Solution Sacco a leading Deposit-Taking (DT) Savings and Credit Cooperative (SACCO), marked its 30 years of existence since it started its operations of empowering its members economically, and socially, and promoting financial inclusion on Friday.
Some of the most recent milestones the SACCO has achieved are investment and the introduction of financial products and services. They include credit, savings, loans, and insurance solutions that have resulted in the growth of its membership base and improved financial performance of SACCO for the period ending 2022.
The 30 years celebrations were climaxed by the opening of a new branch at Makutano in Meru County an event that was graced by Deputy President Rigathi Gachagua before proceeding to the main event at Kinoru Stadium.
Speaking the Deputy President said the Government is committed to working with the cooperative movement in creating sustainable communities under the Bottom-Up Economic Transformation Agenda.
Lauding Solution Sacco for its achievement in transforming the lives of its members, DP called on Saccos to be innovative to tap into the emerging high-value market bases like the digital economy.
“It is out of this sterling performance over the last decades that today, I registered as a member of the Sacco on your Anniversary. The Co-operative Movement continues to play a key role in the revitalization of our economy; the sub-sector provides direct employment to over 500,000 Kenyans and contributes directly and indirectly up to ten percent of the GDP,” Gachagua added
The DP lauded Solution Sacco for supporting and enhancing the financial inclusion of the residents adding that this will help the Country to grow economically.
“We want to enhance saving culture in Kenya so that we borrow our own money. Initially, we used to borrow from foreign countries money saved by citizens of those countries,” the Deputy President said.
The Cabinet Secretary for Co-operatives and Micro, Small, and Medium Enterprises Development Simon Chelugui lauded the management and leadership of Solution Sacco for its excellent performance.
The CS noted that Co-operatives and Saccos will help in steering the Country’s economy to a greater height.
“Co-operatives and Saccos are the wheels that drive the economy and it is for that reason that H.E President William Ruto created a stand-alone ministry for this sector,” Chelugui said.
The Cabinet Secretary for Agriculture and Livestock Development Mithika Linturi cheered Solution Sacco saying that financial products are designed and customized in alignment with the Kenya Kwanza government manifesto.
“These products aim at providing support to our farmers in the realm of agribusiness. I commend Solution Sacco for actively participating as one of our stakeholders in promoting food and nutrition security by supporting various agriculture value chains. This serves as an invitation for other cooperatives to embrace the challenge and join us in these endeavors,” Linturi added
The Sacco Chairperson Francis Rimberia attributed the growth to members’ loyalty and support to the board and the management team.
Mr Rimberia noted that the Sacco has a strong membership base with the Society recording an active membership growth of over 30, 000 members drawn from various sectors.
The Chairperson said that the SACCO played a significant role in the development of the SACCO subsector in Kenya. He noted that the SACCO’s commitment to good governance, transparency, and accountability has set the standards for other SACCOs to follow.
He added that the SACCO’s financial strength and stability have inspired confidence in members and the wider public, and have contributed to the growth and development of the cooperative movement in the country.
Solution Sacco was formed after a decision to split from Mwalimu Sacco in 1993. The latter was formed in 1976 as a cooperative for teachers within the greater Meru District.
After the split Solution Sacco braved a tough journey to cruise to a solid balance sheet and stable liquidity ratios blazing a trail of excellence and commitment to the financial success of savers.
Solution Sacco was the first Sacco in Africa to own a worldwide connected ATM network, taking services at par with banks.
The Society was also among the first to establish Agency Banking and Mobile Banking (Solution App and USSD).
With an asset base of over Sh8.3 billion as of 30th December 2022, Solution Sacco also prides itself on its loan book that has hit Sh7 Billion with efforts underway to grow this to Sh10 Billion by the end of 2023.
Solution Sacco is also famous for its dividend payout to members at a rate of up to 18% while member’s interest on deposits and savings earn a 13% interest.
Other leaders who attended the Sacco anniversary included the Principal Secretary State Department for Co-operatives Patrick Kilemi, Meru governor Kawira Mwangaza and her Laikipia counter Joshua Irungu, Meru Woman Representative Elizabeth Kailemia and the Sacco’s CEO Daniel Kinyua Marete among others.
