The Kenya National Police DT Sacco has been feted as the Best Managed Sacco for the fourth consecutive year at the annual Ushirika Day celebrations – once again proving its dominance in the cooperative sector in Kenya.
The accolade was bestowed by the Cooperative Alliance of Kenya, at the Ushiria Adjudication Ceremony on September 20, 2024 at Safari Park Hotel – Nairobi.
The Sacco has an asset base of Ksh.54 billion, a loan portfolio of Ksh.46 billion, and total deposits amounting to Ksh.32 billion.
“Our focus has been on making financial services more accessible and efficient through fast loan processing and advanced digital platforms,” said Solomon Agutsa, Kenya National Police Sacco CEO.
“This recognition reflects our commitment to our members’ success and the trust they continue to place in us,” he added.
According to the latest Sacco Supervision Report, the Kenya National Police DT Sacco ranks as the third-largest Sacco in the country, followed by Mwalimu Sacco and Stima Sacco, which hold assets of Ksh.66 billion and Ksh.59 billion, respectively.
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The Police DT Sacco offers a diverse range of financial solutions, including savings accounts, loans, and investment opportunities to its members.
It has service potfolio among them its innovative digital banking platform that has seen improved convenience, allowing members to manage their finances seamlessly, anytime and anywhere.
Beyond financial achievements, the Sacco is deeply involved in community development initiatives among them the constructing classrooms and a multipurpose hall at a school in Nakuru county.
Present at the award ceremony was Cooperative Cabinet Secretary Wycliffe Oparanya who hailed the sole co-operatives have played in the growth of the economy.
“Today is a moment to reflect on our achievements as a movement and recognize how cooperatives contribute to economic growth and the empowerment of communities,” said CS Oparanya.
According to the CS, Kenya’s cooperative movement is the largest in Africa – seventh globally and is looking to better it under the Bottom-Up Economic Transformation Agenda (BETA).
This even as he cautioned Saccos against borrowing from banks to finance dividends when they are financially unstable.
“Declaring dividends despite making losses, and then borrowing to pay them, is unsustainable. Saccos must prioritize financial stability before issuing dividends,” Oparanya warned.
