Huge Milestone as Boresha DT Sacco Pays Ksh.500M Dividends to Members

Boresha Deposit Taking Savings and Credit Cooperative Society members have every reason to smile as the Sacco pays them Ksh568, 635,189 dividends. This is slightly a higher figure as compared to the 2022 financial year, where members pocketed Ksh505,140,986.

 Cabinet Secretary, Ministry of Cooperatives, Micro, Small, and Medium Enterprise Development Simon Chelugui, who was the Chief Guest during the 33rd Annual Delegates Meeting (ADM) held at the Sacco headquarters, Eldama-Ravine on March 23, commented on the Sacco’s remarkable performance.

“I encourage the board of management to continue working hand in hand to post even more performance in the coming years,” he stated.

 Mr. Chelugui further urged Boresha DT Sacco to leverage the latest technology to serve members better and, at the same time, offer competitively demand driven services. “The emerging technological innovations offer new avenues for cooperatives not only to create wealth for their members but also a vehicle to offer unmatched products and seamless service virtually,” he said.

Addressing the delegates meeting, Boresha DT Sacco CEO Jacob Mengich, HSC, assured distinguished members that the Sacco will continue posting outstanding annual returns. Mengich noted that the Sacco’s membership increased from 82,171 in 2022 to 92,171 currently.

 The Sacco targets increasing its membership to 100,000 by 2025. During the year under review, he said the society’s total assets grew from KSh9.903 billion in 2022 to KSh11.348 billion in 2023, a notable increase of 15 percent. Also, Boresha Sacco DT Share Capital increased to Ksh611.8 million from Ksh575.6 million in 2022, an increase of 15 percent.

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 “We attribute the upward growth to bold resolutions made during our previous delegates meetings that have made the Sacco grow to a Tier 1 Sacco in Kenya. We will continue building a vibrant Sacco in the region and beyond,” Mengich said.

Furthermore, member savings and deposits increased from Ksh6.890 billion in 2022 to Ksh7.840 billion, an increase of 13 percent.

 “Despite the various challenges in the economic and financial industry, society registered positive growth, a factor we attribute to resilient membership,” he said.

 Total net loans and advances increased from Kshs8.040 billion in 2022 to Kshs9.451 billion in 2023, an increment of Ksh1.411 billion reflecting 18.5 percent growth.

 “Loan demand by members is still very high. The credit policy will be reviewed to ensure all loan products is secured by savings or deposits," he said.

Mr. Mengich noted that centralized lending has ensured the perfection of guarantors and securities to achieve a quality loan portfolio. 

CS Chelugui said his ministry will continue championing reforms in the cooperative sector to enable Kenyans to participate in growing the economy.

“My ministry will create an enabling environment in policy, legislative, and institutional frameworks,” he said. The cooperative policy themed; “Promoting Cooperatives for Socio Economic Transformation,” enacted into Sessional Paper No. 4 of 2020 and being implemented with the Cooperatives Bill 2023, is now in Parliament, awaiting consideration and enactment. 

The bill proposes a raft of interventions that will facilitate cooperatives to grow to another level,” he stated. In his speech, Baringo County Deputy Governor Felix Maiyo said the county government also focuses on creating an enabling atmosphere for the growth of cooperative movements, which will go a long way in creating opportunities for investment, credit provision, wealth creation, and employment generation.

“Boresha DT SACCO has been identified as one of the most effective and leading Saccos that have enhanced economic growth in our county by providing loans and inculcating a saving culture among our residents," he noted.

Moreover, he challenged the Sacco to come up with an insurance scheme so as to compensate herders whose good numbers of livestock were forcefully stolen by bandits and cattle rustlers. 

Commissioner of Cooperatives David Obonyo lauded the Board of Directors and the Sacco Management for posting excellent performance every financial year.

Mr. Obonyo urged the Sacco to consider and come up with a health scheme mostly for retirees to enable them to get proper medication in case of any sickness. 

Boresha Sacco DT Chairman Albert Chebiegon noted that the Sacco remains indebted to its founders, who have seen the Sacco grow by leaps and bounds since its inception in 1976. By then, it was named Baringo Teachers Sacco before it was later rebranded to Boresha Sacco in 2012.

“We are pleased to report to the delegates that on February 10, 2024, we held a meeting here with 67 pioneer members who have patronized the Sacco since its inception," Chebiegon said.

The pioneers were happy with the society’s growth trajectory. They, however, called upon members to continue being loyal to the Sacco for their own growth and to leave a legacy for future generations to be proud of. Achievements On March 9, the Sacco made another landmark achievement by opening its new Kitale branch, Trans-Nzoia County, with so far 3,200 account holders.

Khatundi Phanice Naliaka, Trans-Nzoia CEC Agriculture, represented Cooperatives CS Simon Chelugui, who was the Chief Guest.

“This momentous occasion marks a new chapter in the Sacco’s mission to revolutionize financial services and empower farmers in our region,” Khatundi said. The Kitale is the 18th branch, an addition to Sacco’s ever-growing network across the country. By collaborating with numerous saccos in the region, Boresha aims to foster economic growth in Trans-Nzoia and throughout Kenya. CEO Mengich envisioned that the Kitale branch would probably become Boresha’s headquarters in the Western region. 

“We have also come to join many other saccos that are present here. At the end of it all, we will have improved the economy of Trans Nzoia and Kenya as a whole,” he said.

Celebrating its 48th anniversary since its inception, Boresha DT Sacco has undergone a transformative journey. Establishing the Kitale Branch aligns with Sacco’s visionary strategic plan for 2021–2025, further solidifying its commitment to growth and member satisfaction.

Boresha DT Sacco owes its success to the unwavering support of its members, partners, and stakeholders. Their trust has been instrumental in propelling Sacco’s upward trajectory.

As part of its core values, Boresha DT Sacco promises its members that it exists to serve their financial needs. Boresha DT Sacco takes pride in offering competitive interest rates on savings deposits, urging members to maximize this opportunity for financial growth. Sacco’s achievements speak volumes about the effectiveness of its governance and management practices.

Boresha DT Sacco has embraced technology as a pivotal tool in member service management to enhance service efficiency. A comprehensive network seamlessly links the 18 branches to the head office, simplifying operations and expediting customer service.

Branch officers have real-time access to customer records, ensuring prompt and seamless transactions. Technology has revolutionized the financial landscape, and Boresha DT Sacco stands at the forefront of this digital transformation. Strategically positioned in the Rift Valley region, Boresha DT Sacco is dedicated to providing exceptional financial services to its members.

Albert Chepyegon, the Chairman of Boresha DT Sacco, expressed his gratitude to the esteemed guests and staff, acknowledging their unwavering commitment to Sacco’s growth. He urged Trans-Nzoia residents to continue partnering with Boresha DT Sacco, an inclusive institution that embraces all and fosters financial growth and prosperity.

“ I appreciate the CS on behalf of the board of directors and staff. I urge Trans- Nzoia residents to continue partnering with Boresha Sacco for financial growth.

Boresha is a sacco that embraces all,” he said. Special Recognition The Society’s CEO, Jacob Mengich was awarded Head of State Commendation HSC by President Dr William Ruto during last year’s 2023 Jamhuri Day.

The Chief Guest CS Chelegui, Baringo Deputy Governor Felix Maiyo, and Delegates also took the chance to congratulate the CEO for being recognized by the Head of State. 

“The recognition is a big win for our great Sacco. It is a testimony of a focused, consistent leadership and unwavering patronage by loyal members. The Society has grown to a vibrant economic hub and beacon of hope for most families in our area of operation and beyond”, said the CEO.

Members Education Education meetings 2024 were held between 17th February and March 2 across all branches where distinguished members turned up in large numbers to be taken through the Sacco’s products and services. They were also informed about Society’s performance, progress, and future plans. Members were urged to continue patronizing the Sacco and angulate the culture of saving more by increasing their share capital so they can earn more on dividends.

Join Boresha DT Sacco today and embark on a journey towards finan￾cial growth and prosperity