ANOTHER MEMORABLE YEAR FOR POLICE SACCO

Mr. David Mategwa, National Chairman, Kenya National Police DT Sacco addressing the Annual Delegates Meeting (ADM).
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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.

Mr. Simon Chelugui, Cabinet Secretary for Co-operatives and Micro,Small and Medium Enterprises.

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.

Mr. Solomon Atsiaya, CEO, Kenya National Police DT Sacco.

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.

A section of Kenya National Police DT Sacco delegates following the ADM’s proceedings.

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.

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