Leading tier one Sacco maintains its tradition of registering remarkable growth year-on-year
By George Gichuki
The Kenya National Police DT Sacco successfully held its annual delegates meeting ( ADM) in February. Speaking during the colourful occasion, Simon Chelugui, the Cabinet Secretary for Co-operatives and Micro, Small and Medium Enterprises noted that the growth and performance of the tier one Sacco has been remarkable over the years. “ Going by your encouraging numbers, there is no doubt that you are a solid organization that is keen on improving its members’ welfare,” said Mr. Chelugui. The Sacco’s asset base grew from Kshs. 44 billion in 2021, to Kshs. 48.9 billion in 2022. Additionally, its deposits grew from Kshs. 23.5 billion in 2021, to Kshs. 25.9 billion in 2022. Most importantly, the Sacco’s revenue rose from Kshs. 7 billion in 2021 to Kshs. 7.9 billion in 2022.
Due to this performance, members were given dividends on their share capital at a rate of 17%. That amounted to Kshs. 552 million. In the same regard, the interest on deposits was paid at a rate of 11%, totaling to Kshs.2.7 billion.
Giant Sacco
The giant tier one Sacco has a national presence. Besides having a strong membership among the national police service, the Sacco common bond is open to the civil servants, county government employees, professionals and members of the business community. “ As a testament to adoption of good governance practices, we were ranked the second best managed Sacco countrywide during the 2022 national Ushirika Day celebrations,” said Mr. David Mategwa , the National Chairman in his speech during the ADM. He further said that the Global Credit Rating upgraded Police Sacco’s national scale long-term issuer rating to A- ( KE) from BBB+ ( KE) in 2021 with a stable outlook.
One of the principles that governs the co-operative movement globally is : ‘open and voluntary membership.’ In that regard according to Mr. Mategwa, Police Sacco educated and trained both its members and staff in 2022. It also took its top ten savers to Thailand for a benchmarking engagement. “ The society will also in 2023 undertake education programmes to top savers at the national, regional and international levels besides the countrywide member education,” said Mr. Mategwa.
Golden jubilee
Kenya National Police DT Sacco was established in 1972 by only six hundred and ninety members. Having been in business for fifty years, it celebrated its fiftieth anniversary ( golden jubilee) in February, during a colourful occasion that was graced Dr. William Ruto, President of the Republic of Kenya. Dr. Ruto also launched the Police Sacco stadium, constructed by the society at a cost of Kshs. 89 million. The President promised that the government will support the enhancement of the stadium’s infrastructure with a funding of Kshs. 150 million.
Responsible corporate citizen
As a responsible corporate citizen, Police Sacco has rolled out an education programme for children. While addressing the ADM, Mr. Mategwa said that the programme had 166 students by the end of 2022. 148 of these students were in secondary school, while 18 were in universities. To date, the programme has supported over 201 students.
