Iconic Solution Sacco to celebrate 30 years of great success and phenomenon growth
On June 30, 2023, Solution Sacco will savor 30 years of its blazing trail of excellence and commitment to the financial success of savers.
Solution Sacco is among the few most efficient and well-managed investment vehicles in Kenya that have been consistent in the delivery of quality services to its members.
Ahead of its celebration of 30 years of existence, the gigantic Sacco has reported a commanding asset-based value of 8.3 billion shillings as of 31st December 2022, a 2.6 billion increase as compared to the year 2020.
Solution Sacco has built a loyal membership due to its transparent practices and adoption of client protection principles. The fast-growing Sacco that was initially dedicated to teachers has opened its doors to other employees and businessmen from all walks of life increasing its membership to over 27 thousand and a ballooned member deposit of over five billion.
The giant Sacco also remains committed to a customer-centric approach to doing business and achieving its mission of transforming lives through offering affordable financial solutions.
In this regard, Solution Sacco has established itself across nine Counties with 14 branches and 23 satellites.
According to the Solution Sacco Chairman Francis Muriithi Rimberia, the Sacco has braved challenges arising from the electioneering period and the Covid-19 pandemic to maintain its growth through increased membership and loyalty of its members.
“I am delighted to report that Solution Sacco has remained resilient despite the challenging economy and the overall performance achieved has been great. This has been made possible by your belief and patronage towards Solution Sacco,” Mr Rimberia said during the Solution Sacco annual general meeting.
For the last 30 years, Solution Sacco has always been focused on its core mandate of mobilizing savings and providing credit to members at affordable interest rates to uplift the lives of Kenyans and mainstream them into the national financial market through innovative products and in adherence to the statutory requirements on prudential ratios as outlined by the SACCO Societies Regulatory Authority (SASRA).
Ultra-modern office
The Sacco, which has purchased a plot in Meru town, plans to build an ultra-modern office block.
Located at the heart of Meru town (Nkubu stage next to Khetias Supermarket), the ultra-modern head office will be a realization of a long-held dream of its members over the years to build a landmark & home to host the proverbial Solution Sacco head or main offices.
The new head office is expected to have a modern banking facility, administrative offices, and a state-of-the-art data or Sacco communication center among others.
The past 30 years have seen Solution Sacco enjoy unrivalled steady growth in all key fundamentals. According to Solution Sacco CEO, the new complex will provide a tangible representation of the audacious moves Solution Sacco is making to remain agile and efficient in the delivery of innovative financial solutions to its members.
Corporate Social Responsibility
Corporate Social Responsibility is at the heart of Solution Sacco, which regularly participates in welfare and charity activities; striving to continually improve the living standards of people in the community in terms of health, education, and the environment.
“As part of our Corporate Social Responsibility, we remain committed to empowering communities through various initiatives,” Mr Rimberia added.
Solution Sacco is among the very few Sacco’s in the Country with a registered CSR.
Through its registered CSR arm of the Sacco dubbed as ‘The Solution Foundation’, last year, Solution Sacco managed to donate foodstuff to communities stricken by hunger in regions where the Sacco operates.
According to the Chairman, Solution Sacco also managed to support 60 needy students drawn from the Counties that the Sacco operates.
Mr Rimberia noted that the Sacco registered its foundation in a bid to promote sustainable development in communities through its focus areas of environment, education, and economic empowerment.
Members Education
The acclaimed Sacco has also set the pace on multiple fronts, which include conducting a member education drive. The CEO Mr Marete noted that the education meetings were aimed at encouraging more saving and boosting the saving culture amongst members of the Sacco and the nutritional health of the Sacco members among others.
Mobile banking
Mr Marete further noted that Solution Sacco has managed to increase efficiency through digitalization. He added that members of the Sacco may be able to access services via the Sacco Mobile App, USSD *686#, ATMs, or even agencies.
Solution Sacco boasts of being the first Sacco to use an ultra-modern Debit card.
With the Solution Sacco verve debit card a member can withdraw cash from his or her account from the Sacco ATM machines, a member can also withdraw cash from his account from banks with verve-enabled ATM machines, pay for goods and services at joints with Verve POS at no extra cost or even shop online.
There are myriad reasons to join Solution Sacco, which include attractive products and services, high-interest shares, and high rates of member deposits among many others as earlier mentioned.
During the annual general meeting this year the Sacco chairperson declared a dividend rate of 15% and interest on rebates of 12.5%.
It would be mean to not mention the Sacco’s strong burial benevolent fund for members and spouses, low interest on loans, access to insurance products and services including affordable health cover, fast financing, and building on cash reserves. The Sacco also boasts a robust Customer Care Center, to respond to any queries or complaints from members.
The renowned Sacco operates on key professionalism, equality and equity, social responsibility, innovation, and creativity; with the chief aim of providing financial services through the mobilization of savings and advancing credit that improves the livelihoods of their members.
Solution Sacco has remained true to their mission, of offering affordable and customized products and services that economically and socially empower members; which has led it to become one of the leading Saccos in the provision of excellent financial services.
