capital also saw a notable 19.4% increase, reinforcing the Sacco’s robust financial footing.
Despite economic pressures, the Sacco prioritised innovation and strategic investments to ensure sustainable growth. By embracing technology—such as digitising short-term loans and launching new products like LPO financing and guarantor loans—Bandari DT Sacco has boosted operational efficiency and member satisfaction. Investments in AI-driven security measures have also enhanced data protection and reduced cyber risks. Reflecting on these achievements, Sungu stressed that strategic decisions, guided by market analysis and member feedback, have been crucial to maintaining the Sacco’s competitiveness and long-term sustainability. He urged members to continue embracing innovation, which will remain key to future success.
As part of the 50th-anniversary celebrations, Sungu announced a payout of Ksh 939 million in interest on deposits and Ksh 107 million in dividends, encouraging members to reinvest their earnings to strengthen the Sacco further. In a heartfelt close to the meeting, Sungu offered warm wishes for a blessed and peaceful Ramadan, emphasising that unity and collaboration will remain vital to the Sacco’s future triumphs.
Bandari Sacco CEO Otieno Bee also addressed the delegates, expressing immense pride and gratitude as he celebrated the 50th Annual Delegates Meeting. He described it as not only a commemoration of past successes but a celebration of resilience, growth, and the unwavering commitment that has defined the institution over five decades. From its modest beginnings 50 years ago, Bandari Sacco has grown into a formidable force in the financial sector. “Through challenges and economic shifts, we have consistently adapted and thrived,” Bee said. “As we mark our golden jubilee, we look back with pride and forward with renewed optimism.”
Bee underscored the Sacco’s mission to empower members through sustainable financial services that enhance economic well-being. “Our growth is fuelled by the trust and solidarity of our members. Your continued faith has allowed us not just to survive but to flourish in a competitive and volatile financial landscape,” he added. Despite global economic uncertainties and Kenya’s slowdown, the Sacco achieved notable growth in 2024. With total earnings up by 11% to Ksh 2.1 billion and membership rising by 16.2%, alongside increases in assets (8%), loans (9.2%), and deposits (7.2%), its financial strength remains unshaken.
“True growth goes beyond numbers,” Bee continued. “It’s about understanding our members’ evolving needs and innovating to meet them.” The Sacco has prioritised digital transformation, improving access to loans and services, while new offerings like LPO financing and guarantor loans cater to diverse needs. Investments in AI-powered security systems have further bolstered data protection and member trust. Bee concluded by thanking the staff, management, and members, saying, “Together, we’ve built more than a financial institution—we’ve created a community that champions empowerment and sustainable growth. As we begin the next 50 years, our focus remains on enhancing member value and driving financial inclusion.”
Chief Guest Ms Dolphina Aremo, Director of Cooperatives for Nairobi County, thanked the delegates for the privilege of attending the milestone event. “A golden jubilee is a momentous occasion, and Bandari DT Sacco has proven itself a beacon of success in the cooperative sector,” she said. Aremo praised the Sacco’s growth and resilience over five decades, attributing its success to visionary leadership and active member engagement. “From humble beginnings to the dynamic institution it is today, Bandari Sacco shows what’s possible through determination, innovation, and commitment to its members,” she added.
She highlighted the cooperative movement’s role in economic empowerment, urging adaptability and openness to new ideas and technologies. “Bandari Sacco isn’t resting on its laurels. Its strategic decisions—from tech innovations to member-focused services—are setting the stage for even greater success,” Aremo noted.
Conclusion
The 50th Annual Delegates Meeting of Bandari DT Sacco was both a celebration of past achievements and a springboard for future progress. With a solid financial foundation, a commitment to innovation, and an engaged membership, the Sacco is poised to reach even greater heights. Its journey is far from over—new goals await, and further peaks are yet to be scaled.
