SAFARICOM SACCO LTD ANNUAL REPORT 2020
We dedicate this page to friends , family , colleagues and the
entire world affected & succumbed to COVID-19 pandemic.
May your souls live on !
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Core Values-Customer Focus, Integrity, Reliability,
Innovation
Mission-To transform our members’ lives through provision of
affordable, Innovative and accessible financial services
SAFARICOM SACCO LTD AT A GLANCE
Notice of the Annual General Meeting 3
Safaricom Sacco Board 4
Safaricom Sacco Management 5
Chairman’s Statement 24 - 26
CEO’s Statement 27
Committees Annual Reports 32 -44
Supervisory Committee Report 45 - 48
Budget 49 - 50
Table of Content
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A N N U A L G E N E R A L M E E T I N G
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AGM NOTICE 2021
Notice is hereby given on 12th February, 2020 to all members of
Safaricom Sacco Society
Limited,that the Annual General Meeting for the year ended 31st
December, 2020 shall be
held on Saturday,27th February 2021.
The Agenda shall be:
2. Report from the Chairman
3. Address by the Chief Guest.
4. Report from the Supervisory committee
5. Presentation of the 2020 Audited Financial Statements
6. Presentation of the year 2021-2022 Budget
7. Appointment of Auditors
9. Resolutions
10. Elections
Alex Okoth
Hon. Secretary
Safaricom Sacco Board 4
Safaricom Sacco Management 5
Chairman’s Statement 24 - 26
CEO’s Statement 27
Committees Annual Reports 32 -34
Supervisory Committee Report 45 - 48
Budget 49 - 50
Table of Content
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A N N U A L G E N E R A L M E E T I N G
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MANAGEMENT
PAULINE W. GICHUKI Finance Manager
ANNITA MUTHANJE Marketing & Customer Service
Manager
Manager
Manager
BOARD MEMBERS
SUPERVISORY COMMITEE
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MANAGEMENT
PAULINE W. GICHUKI Finance Manager
ANNITA MUTHANJE Marketing & Customer Service
Manager
Manager
Manager
BOARD MEMBERS
SUPERVISORY COMMITEE
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SAFARICOM SACCO LTD BOARD AND COMMITTEE MEETINGS ATTENDANCE
Names Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Total Paul
Msava 1 1 1 1 1 1 1 1 1 1 1 1 12 Connie Khayundi 1 1 1 1 1 1 1 1 1
1 1 1 12 George Hunja 1 1 1 1 1 1 0 1 1 1 1 1 11 Alex Okoth 1 1 1 1
1 1 1 1 1 1 1 1 12 Geoffery Gekonge 1 1 1 1 1 1 1 1 1 1 1 1 12
Peter Chege 1 1 1 1 1 1 1 1 1 1 1 1 12 Leonard Okoth 0 0 1 1 1 1 1
1 1 1 1 1 10 Pius Musyoki 0 0 1 1 1 1 1 1 1 1 0 1 9 Elizabeth
Mudogo 0 0 1 1 1 1 1 1 1 1 1 1 10 Bernadette Mutune 1 1 0 0 0 0 0 0
0 0 0 0 2 Johnstone Kamunde 1 1 0 0 0 0 0 0 0 0 0 0 2 Collins Ogutu
1 1 0 0 0 0 0 0 0 0 0 0 2 Joseph Njoroge 1 1 1 1 1 1 1 1 1 1 1 1 12
Pamela Nyakoah Osore 1 1 2 Boniface Muthoka 1 1 1 3 Joshua Kimani 1
1 2 Patrick Nduati 1 0 0 1 Finance and Administration Committee
Paul Msava 1 1 3 2 1 1 1 1 1 1 1 2 16 Alex Okoth 1 1 3 2 1 1 1 1 1
1 1 2 16 Connie Khayundi 0 0 3 2 1 1 1 1 1 1 1 2 14 Geoffrey
Gekonge 0 0 3 2 1 1 1 1 1 1 1 2 14 Johnstone Kamunde 1 1 0 0 0 0 0
0 0 0 0 0 2 Bernadette Mutune 1 1 0 0 0 0 0 0 0 0 0 0 2 Audit and
Risk Committee Leonard Okoth 0 0 1 1 1 1 1 1 1 1 1 1 10 Alex Okoth
1 1 1 1 1 1 1 1 1 1 1 1 12 Elizabeth Mudogo 0 0 1 1 1 1 1 1 1 1 1 1
10 Geoffery Gekonge 1 1 1 0 0 0 0 0 0 0 0 0 3 Peter Chege 1 1 0 0 0
0 0 0 0 0 0 0 2 Business Development Committee Connie Khayundi 0 0
1 1 1 1 1 1 1 1 1 1 10 George Hunja 0 0 1 1 1 1 1 1 1 1 1 1 10
Elizabeth Mudogo 0 0 1 1 1 1 1 1 1 1 1 1 10 Bernadette Mutune 1 1 0
0 0 0 0 0 0 0 0 0 2 Collins Ogutu 1 1 0 0 0 0 0 0 0 0 0 0 2 Credit
Committee George Hunja 0 0 1 1 1 1 1 1 1 1 1 1 10 Pius Musyoki 0 0
1 1 1 1 1 1 1 1 1 1 10 Peter Chege 0 0 1 1 1 1 1 1 1 1 1 1 10
Collins Ogutu 1 1 0 0 0 0 0 0 0 0 0 0 2 Connie Khayundi 1 0 0 0 0 0
0 0 0 0 0 0 1 Nomination Committee Kennedy Auka 1 1 1 3 Phyllis
Mutua 1 0 0 1 FCPA Samuel Okello 1 1 1 3 Theresa Mruttu 1 1 1 3
Hesbone Kiura 0 1 1 2 Supervisory Committee Pamela Nyakoa Osore 1 1
1 1 1 1 1 7 Boniface Muthoka 1 1 1 1 1 1 1 7 Joshua Kimani 1 1 1 1
1 1 6 Patrick Nduati 1 1
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4. SACCO Supervisory Committee
5. SACCO Nominations Committee
7. Invited Guests
8. SACCO Staff
Master of Ceremony:
- Joseph K. Njoroge
Min 1/29/2/2020: Preliminaries
The meeting was called to order by the Chairman at 0900Hrs upon
constitution of quorum
as per the Sacco by-laws. A confirmation of the AGM Notice of at
least 14 days was done.
Tabby Masau led the opening prayer.
Min 2/29/2/2020: Confirmation of the Agenda
The secretary read the agenda of the meeting as below:
1. Confirmation of the 2019 Annual General Meeting Minutes and
matters arising
2. Report from the Chairman
3. Remarks from the Chief Guest
4. Report from the supervisory committee
5. Presentation of the 2019 Audited Financial Statements
6. Presentation of the year 2020-2021 Budget
7. Appointment of Auditors
10. Any Other Business (A.O.B)
The agenda was adopted as proposed by Michael Borino and seconded
by Chris Oduor.
Minutes of the Safaricom Sacco 19th Annual General Meeting Held on
Saturday 29th February 2020 At All Africa Conference of
Churches
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Min 3/29/2/2020 Review and adoption of the 2019 AGM minutes
The Honorary Secretary Alex Okoth reaffirmed to the members that
the minutes were circulated
prior to the AGM to enable the members read through. There being no
amendments, the
minutes were adopted as recorded and proposed by Michael Borino and
seconded by Chris
Oduor.
Min 4/29/2/2020 Matters arising from previous minutes
Having no matters arising from the previous meeting’s minutes, the
Hon. Secretary –Alex Okoth
- acknowledged the members present by the common bonds they
represented as well as
those not represented by any common bond.
Min 5/29/2/2020 Chairman’s Report
The Chairman - Paul Msava welcomed the members and guests to the
Annual General
Meeting (AGM). His remarks had the following highlights;
- The Sacco membership growth reduced by -6% attributed to cleaning
the membership
database to get rid of dormant members and retain only quality
members.
- Apart from the Core Capital, which registered a -10% growth, all
other parameters
reported a significant growth. The significant drop was due to the
shares drive refund in
March 2019, that the Sacco implemented after the members in FY2018
Annual General
Meeting passed a resolution.
- He informed members that the Sacco was keen in observing the data
protection policy
to protect members’ information.
- The People pillar and customer service was to be part of his key
agenda in 2020.
- He mentioned that there were several fraud incidences that were
reported in the year
2019 some involving senior managers who were dealt with
decisively.
- He reassured members that the recruitment process for Senior
Managers was thorough
and was conducted by Board members and involved thorough background
checks.
- In 2019, SASRA targets on Institutional Capital parameters were
successfully met.
- On PAR, the Chairman noted that there is need to strengthen our
securities and informed
members of the frustration that is currently being experienced when
recovering from
guarantors.
Motion to adopt the Chairman’s report was proposed by Josiah Mache
and seconded by
Samuel Karanu.
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Dr.Harry Osore: Sought clarification why there
seemed to be no progress with
The Kenya Mortgage Refinance
Corporation (KMRC) – a registered
engagement and how the project
would benefit Safaricom Sacco
was the low-income earners.
housing agenda for members
earning Kes.150,000 and below.
shares and among the pilot team
- KMRC was setting the framework
in 2019, a process that was to be
implemented.
preparedness on the looming
was spreading fast in China and its
impact on the Sacco financials.
The impact of COVID-19 pandemic
was to be measured and if
the economy were impacted
losses and consequently increased
strong financial base to weather
the storm.
of money that was defrauded
and if the Sacco was seeking
compensation through fidelity
be the compensation.
pay 3M by the Insurance a matter
that was appealed to the insurer.
Charles Karanja He raised a concern on the fact
that banks were giving mortgage
at a lower interest rate compared
to the Sacco rate of 13% and felt
the product need to be revised.
The Sacco would be able to
get funds from KMRC at a lower
interest rate and eventually review
the mortgage rates to about 8%.
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turnover rate during the preceding
year
technology and measure its
impact to operational efficiency.
equipped the Sacco was to handle
KMRC mortgage.
informed members that the
member of KMRC, which gave the
SACCO confidence being part of
the decision-making process.
who were removed from the
membership register during the
outstanding loans
shares, deposits or loans
app that it was not user friendly and
had no benefit to members due to
hidden charges. He also needed
an explanation why the system
was implemented before proper
initially the Sacco had a system
from a third party that was hacked
and limited accessibility from Mon
to Friday 8:00am to 5:00pm. Initial
go live plan for the new system
was August 2019 but the project
missed on some timelines and the
actual go live was on 1st Nov 2019.
The system was implemented with
minimum features and gradually
built on additional features.
Communication to members on
applicable charges were made
were implemented.
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Min 6/29/2/2020: Acknowledgement of and Brief Remarks by the
Invited Guests
Cooperative Bank - Benson Kilonzi – representing the Director,
Vincent Marangu.
- He applauded the Sacco for being one of the strongest in the
country and congratulated
the Board for the direction they had taken to ensure Institutional
Capital was met.
- On Portfolio at Risk (PAR), he noted that since Sacco’s used the
guarantorship model
while lending, guarantors should follow up on the defaulters to
ensure they pay up
their loans. He stated that 7% PAR was good but could be improved,
since the market
standard was 10%.
- He encouraged the members to save more and for the Sacco to
embrace mobile-
based products.
- He advised the Sacco to consider reviewing its Mortgage interest
rate to avoid
competition from the banks as the latter offers lower rates.
Cyrus Musa representing the Government:
- He commended the Sacco for being financially & cash flow
stable since some Sacco’s
queue member loans due to inadequate liquidity ratios.
Arnold Munene – Senior Regional Manager - Kenya Union of Savings
& Credit Cooperative (KUSCCO)
- He applauded the Sacco for maintaining a steady growth over the
years and for having
two (2) Safaricom Sacco Board Members as KUSCCO delegates- Alex
Okoth and Connie
Khayundi.
- He explained that KUSCCO was a defender of Sacco’s and had
continued to block any
intention by the Government to interfere with their operations i.e.
through increasing
Withholding Tax for Rebates & Dividends from 10% to 5%.
- He informed the members that Safaricom Sacco had collaborated
with KUSCCO to offer
a competitive last expense/ benevolent cover to the members.
- He encouraged members to take loans since returns on investment
would be increased
if the society lent funds rather than keeping them at the
bank.
Margret Kamau Westlands Sub-county Cooperative Officer
- She noted that the Sacco had shown significant growth and advised
members to borrow
and invest wisely.
- She informed members that there was a policy being developed to
align county functions
and the National Government i.e. “The National Development
Cooperative Policy”
Chief Guest David Obonyo representing the Permanent Secretary for
Cooperatives- Ali Noor
- He applauded members for turning out in big numbers for the AGM,
which gave them
an avenue to review the past performance and plan for the coming
year.
- He noted that Safaricom Sacco is one of the largest Sacco’s in
Kenya with a promising
future since majority of its members were young.
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- The National Government had recognised the Co-operative movement
as a key economic driver with 32% of the GDP being contributed by
Sacco’s.
- He added that the highest saver in Nairobi had saved Kes.80M and
encouraged members to embrace a savings culture without fear since
Sacco’s were regulated and governed just like banks.
- He commended Safaricom Sacco for being among the 11 Sacco’s that
the Government was working with to establish KMRC.
- He urged the board to have products that were tailored towards
financing sectors in line with the Government big (4) four
agenda.
- He applauded the Sacco for the system changeover, which had
improved service delivery to members but cautioned the society to
be vigilant on Cybercrime and strengthen the system security to
safeguard member’s savings.
He highlighted below new developments in the governance of
Co-operative movements.
- That those in Sacco leadership, both Board and Management, were
now required to fill the wealth declaration form and return to
SASRA. Those who did not file risk separation from their
positions.
- The Co-operative Development policy was being developed and the
Sacco Society investigation Unit would be domiciled in EACC.
- A professional body had been introduced requiring employees to
subscribe.
- That any Sacco with over Kes.100M deposits would be regulated by
SASRA.
Supervisory Committee Report
Pamela Nyakoah – The Secretary, Supervisory Committee, presented
the report. She gave
apologies for the Chairman, Patrick Nduati in absentia.
The Committee report highlighted below areas;
- Internal controls needing improvement including Bank
reconciliation and payment processes.
- On the 2018 AGM processes, the Committee reported that the
resolutions were implemented
as had been passed.
- Membership was reviewed after noting high level of withdrawals
and dormancy and there
was a recommendation to reactivate dormant accounts.
- The committee benchmarked with other Sacco’s on financial
performance and noted that
despite the strong liquidity ratios, the Sacco was lagging on
Institutional Capital and PAR. Both
needs improvement.
- The Governance audit covered more on human resources, which
revealed a high attrition in
the preceding year.
- The Committee audited project CIRI implementation process, which
included data migration,
data integrity, financial reports, system functionality and
performance.
The Supervisory report was proposed by Janeth Cheum and seconded by
John Orutwa
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MEMBER REACTION RESPONSE
well addressed and members who
had not attained the minimum
requirement of 40,000 were to be
informed to do so.
Institutional Capital, should not
supervisory committee report
of the resolutions, members were
required to pay their share capital in
one year as opposed to the previous
two years.Aditionally, one would
access loans.
highlighted the system as
functionalities not meeting
ahead to give assurance that the
system will solve operational issues.
He wanted to know if the Board
tested the system before going live.
The treasurer responded that the
previous system was in operation
for 18 years and had gone through
several changes to stabilise and
make if fit for operations. He gave
assurance that the new system will
stabilise over time.
system was to go live in September,
but the delay until end of October
2019 was to allow thorough testing.
The target to closure was 90 days
after go-live but there had been an
overrun as the developer continued
to work on stabilising the system.
Bernard Okoth Raised a concern on internal controls
and why bank reconciliations were not
done.
Bank reconciliation was pointed
and system audits were to be done
frequently. The Credit and finance
policies were also to be reviewed.
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to the Supervisory report, the
Business development Committee
fully implemented. He sought to
know which committee had the
true status.
The Secretary Supervisory Committee, made it clear that the
Supervisory
Committee raised gaps to the Board
which were worked on. The Board
reported on the current status and
some issues could be work in progress.
The Chairman, stated that the
Supervisory report was as at 30th Dec
2019 and the Business Development
Committee report was for the
current status.
Supervisory reports were periodic
Committee did audit continuously
land issue was not mentioned.
He also stated that the issue of poor
customer service could call for
additional staff or rolling out a CRM.
-The treasurer informed the members
that the owner passed away and that
the Sacco was pursuing the letter of
administration and there was good
progress.
land issue
channels the Sacco had provided
in accessing Sacco services. He
reassured members on the security
of the current USSD code since it is
owned by the Sacco as compared
to the previous one that was owned
by a third party.
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Min 8/29/02/2020: Treasurer’s and Auditor’s Report
The Treasurer asked for member’s consensus to have him present in
tandem the Treasurers report,
Audited books of account and 2020/2021 budget, Q&A session to
be taken thereafter.
Treasurers report: Proposer: Barbara Nyambura
Seconder: Safia Isak
Seconder: Elizabeth Nderitu
Seconder: Yusto Omondi
- The Treasurer’s report highlighted that the Sacco stopped the
sale of land and had to look for
other avenues to generate revenue. The mortgage product introduced
in 2019 didn’t pick up
well. More focus was now on money markets, long-term and short-term
fixed deposits and all
other monies put on call deposits.
- PAR and loan provisioning affected the Sacco’s income and pleaded
with members to help
pursue defaulters to pay their loans.
- SASRA directed the Sacco in 2018 to grow Institutional Capital at
1.5% to 2.0% annually until
they achieve the expected 8%. The Sacco was at 4.7% in 2019.
- The Treasurer emphasised on the need for members to take loans as
this would increase the
return on investment, he alluded that majority of members did not
have loans.
MEMBER REACTION RESPONSE
to the Supervisory report, the
Business development Committee
fully implemented. He sought to
know which committee had the
true status.
The Secretary Supervisory Committee, made it clear that the
Supervisory
Committee raised gaps to the Board
which were worked on. The Board
reported on the current status and
some issues could be work in progress.
The Chairman, stated that the
Supervisory report was as at 30th Dec
2019 and the Business Development
Committee report was for the
current status.
Supervisory reports were periodic
Committee did audit continuously
land issue was not mentioned.
He also stated that the issue of poor
customer service could call for
additional staff or rolling out a CRM.
-The treasurer informed the members
that the owner passed away and that
the Sacco was pursuing the letter of
administration and there was good
progress.
land issue
channels the Sacco had provided
in accessing Sacco services. He
reassured members on the security
of the current USSD code since it is
owned by the Sacco as compared
to the previous one that was owned
by a third party.
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MEMBER REACTION RESPONSE
Sacco’s were paying better
returns to their members’
thought that it was too optimistic
- Audit fees had grown significantly
from the previous budget
The Treasurer observed that
appearing as if they were better
than ours, there was need to know
their financial strength and he
reiterated the need to meet the
Institutional Capital ratios.
patronised the Sacco products.
increase in audit fees was due to
forensic investigations that were
needed more controls
for the good work they continued to do
and encouraged members to nurture the
Sacco and show patience as some of the
processes were being changed.
activated and followed up so that they
do not get back to dormancy.
He relayed a message of gratitude from
Malindi members on the new system
since it had given them solutions.
On compliance, he urged members
to support the Board to comply with all
regulations.
appreciated
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felt ex staff who were defaulters from
the common bonds should be followed
through HR by adding an exit clause for
the Sacco to be informed when the staff
showed intention to quit employment.
On the mortgage product she proposed
partnership with construction companies.
- why tax expenses proposed were
Kes.4.5M in 2019 with actuals of Kes.7.3M
and 2020 the proposed budget was
Kes.2.8M.
- Increased debt collectors
to 10 companies.
even after exiting common
re-designed to align it to market
expectations
call deposits
Isaac Oduor Sought to know the impact on PAR if all
defaulters were to pay their loans. He
noted that the Treasurer should not sound
frustrated but should guide on how the
money would be collected.
between members, Board and
Kes.633,805,790 instead of Kes.9,135,150
reported that some items that were
removed especially the office
update accordingly.
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1. Pay dividends on share capital at 12%.
Proposer – Collate Ongwen
Seconder – Elizabeth Mudogo
Proposer – Joshua Kilel
Seconder – Mackrine Abukah
3. Share capital of 40,000Ksh to be attained with 12 months by new
members and any
member applying for a loan must be fully paid up.
Proposer – Yusto Omondi
Seconder – Rosemary Chege
Proposer – Malachi Onyango
Seconder – Maria Siranga
Proposer – Mackrine Abuka
Seconder – Richard Ogama
6. Payment of Honorarium of Kes. 2.2 M to the Board and staff bonus
of Kes. 4.1M.
Proposer – Rosemary Chege
Seconder – Willan Gitau Njenga
7. Benevolent fund be insured with KUSCCO Mutual Insurance (KUSCCO)
- It was guided
that a survey be done to establish the opinion of members as well
as the Sacco to
exhaustively compare with other competitor insurers
Proposer – Eunice Karanja
Seconder – Peres Opiyo
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Min 10/29/2/2020: Staff of the year
The staff of the year was Felix Ngugi – Teller in the Finance
department.
Min 11/29/2/2020: Elections
The Nomination’s Committee Chairman - Kennedy Auka - pointed out
that for a member to be
eligible for election, they must comply with Chapter 6 of the
Constitution of Kenya,
have a minimum Share capital of Kes.40,000 and minimum deposits of
Kes.1M. The skills gap in
the Board were as follows;
Board of Directors
- Human resource skills at an expert level to assist in reducing
the staff turnover.
- Accountant to meet the minimum requirement of at least two
accountants.
- Gender (lady) in line with the constitution to have 1/3 of either
gender.
Supervisory - Accountant in line with the act where at least one
member of the committee should
understand accounts.
Category Skills No of applicants Cleared
Board Lady 1/3 Rule Gender adherence Seven Four
Accountant Five Three Human Resource Three One
Supervisory Accountant Two One
A member raised a concern that the shortlisting process was not
fare where some members
were elected unopposed and qualified candidates were left out. The
Nomination’s Chairman
however clarified that the process was free and fair, and that the
committee strictly sought to
address skills gap in the Board.
The election was conducted electronically; Catherine Wambua from
the State department of
co-operatives oversaw the process.
Online voting was proposed by Felix Okuku and Seconded by: Peter
Mbuya
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Board
Supervisory
Supervisory:
Proposer – Richard Ogama
Seconder – Erick Owuor
Accountant category:
- Fredrick Kiio – he was not present due to a bereavement -
Leornard Okoth - Bernadette Mutune
Gender category:
The CEO took the members through the online voting process
Voting results summary:
Members who attended – 735
Members who voted – 312
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Leornard Okoth 169
Bernadette Mutune 113
Fred Kiio 29
Min 13/29/02/2020: AOB
There being was no Any Other Business that had been received as
stipulated by the by-laws on
AGM. Director Peter Chege gave vote of thanks
Collate Ongwen offered the closing prayer at 1635hrs.
Signed:
Secretary:
Confirmed
Chairman: Date: 27.02.2021
Member: Date: 27.02.2021
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A N N U A L G E N E R A L M E E T I N G
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WHO WE ARE
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
23
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Kenya, Tanzania, Zanzibar, Uganda, Rwanda, Burundi, South Sudan
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AMREF Flying Doctors offers Air Ambulance Plan aimed at providing
quality and affordable medical evacuation services to individual,
group or corporate subscribers in the event of a medical
emergency.
WHO WE ARE
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
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Ladies and Gentlemen. A very good morning to all
of you, I am delighted to welcome you all on behalf
of the Board of Directors to the 20th Annual General
Meeting of Safaricom Sacco Limited for the Financial
Year 2020, being held virtually today. We normally
meet in a different setting but COVID -19 pandemic
has disrupted that entire conventional ambience and
we are now exposed to a new normal. It is wonderful
to see many of you joining in from different parts of the
country and overseas. I gratefully acknowledge your
continued trust and support extended to the Sacco
that have bolstered us to progress ahead over the
years.
The year that was
COVID-19 pandemic has presented the biggest challenge that the
Kenyan economy had to
deal with in recent times. Much like everywhere else around the
world, our people, business and
communities have faced a difficult period with many worried about
their lives and livelihoods.
Our focus on becoming an increasingly agile, resilient and
future-ready Sacco has helped us
overcome changing business challenges in the globally disruptive
environment. We are particularly
pleased with how we were able to leverage on our digital prowess to
offer solutions that helped in
supporting our customers at this time. The significant investments
we made in our digital capabilities
over the past several years are allowing us to reach people on
their phones and in their homes
quickly and easily.
The after COVID-19 world will see human experiences becoming more
contactless yet even more
connected. This is exactly where our competitive advantage will
come to the fore: technology
will determine who survives and thrives as much as tech for good
will distinguish who makes a
difference. In this regard, the Sacco will remain innovative and
responsive to the needs of members.
Financial performance
We are reporting a much impressive performance for the last
financial year despite the impacts
STATEMENT BY THE CHAIRMAN, SAFARICOM SACCO LTD ON THE 20TH ANNUAL
GENERAL MEETING HELD VIRTUALY ON 27TH FEBRUARY 2021
PAUL MSAVA- CHAIRMAN
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of the pandemic. Looking at some of the key performance highlights
for the year, the total assets
increased by 12% to Kshs. 7.4 Billion compared to Kshs. 6.7 Billion
in 2019. Member deposits increased
to Kshs. 6 Billion from Kshs. 5.5 Billion in the previous year, a
growth of 9%. Overall, it was a satisfactory
year with revenues at Kshs. 778 .9 Million and profit after tax at
Kshs. 237.4 Million.
Compliance with SASRA regulations, As I highlighted last year, the
Sacco is in the journey of attaining full compliance with the
Capital
adequacy ratios as prescribed by the regulator, SASRA. The Board is
committed to meeting the
deadline of 31st December 2021 as agreed with SASRA. In this
regard, the Sacco attained an
Institutional Capital of 6% as at the end of FY 2020 against the
minimum of 8%. We are confident that
the difference of 2% will be attained in the FY 2021.
KMRC Mortgage Loans Am glad to inform you that the Kenya Mortgage
Refinance Company is operational after obtaining
a license from Central Bank of Kenya in September 2020. The mandate
of the company is to provide
long-term funds to primary mortgage lenders (Banks, Microfinance
Banks & Saccos) in order to increase
the availability and affordability of home loans to Kenyans. As a
member of KMRC, Safaricom Sacco
is eligible for the long terms loans at a subsidized rate of 5 %
p.a. ‘
During the year, the Sacco got an approval from SASRA to offer
affordable mortgage loans. Members
can now enjoy loans at a rate of 9% for a tenure of 25 years for
purchase of ready houses and 8% for
construction of own houses.
We call upon all members to take advantage of this opportunity and
make dreams of owning their
homes come true.
Corporate governance
One of the critical responsibilities of Sacco’s is to safeguard
customers’ deposits and meet stakeholder’s
expectations. This can only be through a rigorous and disciplined
governance structure, which Safaricom
Sacco religiously subscribes to. Our governance standards are
cognizant of the best practices and
continue to promote strong culture amongst the staff and members.
Governed by the Board Charter
that sets out a maximum term on the Board, and the steps to ensure
a seamless succession, changes
to the membership have been seamless and timely. The Board through
the nominations committee
ensures that the Sacco leadership attracts a good mix of skills and
competences by advertising and
interviewing candidates to Board positions.
Our People
Our talented workforce is our most valuable assets and reflects our
strength resilience and future
readiness. The focus last year was on the people pillar, on
boarding the right talent, building
capability. nurturing an innovation-centric work environment and
creating an inclusive empowering
and balanced work environment. During the year, the Board reviewed
the organogram and ensured
optimum staffing levels by filling vacancies in the credit, ICT and
finance departments. During the
year under review, the Sacco recorded the lowest staff turnover in
the last seven years. This shows
that the staff have confidence in the Sacco and are well
motivated.
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The Board is committed to developing an elaborate best in-class
employee value proposition to ensure
our staff successfully deliver on the Sacco strategy. We shall
continually invest on human resource
development focusing on training, staff wellness, staff
recognition, competitive remuneration and
career growth.
Our Focus
Looking into the future, we foresee strong growth in an improved
macroeconomic environment,
especially the financial sector in Kenya. Our focus for FY2021 will
be;
1. Drive innovation through implementation of technology driven
products and services – we
shall continue delivering products through our digital
platforms.
2. Compliance with regulatory requirements – The board will ensure
full compliance with SASRA
and other regulatory requirements including Anti money laundering
laws.
3. Loan delinquency /PAR - the Sacco has been reporting a portfolio
at risk (PAR) that is beyond
the industry standards of 5%. During the year, our focus will be
towards achieving a PAR of
below 5%. I call upon all members to pay their loan obligations
promptly.
4. Improved Customer Experience – Our customers have a right to be
served exceptionally well.
Through our digital transformation, we shall focus on Do – It
–Yourself (DIY) solutions to ensure
prompt response to their queries.
Conclusion
On behalf of the Board of Directors, I would like to recognise our
customers, business partners,
stakeholders as well as the government for your continued support.
We also wish to thank our
management and employees for their continued agility and resilience
through the crisis. They have
demonstrated deep commitment to this business, and I have no doubt
that, with their continued
efforts, we will emerge stronger. I would also like to sincerely
thank my fellow Board members for
their counsel, support and dedication throughout the year and for
delivering a strong Corporate
Governance Environment.
In a special way, I would like to unreservedly thank Ms. Connie
Khayundi who is retiring from the Board,
having served for six years - for her tremendous leadership in the
Sacco. She has served in various
capacities in Credit, BDC and Finance & Administration
committees and as the Vice chairperson in
the last one year. I wish her all the best in her future
endeavours.
May God Bless you all, Long Live Safaricom Sacco.
Paul Msava Chairman
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Dear Members,
I welcome you to our 20th AGM being held in the “New
Normal”.2020 was yet another remarkable year with the
Sacco registering impressive results in the midst of COVID-19
pandemic. The business remained resilient despite the
challenging economic conditions witnessed in the various
markets we operate in and indeed the wider global
economy.
COVID-19 pandemic has upended nearly every aspect of
life, from the personal, - how people live and work- to the
professional, - how companies interact with their customers,
and how customers choose and purchase products
and services. The significant changes in the operating
environment caused by COVID-19 are forcing businesses
across all sectors into a digital reorientation. Opportunely,
successful implementation of Project CIRI amplified the
need to focus even more on service delivery with Channels
radically shifting to accommodate new needs or work
around new constraints.
During the year, we were able to meet key milestones in our
digitization journey by successfully enabling iOS users
access SafCIRI App, therefore enjoying all the services. Project
CIRI as the touchstone, we were able to direct all our
loan applications online on iConnect with guarantor approvals on
SafCIRI. Member registration has been digitized
with one being able to join the Sacco without having to fill
papers.
Customer Service being one of our key focus, our members have been
able to access services through our Customer
Relations platform on iConnect as well as tawk platform on our
website. We have also widened our reach by having
additional customer care lines manned by staff from various
departments. We remain committed to customer
excellence and endeavour to close all gaps that lead to poor
customer experience.
The success we have published in this report was made possible
through our dedicated staff of varying attributes
and professions. The commitment to nurture best in class staff with
up to date training continues with an annual
growth in the number and variety of core and non-core training
courses offered to our staff. Among the courses and
trainings conducted in 2020 were awareness courses on IT &
cyber security, health and safety, anti-money laundering,
customer service, all of which remain pertinent topics necessary
for the individual at work and away from work.
This year, as we celebrate our 20th anniversary, our focus is to
leverage digital technologies to adapt and innovate,
trying out novel business models, developing new business processes
and practices, and redefining models for
collaboration and teamwork.
Conclusion
I would like to thank the Board for their support, staff for their
diligence and members for their loyalty.
I would also like to thank all stakeholders and other service
providers for their support throughout the year.
I wish you a prosperous and productive year in 2021.
Joseph K. Njoroge Chief Executive Officer
STATEMENT BY THE CHIEF EXECUTIVE OFFICER, SAFARICOM SACCO LTD ON
THE 20TH ANNUAL GENERAL MEETING HELD VIRTUALY ON 27TH FEBRUARY
2021
JOSEPH K. NJOROGE - CEO
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presenting to you our FY 2020 financial results; a
report that is the result of a year of mixed fortunes
for us as a Sacco but one that reflects the resilience
of our members and an outcome that exceeds
expectations given the tough year we had.
In order to set the context of our business
environment, it is important to first look at the
overall state of Kenya’s economic outlook before
looking at where we stand and the future going
forward.
2020 was expected to be a fantastic and great
year for the Sacco. The Board of Directors started
the year with cautious optimism but soon after the AGM, COVID - 19
pandemic impacts started being
felt in the country. All major sectors of the economy were affected
and though some measures were
taken to cushion Kenyans, impact was felt and continues at the
moment. The World Bank projected
deceleration of Kenyan real GDP from an average of 5.7% in previous
5 years to -1.5% in 2020 and
possibly a contraction if the pandemic was not controlled.
Our membership is drawn from Kenyans who have had a difficult year
in 2020 and have been
negatively impacted by the harsh economic times. As we are in the
credit business, the result of this
has been heightened credit risk and accompanying negative impact on
performance of our loan
portfolio.
That notwithstanding, the Board of Directors put in measures to
mitigate this risk and minimize the
effect on our financial statements.
Though it is expected that there will be a rebound in 2021 where we
will have positive growth, we
start 2021 poised that as the economy is opened up and matters
hasten forward, we will see great
improvement. The strong desire to ensure the Sacco prospers will be
carried over from 2020 into
2021; we intend to dedicate even more effort and energy in ensuring
risks are mitigated and a solid
foundation is set for the future of our Sacco.
GEOFFREY GEKONGE - TREASURER
REPORT BY THE TREASURER ON THE 20TH ANNUAL GENERAL MEETING HELD
VIRTUALLY ON 27TH FEBRUARY 2021.
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Looking back on our financial performance in 2020
2020 financial performance can be split into two parts. A
challenging year that saw us fall short on
certain fronts but also saw us make positive strides too.
Firstly, - the positives, our overall capital position is stronger
in 2020 when compared to 2019. We have
further increased our institutional capital reserves by 100 bp in
2020 (FY2020: 6% v FY2019:5%). Though
still short of our statutory minimum of 8%, we have increased our
stability as a Sacco. In addition,
our core capital to total assets and core capital to total deposits
ratios are up 200bp and 300bp
compared to 2019.
We managed expenses better in 2020, Reducing expenses to revenue
ratio by 100bp. considering
the drop in revenue and fixed nature of some of our expenses, this
was a major driver of our success
in 2020.
Interest to members deposits/total revenue ratio is up 700bp. We
have distributed more revenue to
members in 2020 than in 2019.
On rebates, despite a tough year, we have managed to maintain our
rebates (FY 2020: 7.5% v FY2019:
7.5%). In light of the challenges we faced as an organization in
the current business environment and
the need to also meet statutory compliance, this is a commendable
achievement.
With regard to the downsides of 2020,We fell short of the budget
overally- mainly driven by a
slowdown in loan disbursements as covid 19 pandemic impacts were
felt across board. Though overall
disbursement picked up later in the year, the opportunity to earn
from early disbursement was lost.
A downturn in economy also meant that our credit risk was marginal
and therefore saw our NPL ratio
change from 7.9% to 7.7%.
In addition, as a Sacco, we are currently holding excess liquidity
in form of cash and cash equivalents
which though currently invested and held in bank accounts, is an
asset that can be better utilized by
disbursing this in form of loans to members. We encourage members
to patronize our vibrant products
in order to maximize the full potential of the assets we
hold.
The journey to full statutory compliance
As a regulated entity, we have minimum statutory ratios which we
are expected to comply with.
Though we have consistently met our Core capital/Total assets and
Core capital/Total deposits ratios
over the last few years, our Institutional capital/Total assets
ratio has consistently been below the
minimum ratio.
Over the last few years, a conscious effort has gone into moving
the Sacco into full compliance; I am
pleased to announce that despite a challenging year, in FY2020 we
managed to move closer to full
compliance having progressed our Institutional Capital ratio from
5% (FY2019) to 6% (FY2020).
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It is our expectation that we will be fully compliant and achieve
an institutional capital ratio well
above the 8% in 2021.
The financial stability of the Sacco depends on having a strong
capital base which has to grow in line
with the growth in assets and overall growth of the business.
Achievement of this capital adequacy
ratios will ensure that the Sacco is well founded to weather any
adverse events in the future.
I appreciate the support that members have given towards
achievement of this target.
Rebates, Dividends Staff Bonuses and Honoraria
As a proposal to members for approval, the following will be
presented to you for consideration:
Rebates: A rebate of 7.5% on weighted deposits is proposed by the
Board of Directors to be distributed
to members
Dividends: On the share capital contributed by members, it is
proposed that a dividend of 12% be
distributed
Staff Bonus FY 2020: The Board of Directors proposes members
approve a bonus of 5.2m KES to be
distributed to our Sacco staff based on individual performance in
FY 2020.
Honoraria: As a token of appreciation to the Board of Directors and
Supervisory Committee, a
proposal is submitted for approval of KES 2.9m KES for distribution
amongst the Board of Directors and
Supervisory Committee
2016 0%
2017 2018 2019 2020
IC ratio Minimum ratio
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Looking forward to 2021 and beyond
As the COVID-19 pandemic is still here with us, another challenging
2021 year is ahead of us as a
Sacco. However, it is a firm belief that with increased patronage
of our Sacco products from the
members, we can definitely make progress and achieve positive
growth year-on-year.
Currently we have only ~50% of our members borrowing from the
Sacco. This figure we expect
to grow progressively as we offer more robust products that meet
our members’ needs. New
products have been offered in 2020 and there is more to come. All
that I can do is urge the
members to make the Sacco their preferred choice for credit
facilities. The success of the Sacco
entirely depends on us as 13,146 members; we are the owners and
customers of the business. For
2021, we project to grow our interest income revenues by ~8% to
750mKES.
In order to ensure long term sustainability, growth in revenue and
improved expense management,
we will ensure that we build a stable base for the Sacco going
forward.
Our collective ambition is getting the Sacco to 1Bn KES in top line
revenue. The commitment from
myself as the Treasurer and the Board is working towards achieving
this milestone. It really is within
our reach. Already we have broken the 6Bn KES mark on loan book
value; growing the loan book
plays an integral part in ensuring we achieve revenues in excess of
1BnKES.
I am confident that having navigated through the challenges we
faced as an organization in
2020, we can look forward to a brighter future.
The Sacco is in good hands that are steering the organization
forward.
Thank you.
Geoffrey Gekonge Treasurer
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MANDATE
The Nominations Committee was set up by the Safaricom Sacco by-law
number 46. Its mandate is
expounded in the corporate governance charter of Board. The main
objective of the Nominations
Committee is to ensure that there is a formal and transparent
procedure in the appointment of Directors
of the Board. It then follows that every year the Nominations
Committee reviews the structure, size and
composition of the Board and its Committees to ensure that there is
an appropriate balance of skills,
expertise, knowledge and independence, bearing in mind the
leadership needs of the Sacco and
with a view to ensure continued ability of the Society to compete
effectively in the market place. The
Committee takes applicants through a selection process before it
presents a list of finalist candidates
to the Board. The Board will then make their own formal approval
independently before the selected
candidates are presented to the members for final appointment
through an election process.
COMPOSITION
During the year ended 31 December 2020 the following members served
in the Nominations
Committee;
2. Mrs. Phyllis Mutua (Member) ICPAK (Retired Oct 2020)
3. Mr. Hesbon Kiura (Member) State Department for
Co-operatives
4. Ms. Theresa Mruttu (Secretary) Safaricom Limited (Legal
Department)
5. FCPA Samuel Okello (Vice Chairman) ICPAK (w.e.f Oct 2020)
6. Chief Executive Officer Secretariat Safaricom Sacco
Limited
7. Internal Auditor Secretariat Safaricom Sacco Limited
VACANCIES IN BOARD
The Nominations Committee analyzed and identified the skill gaps in
the current board leadership.
Consequently, Sacco members were invited to apply for various board
positions, based on the skill
gaps identified by the Nomination Committee. There were four
categories, three in the board and one
in Supervisory Committee setting pace for the nomination of
candidates exercise. These categories
were:
Board of Directors
1. ICT /Technical skills at the expert level to assist in
completing the digitization agenda.
2. Customer Care – to address the customer experience that is still
below the desired levels.
3. Gender (Lady) In line with our constitution that requires
minimum representation of 1/3 by
either gender
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Supervisory
1. Gender (Lady) In line with our constitution that requires
minimum representation of 1/3 by
either gender
The Nomination of candidates for Elections in the 2021 AGM was
conducted as per the nomination
policy and guideline, where vacancy advertisement was sent to
general membership on 26th
October 2020 with closing of receiving application set as 20th
November 2020. By close of the period,
the committee had received 16 applications, which were then
assessed in line with the minimum
qualification set by the Sacco nominations policy and guidelines.
Thereafter, the candidates were
invited for interviews and at the end of the process; the
Nominations Committee cleared 13 nominees,
that we are presenting to you today as follows;
Summary Of Applicants Skills And Requirement
Category Skills No of applicants Cleared
Board ICT/Technical 5 4 Customer Care 4 3 Gender 1/3 rule 4 3
Supervisory Gender 1/3 rule 3 3
The unsuccessful candidates were notified and no appeals were
received by the Nominations
Committee.
ANNUAL BOARD EVALUATION
The Nominations Committee conducted the annual board evaluation and
assisted the Supervisory
Committee to conduct its second annual performance evaluation. The
reports have been shared
with both the Board and Supervisory Committee.
CONCLUSION
There is a clear and notable link between succession planning,
strategy and culture of the company
in aiding effective implementation and sustainability, and in this
respect the nomination committee
plays a key role in ensuring achievement of all these. The
governance responsibilities are significant,
Board and Supervisory committee members must bring a high level of
competency and experience
to the job. They must possess the capabilities to exercise
leadership, teamwork/consensus-building,
and sound judgment on difficult and complex matters that come
before them.
On this backdrop, we intend to enhance good governance by
maintaining a diverse range of skills
and experiences that are able to provide constructive contribution
to the management. Finally, we
are looking forward to maintaining a good working relationship with
the Board and entire Sacco
fraternity.
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BUSINESS DEVELOPMENT COMMITTEE ANNUAL REPORT
The mandate of the Business Development Committee is to review and
oversee the development
and implementation of the Company’s growth strategies and make
recommendations to the Board
with respect to investments in such growth strategies or
acquisitions and divestitures for which the
Board’s approval is required.
COVID-19 defined a new normal, in not only how we interact, but
also how we operate as Safaricom
Sacco. There was, therefore, a critical need to provide innovative
services and increase accessibility,
while still maintaining the desired standard of Customer
Service.
The successful implementation of Project CIRI amplified the need to
focus even more on service
delivery with Channels radically shifting to accommodate new needs
or work around new constraints.
The Committee has prioritized on innovation as the key to unlocking
post crisis growth. Viability
motivated innovations has been the key focus to enable members’
access services during the
COVID-19 Pandemic. With this, we have seen several milestones in
the year 2020 that have served
to improve the way Safaricom Sacco offers services to our valued
members.
1. Loan Applications on iConnect
Safaricom Sacco’s core business is providing Saving and Credit
facilities to its members. The
COVID-19 pandemic made it impossible for members to make physical
applications. To bridge
this gap- ALL our loans (Short Term, Long Term, Loan Refinance and
Vendor Loans) were availed
on iConnect to allow for easy application from remote
locations.
2. Guarantor Approval on iConnect and SafCIRI
The need to therefore request and approve guarantors on loan
applications saw our robust
system come in to provide a digital solution where members can
request, modify, approve or
reject Guarantor applications online via SafCIRI or iConnect.
3. Customer Relations on iConnect
Customer Service being our key focus – we availed a Customer
Relations Module on iConnect
as an additional platform where the Sacco resolves member concerns
within a defined SLA of 1
hour.
CONNIE KHAYUNDI Chairperson
ELIZABETH MUDOGO Secretary
GEORGE HUNJA Member
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4. SafCIRI on iOS
Diversity in devices that are used to access Mobile Banking
Services saw us deliver SafCIRI on iOS.
5. HRMIS
Staff saw the successful rollout of the HRMIS System, which seeks
to digitize internal operations.
6. Member Registration on iConnect
As per our Strategic Plan to recruit up to 20,000 active members,
our registration process is now
online where members can self-register, providing a seamless and
paperless member registration
solution.
7. Rebates and Dividends Distribution
Members will now be able to distribute/allocate interest earned on
their deposits and shares on
both SafCIRI and iConnect increasing more DIY options leading to
accessibility and accountability.
8. Banking Integrations (Pesalink and B2B)
For Safaricom Sacco to provide anywhere anytime banking there was a
dire need to have a
solution that allows free movement of funds from your Sacco FOSA
account to any IPSL listed
banks. With this, Pesalink integration was stabilized to ensure
that virtual banking with Safaricom
Sacco was enhanced. On the upper hand - Direct Deposits to any of
your Sacco accounts has
been made easier via COOP Bank B2B Integration.
We are looking to finalize integrations with three other banks,
allowing remitting and receipting
to specific accounts seamless.
Security
It is critical that information security is upheld even as we
strive to provide a range of solutions.
Collaborating with Safaricom PLC on infrastructure, applications
and end point security solutions,
reported an improvement on how we monitored and reported potential
threats with guidelines on
how best to tune our systems with security in mind. As a result, we
saw no security threat pose a risk
to members’ funds and systems.
Member Recruitment, Education & Training
Recruitment
We have been running a campaign dubbed “Mlete Ndani” encouraging
members to on board
their spouses, children, relatives, friends and colleagues. This is
an effort to increase membership as
well as increase the cooperative principle of guarantorship by
making guarantors easily accessible.
Induction and recruitment of new bonds was done successfully via
virtual platforms.
Education & Training
Despite the new normal working conditions with the offices closed
and staff operating virtually, we
were able to conduct numerous education programs with the various
common bonds and regions-
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educating and training more on Channels use, accessibility and
product development.
Our product and partner profiles have been digitized for easy
access with our website being
continuously updated to provide our members with continuous
information needed.
Product Development
In view of the current pandemic, we were able to restructure most
of our products to continue meeting
our members’ dynamic needs. These include:
1. Pamoja Loan:-New product introduced at the lowest interest in
the market of 0.8 % payable
in 6 months.
2. Karibu Loan:-New product introduced for new members at 1%.
3. Kona Loan: - Limit exceeded to Ksh.50, 000 with a repayment
rollover period of 2 months at
5%.
4. Consolidation Loan:-Offer period was extended for four
months-with an extended payment
period of 72 months charged at 1%.
5. Development & Miradi Loan:-Merged into one-Development
Loan-with a repayment period
of 72 months and a maximum loan limit of Ksh.30 Million.
6. Super Premium and Premium Loan:-Merged into one-Premium Loan-
with a repayment
period of 48 months and a lower interest of 1%.
7. Emergency Loan:-Interest reduced to 1%.
8. Car Loan:-Maximum Loan Limit increased to Ksh.7 Million with 90%
financing for new cars and
80 % financing for used cars.
9. Ustawi Mortgage Loan:- Maximum repayment period is 15
years(subject to retirement
age),with the maximum limit increasing to Ksh.20 Million.
10. Deposit Boosting:-5% charged on boosted amount.
11. Children’s account:-You can now use your child’s savings to
guarantee your loan at no extra
cost.
Partnerships
1. Kuscco Mutual Assurance
We have outsourced our Benevolent Scheme/hand of comfort to Kuscco
Mutual Assurance to insure
the fund against risk as well as provide double benefits to our
members. The Sacco continues to
facilitate all operational requirements of the fund.
2. Kenya Mortgage Refinance Company(KMRC)
We have collaborated with KMRC to provide affordable housing to our
members at an affordable
rate of 9% for completed mortgage houses and 8% for construction
mortgage with a maximum loan
limit of Ksh.5 Million.
3. AMREF Flying Doctors.
We have partnered with Amref Flying Doctors to provide 24/7
emergency medical evacuation
services for our members and their families anywhere in Kenya and
East Africa.
2020 created a myriad of challenges, but as defined in our Core
Values and with Safaricom Sacco
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
37
being the best digital Sacco in Kenya, we have highly leveraged on
technology to provide seamless
and innovative solutions. With these achievements as the
foundation, we are looking at exceeding
our members’ expectations in all areas of service delivery in
2021.
As the committee driving innovations for Safaricom Sacco, we would
like to encourage all members
to make use of services on SafCIRI available on Playstore and
Appstore, and iConnect for all your
Sacco needs.
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
38
CREDIT COMMITTEE ANNUAL REPORT
The Credit Committee takes this opportunity to thank and
congratulate the entire membership
for the continued patronization of our credit products and services
in the year 2020. It’s with your
continued support that we delivered the set of good results amid a
difficult business operating
environment due to Covid-19 pandemic. During the period, we saw an
increase of 16% more
members who patronized products of the Sacco compared to 2019
against a backdrop a tough
year that attests to your commitment and trust to this great
organization.
We continue to provide oversight of the Sacco policies and
activities relating to the identification,
measurement, assessment, monitoring and management of the Sacco
credit risk and lending
business. Our report covers loans disbursement within the year in
comparison with the previous two
years and loan default management.
LOANS DISBURSED
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
January February March April May June July August September October
November December
Monthly Loan Disbursement
Loans Disbursed (Kes) 2018 Loans Disbursed (Kes) 2019 Loans
Disbursed (Kes) 2020
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A N N U A L G E N E R A L M E E T I N G
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- Constant monitoring of the PAR movement on a daily basis.
- Addition of Human resource on the collection department that
resulted to portfolio
segmentation and improved collection rate.
- Championed the review of collection strategies that involved
demand notices and collection
through the Sacco lawyer.
- Thorough loan/business appraisal before disbursement.
- Strict monitoring of insider loans performance and thorough
vetting of insider loans before
disbursement.
ACHIEVEMENTS
- During the period, we extended loans restructure offers and
moratorium to members who
were directly impacted by the pandemic and further reviewed our
loans interest rates with
the aim of making our products easily accessible to members.
- Introduction of digital loans approval that resulted to improved
SLA on disbursement.
- Robust delinquency management strategies that resulted to
improved PAR management
and increased collection rate despite the pandemic.
- Strict adherence to the credit policy.
CONCLUSION
The committee would like to take this opportunity to thank you, for
giving us an opportunity to serve
you. We also continue to urge our dear members to honor their
obligations by paying your deposits
and loans promptly to minimize on cases of default. We look forward
to an enhanced partnership
in the year 2021.
0
500
1,000
1,500
2,000
2,500
January February March April May June July August September October
November December
No. of Applications
2018 2019 2020
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
40
AUDIT AND RISK COMMITTEE REPORT
The Audit and Risk committee of the Safaricom Sacco Board is
mandated to review the governance,
risk management and controls of the institution under the Sacco
Societies Regulations, 2010. The
committee discharges this mandate through:
1. Oversighting preparation and presentation of financial
statements.
2. Establishing requisite risk management policies and framework
for identification,
measurement, monitoring, and control and reporting of risks.
3. Ensuring compliance with applicable laws and regulations as well
as bylaws and internal
policies.
4. Oversighting the Internal Audit function to achieve strong
internal controls that are
adequately designed and operated effectively to mitigate strategic
and operational risks
of the Sacco.
5. Ensuring coordinated performance of the internal and external
audit functions and oversee
the independence of External Auditors.
In the year 2020, the committee focused on delivering its mandate
through continuous risk assessment
and advisory support to the Board to effectively respond to the
challenges posed by COVID 19
pandemic. As part of support to the digitization program of the
Sacco, the committee continued to
oversight and follow through the post-implementation stage of our
core banking system to achieve
stronger controls and ensure closure of all outstanding
issues.
The committee established and obtained Board approval for five new
internal policies in 2020 to
further strengthen the Sacco’s governance and risk management. The
policies were namely:
1. Anti-Money Laundering and Counter Finance of Terrorism Policy
(AML/CFT policy).
2. Data Protection and Privacy policy
3. Environment and Social Policy and procedures
4. Disaster preparedness and Business Continuity Policy
5. Policy establishment Manual
This was in addition to leading the review of the existing Board
Charter and Operating policies.
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A N N U A L G E N E R A L M E E T I N G
41
1. Risk Management and Compliance
The Enterprise Wide Risk Management (ERM) framework established in
2019 enabled better
management of risk and through proactive assessments and better
coordination of risk
mitigation measures especially in relation to the COVID 19 pandemic
impact on the Sacco.
Below are highlights of the committee responses to the key risks
that Safaricom Sacco was exposed
to in the year 2020.
Risk Type Committee Response Outcome
1 Credit Risk Continuous monitoring of loans
issued and management of non
-performing Loans( NPLs).
2 Business Continuity Risk Established and approved
disaster preparedness and
Business Continuity policy
Seamless business continuity
staff in relation to Covid 19.
3 Data Privacy Risk Established and approved Data
protection and privacy policy
Adherence to the Data
into effect on 08 November 2019.
4 Cybersecurity Risk Review of reports from Safaricom PLC whom we
have contracted to monitor the system 24/7.
Reduced losses from attacks & penetrations.
5
Established and Approved
of registering with Financial
Conducted Data verification
Accurate and valid data
vendor.
Risk Description / Nature Responses
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A N N U A L G E N E R A L M E E T I N G
42
Non-compliance with minimum institutional capital
requirement.
Progressive steps set by board and management to achieve the
regulatory ratios on institutional capital.
2 Reputation
Sacco revenue and member
member support service level
recurring system issues.
performing loans and
loan loss provisions
cases.
regularize the delinquent cases.
change and remote
infrastructure level security.
on the new platform with a plan for
comprehensive post implementation
Performance and Stability
Covid -19 pandemic
impact on business
inclusive financial service through
robust and competitive product
Management focus on cost control.
3. Internal and External Audit
The committee provided guidance and oversight to the Internal Audit
Function resulting to
achievement of the 2020 Internal Audit plan. Appropriate corrective
actions on identified audit
issues were obtained and reviewed by the committee and the Board.
To further, strengthen the
control environment in the remote working arrangement, the
committee instituted through the
Internal Audit Function a continuous review mechanism for high risk
business operations resulting
in timely identification of improvement areas and resolution of
required corrective actions.
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A N N U A L G E N E R A L M E E T I N G
43
The Committee provided effective oversight on the handover process
between the former
external auditor (PKF) and the new auditor (RSM) who was appointed
in the 2020 Annual
General Meeting.
4. Conclusion
The committee remains committed to offering valuable insights to
the board on best practices of
managing risks within the Sacco to protect and safeguard member
assets. The
Committee will continue to build capacity of the Internal Audit
function through specialized
training and relevant digital tools to achieve adequate and
proactive assurance for a better
control environment.
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
44
STATEMENT BY THE FINANCE AND ADMINISTRATION COMMITTEE
The Committee recognizes the fundamental role employees play as the
drivers of strategy in the
Sacco thus they undertook a significant restructuring process on
the people pillar. A job evaluation
exercise was conducted to create an equitable compensation
structure and to align the Sacco’s
remuneration with the current market rates. A new organization
structure has been implemented and
the staff placement done. New staff have also been recruited and
more will be recruited as per the
Sacco’s needs.
COVID-19 DISRUPTIONS
The year 2020 began with the Covid-19 pandemic disruptions across
the globe and the Government
of Kenya giving containment measures after the first case was
reported in the country in March.
There was a major disruption in the workforce where staff could no
longer go to the office or serve
and interact with members freely as was the norm. Considering the
Sacco setup and its working
environment, the committee approved to have staff work from home.
Staff facilitation arrangements
to work from home were put in place effective March 20th, 2020
which included home fiber monthly
subscription payments/data bundles, airtime and logistics during
office visits. We are pleased to
announce that none of our staff have been diagnosed with the virus
and service delivery has not
been disrupted in any way.
A support network has been maintained to ensure staff are
psychologically, sociologically and
physically stable. This included mental awareness sessions with
proficient counsellors. The Committee
provided ergonomic seats to all staff to ease the discomfort that
might arise from the work from home
arrangement. A Covid fund has also been set aside with the insurer
to cushion the team in case of
an emergency.
We give God all the glory for preserving the staff amid the
pandemic and pray for a blessed year.
PAUL MSAVA Chairman
ALEX OKOTH Hon. Secretary
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
45
Preamble
Our Chief Guest, Invited guests, Honorable members, Ladies and
Gentlemen, It brings us great pleasure to present to you the
Supervisory report of Safaricom Sacco Limited for the year ended
31st December 2020. We commend you members for the continued
commitment to the mission and vision of the Sacco since the Society
began its operations especially during the tumultuous year 2020.
The Supervisory Committee also commends the Board for their
commitment in directing the business of the Sacco during the year
2020 at the backdrop of the Covid 19 Pandemic.
Mandate
The Role of the Supervisory Committee as envisioned by the
Co-operatives Society Act Rule 28 (3) is to verify all the
transactions of the Society, write periodic reports of its findings
to be tabled at Board meetings, submit its reports to the
Commissioner and present its report to the annual general meeting
of the Society. The goal is to ensure that the Board serves the
interest of the members and safeguards the resources entrusted to
them. In this Report we give informative emphasis to key audit
issues and make recommendations for the mutual benefit of all
stakeholders. Our main objective as we carry out our function is to
help the Board reduce risks and ensure that their focus remains
central on the interest of members.
PAMELA NYAKOAH Chairperson
BONIFACE MUTHOKA Secretary
JOSHUA KIMANI Member
SUPERVISORY COMMITTEE REPORT TO THE MEMBERS OF SAFARICOM SACCO ON
20TH ANNUAL GENERAL MEETING HELD VIRTUALLY ON 27TH FEBRUARY
2021
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A N N U A L G E N E R A L M E E T I N G
46
AGM process was
evaluated, and the
committee also confirmed
The Committee confirmed with satisfaction that Rebates, Dividends,
Staff Bonus and Honoraria were paid as per resolutions
passed.
The committee also noted that the Board had implemented stringent
measures in the registration process during the AGM and this then
ensured that only bonafide members attended and voted in the
elections.
The committee raised
Champions’ forums.
We recommended that clear matrix should be defined on timelines to
respond to customer queries especially since the Sacco staff were
working from home due to the Covid Pandemic. This should then be
reviewed on a weekly basis to ensure compliance. In addition, the
calls made to the designated numbers within the Sacco should
reviewed to ensure that they are answered.
The Board indicated that this has now been defined especially for
emails being sent to the Sacco staff and adherence will be
monitored.
The Sacco has implemented the SAFCIRI system. The committee
conducted a system review on the following areas
• User Access Management • Logical Access Controls • Business
Continuity Measures • Incident Management and
Performance Monitoring
The committee noted that there was lack of segregation of duties
for specific roles that had been assigned to users. There were also
user access requests that had not been appropriately approved. We
recommended that a user access matrix should be defined, signed off
and the same implemented to ensure that all users are given the
least privileges to the system as per their roles.
There was no approved password and account policy and as a result,
there were some weak logical access controls that were noted. This
should be documented to give guidance to the ICT staff on the setup
of logical controls.
Though the Sacco’s Core Banking system had a disaster recovery
site, comprehensive business continuity testing had not been done.
This should be done to ensure resilience of the system in case of
disasters.
There were delays in the resolution of incidents assigned to the
vendor and committee highlighted that the resolution should adhere
to the SLA agreements with the vendor.
Lastly, there was no automated performance monitoring of the
servers supporting the Core Banking system for system health
checks.
We recommended that a complete system audit should be done and all
the gaps noted resolved.
We also recommended that the stability of the system should be
reviewed to ensure members are able to access services
digitally.
The board assured the committee that the issues noted would be
resolved. They also indicated that an Information Systems Auditor
would be on- boarded as the Sacco continued setting up its services
digitally.
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47
The Governance audit covered People pillar and Board of Directors
compliance
Though the Board had come up with measures to improve on the people
pillar, we noted that there were some areas of improvement that
needed to be addressed. The Board indicated that they would
continuously review the HR organizational effectiveness of the
people pillar guided by best practice and regulator.
For the Board governance, there was no procedure in place to ensure
that succession planning was adequately setup incase a board member
resigned from the board. We also recommended that all board members
should sign conflict of interest forms to ensure transparency. The
board indicated that this will be setup.
Though the board composition did not adhere to the 2/3 rule gender
rule as a public institution, we noted that the nomination
committee had come up with specific measures to ensure that this
was adhered to progressively.
The board promised to have all the issues resolved this coming year
as it focuses on People as one of its key strategic pillars.
In our Financial review, we covered the half-year performance and
reviewed adherence to statutory obligations
We noted that whereas our Sacco had a strong liquidity, it was
trailing other Saccos in some key ratio such as institutional
capital and PAR.
We commended the board for setting up measures to ensure compliance
to these obligations especially since we had increased our
Institutional Capital compliance from 5% in 2019 to 6% in
2020.
We urge the board to prioritize statutory compliance and inform the
members of the implication of non-compliance.
We also noted some tax compliance issues which the Board confirmed
will be streamlined.
Our audit in credit management focused on loan issuance, recovery
and CRB listing of defaulters.
We noted that there were loans that were not computing interests
correctly due to a system issue. These were immediately highlighted
to the management and the system issue resolved.
We also noted that there were loans that were not adhering to the
banding matrix. The Board assured the committee that these would be
corrected once the consolidation of loans had been completed
We reviewed the Sacco Membership after noticing the high rate of
withdrawals and inactivity.
We noted with concern that we had lost a number of members due to
the effects of the pandemic, poor customer service and lack of
knowledge of the Sacco products.
We urged the board to increase its marketing and member education
activities to ensure that the Sacco on-boards quality members who
are well informed of all the Sacco products in place and also to
put in place safeguards to retain members affected by the
pandemic
Dormant members should be activated and follow ups done on the
same.
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
48
Proposed Revised Year
Other interest income 78,504,885 91,470,477 105,220,674 118,911,620
121,003,775
Total interest 771,728,223 892,748,567 854,507,719 1,148,292,069
981,650,788
Less: Interest Expenses 392,555,503 380,103,351 388,335,623
418,113,686 446,585,967
Net Interest income 379,172,720 512,645,216 466,172,095 730,178,383
535,064,821
Other operating income 7,219,019 10,441,357 8,185,571 13,573,765
10,373,407
7,219,019 10,441,357 8,185,571 13,573,765 10,373,407
Total Income 386,391,739 523,086,574 474,357,667 743,752,148
545,438,228
EXPENSES
Less Tax Expenses 10,795,846 2,845,382 15,783,101 17,834,904
16,640,214
Net operating surplus 179,312,636 203,470,996 121,111,058
360,016,228 157,588,156
Conclusion
There have been positive interactions between the Board and
Supervisory Committee of the Society guided by the objective of
upholding the mission of the SACCO and ultimately the interests of
the members. The Supervisory Committee continues to support the
Board in delivering the vision and mission of the Safaricom Sacco.
We thank you all members for the mandate and trust you gave us to
oversee the operations of the Safaricom Sacco. We commit to
continue serving you through ensuring that the strategic plan is
fully implemented, the complete setup of the new system and that
the internal controls setup are adequate and adhered to.
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
49
Proposed Revised Year
Other interest income 78,504,885 91,470,477 105,220,674 118,911,620
121,003,775
Total interest 771,728,223 892,748,567 854,507,719 1,148,292,069
981,650,788
Less: Interest Expenses 392,555,503 380,103,351 388,335,623
418,113,686 446,585,967
Net Interest income 379,172,720 512,645,216 466,172,095 730,178,383
535,064,821
Other operating income 7,219,019 10,441,357 8,185,571 13,573,765
10,373,407
7,219,019 10,441,357 8,185,571 13,573,765 10,373,407
Total Income 386,391,739 523,086,574 474,357,667 743,752,148
545,438,228
EXPENSES
Less Tax Expenses 10,795,846 2,845,382 15,783,101 17,834,904
16,640,214
Net operating surplus 179,312,636 203,470,996 121,111,058
360,016,228 157,588,156
BUDGET
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
50 1| SACCO Star Magazine
Education and Training (E&T) Tailor-made training to suit your
SACCO needs at local and International levels.
IRNET Independent & Assured Clarity on your ICT
Investment.
Research & Consultancy (R&C)
Providing access to sound management practices.
Central Finance Fund (CFF) Your SACCO’s ultimate lender of
choice.
KUSCCO Mutual Assurance KMAL is a subsidiary of KUSCCO Limited,
licensed by the Insurance Regulatory Authority (IRA) to operate as
a life insurer in Kenya.
OUR PRODUCTS & SERVICES
KUSCCO Centre Kilimanjaro Avenue, Upper Hill, P. O. Box 28403 –
00200, Nairobi, Kenya. Tel: (020) 2730191, (020) 2722927 (020)
2721274 Cell: 0722 206 331, 0734 699 974 E-mail:
[email protected]
www.kuscco.com
Advocacy Ensuring an enabling legislative and policy environment
for the growth of SACCOs.
KUSCCO Housing Co-operative Society Ltd. (KHC) An associate of
KUSCCO Group offering end to end property solution with the
Co-operative model
SACCO Star Magazine The official KUSCCO Magazine that covers news
on topical issues in the SACCO and corporate world.
Item Description
Q ty
C A
Date: 23/01/2021
23/01/2021 23/01/2021
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
51 1| SACCO Star Magazine
Education and Training (E&T) Tailor-made training to suit your
SACCO needs at local and International levels.
IRNET Independent & Assured Clarity on your ICT
Investment.
Research & Consultancy (R&C)
Providing access to sound management practices.
Central Finance Fund (CFF) Your SACCO’s ultimate lender of
choice.
KUSCCO Mutual Assurance KMAL is a subsidiary of KUSCCO Limited,
licensed by the Insurance Regulatory Authority (IRA) to operate as
a life insurer in Kenya.
OUR PRODUCTS & SERVICES
KUSCCO Centre Kilimanjaro Avenue, Upper Hill, P. O. Box 28403 –
00200, Nairobi, Kenya. Tel: (020) 2730191, (020) 2722927 (020)
2721274 Cell: 0722 206 331, 0734 699 974 E-mail:
[email protected]
www.kuscco.com
Advocacy Ensuring an enabling legislative and policy environment
for the growth of SACCOs.
KUSCCO Housing Co-operative Society Ltd. (KHC) An associate of
KUSCCO Group offering end to end property solution with the
Co-operative model
SACCO Star Magazine The official KUSCCO Magazine that covers news
on topical issues in the SACCO and corporate world.
www.mabati.com
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52
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
54
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
55
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
57
www.mabati.com
THAT NEVER ELEGANCE
We guarantee a quality roofing product that lasts unlike ordinary
coloured mabati. Our range of mabatis now comes in a variety of
colours and brand profiles. Every Aluminum Zinc Steel base is
enhanced using ColourPlus® and Optima® superior colour coating
technologies for added aesthetics and extra endurance making our
mabatis resistant to rusting, fading or peeling.
SAFARICOM SACCO LIMITED ANNUAL REPORT AND FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
THE POWER OF BEING UNDERSTOOD AUDIT|TAX|CONSULTING
T H E 2 0 T H A N N U A L G E N E R A L M E E T I N G T H E 2 0 T H
A N N U A L G E N E R A L M E E T I N G
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Report of the