Tabasuri DT Sacco has achieved great development in the year 2024, with magnificent results recorded across its different departments. The Sacco recorded a massive increase of Kshs 41.8 million in total assets, marking an 8.11% growth to Kshs 557.2 million in the year from Kshs 515.4 million in 2023. Total revenue also scaled up by 5.2%, rising from Kshs 106.9 million in the previous year to Kshs 112.5 million. These developments follow the Sacco’s positive trajectories for the year in membership, member deposits, and loan uptake.
Over the past year, a total of 1,756 people signed up for Tabasuri Sacco’s membership, bringing the Society’s member population to 19,593. This represents a 9.85% growth compared to the Sacco’s 2023 membership of 17,837. Consequently, member deposits increased by 7.54%, from Kshs 350.5 million to Kshs 377.0 million. Tabasuri DT Sacco’s share capital also grew by 12.29%, reaching Kshs 83.3 million from Kshs 72.2 million in 2023.
Mr. Gilbert Atuga, Tabasuri Sacco’s chairman, said the 2024 Sacco results underscored members’ commitment to saving and the Cooperative Society’s role in fostering financial security and economic empowerment. Tabasuri Sacco’s triumphs, however, came amidst economic challenges that continue to be witnessed in Kenya, which have slowed down the pace of economic growth. This has resulted in instability in financial institutions across the country, threatening insolvency for some.
Addressing delegates and guests during the annual delegates meeting on the 8th of March 2025, Mr. Atuga said that through strategic and mitigation measures, the Sacco maneuvered through the challenges and would continue serving its members with even better strength.
“Through resilience and strategic planning, we have weathered economic challenges, embraced opportunities, and remained committed to serving you better. Our priorities remain financial inclusion, innovation, and providing solutions that meet the evolving needs of our members,” said the chairman.
The growth in member loan uptake shows that members are primarily reliant on the Sacco’s financial solutions, which are easily accessible. In 2024, Tabasuri disbursed a total of Kshs 389.8 million as loans to members. This was a growth of 3.46% in the Sacco’s loan book, up from Kshs 376.5 million recorded in the previous year. The Sacco’s surplus was Kshs 43 million for the year.
Following the Sacco’s credible financial results, Sacco members are prepared to receive payments of an 11% dividend rate and an interest rate of 8% on member deposits for the year 2024.
Dr. James Mwaluma, Tabasuri Sacco’s Director General and acting CEO at the Kenya Marine and Fisheries Research Institute (KMFRI), lauded the good relationship between the Sacco and the Research Institute. Tabasuri DT Sacco, originally founded by workers of KMFRI, has been helping members over the years through affordable credits, financial literacy, and investment opportunities.
“I urge all of us to recommit ourselves to the principles of cooperation, transparency, and mutual support that appeal to the foundations of the Sacco. Together, we can build a stronger and more resilient community where financial empowerment is not just a privilege but a fundamental right for all,” Dr. Mwaluma said.
Stephene Musyoka, Cooperative Bank Coast region manager, complemented the Sacco’s management, staff, and the entire membership for the excellent performance achieved by the institution while acknowledging the challenges facing the Sacco industry. Speaking during the meeting, Mr. Musyoka projected the need for massive digital integration in the Sacco’s operations, touting it as a necessity for future and sustained development. Quick credit processing and state-of-the-art data interpretation systems, according to the manager, have necessitated that Saccos start embracing artificial intelligence.
ACCOLADES
Tabasuri DT Sacco continues to show its leadership role in the cooperative movement in the country. In the year 2024, the Sacco scooped several national accolades during the Ushirika Day Celebrations. Tabasuri took the title of the Best Improved DT (Deposit Taking) Sacco; it was crowned the Best Improved DT Sacco at position 2 and also became the Most Efficient DT Sacco at position 2. It was also ranked 2nd as the Best in Risk Management DT Sacco and took the third prize as the Best Capitalized Sacco.
STRATEGIC PLAN 2025-2029
To steer the Cooperative Society for the next five years, Tabasuri DT Sacco unveiled an ambitious Strategic Plan on the 8th of March, 2025. The plan is comprehensive and well-crafted with six pillars, which are built from a base of human development philosophies rooted in collective commitment to excellence, innovation, and sustainable growth. The pillars are:
Digital Transformation and Innovation: The Sacco is pursuing digitization and digitalization to enhance service delivery, security, and member accessibility. The Sacco’s priorities in this area include automation of services, mobile banking enhancement, and AI-driven financial solutions.
Financial Growth and Sustainability: The Sacco’s focus in this dimension is on diversification of revenue streams, enhancing risk management strategies, and exploring strategic partnerships.
Membership Growth and Engagement: The Cooperative Society will be carrying out campaigns to engage new sectors, focusing on the youthful generation, increasing member education and participation to attract more people.
Product and Service Innovation: Through exploration of innovative ideas, Tabasuri DT Sacco seeks to revolutionize the nature of products and credit services in the spirit of meeting the evolving needs and preferences of members.
Governance and Compliance: The Sacco is known for its transparency in leadership, which remains a cornerstone of all its operations. The strategic plan has a strong emphasis on ethical standards to foster trust and build concrete confidence among members.
Corporate Social Responsibility (CSR) and Community Impact: Through initiatives that focus on environmental sustainability, financial literacy, and community empowerment, Tabasuri DT Sacco is looking forward to benefiting the community and helping to bring social equality.
