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Experience. Opportunities. Convenience

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Experience. Opportunities. Convenience MWALIMU NATIONAL | i Member Driven Experience. Opportunities. Convenience. The Official Newsletter 2016 The Official Newsletter of Mwalimu Sacco 2016 01 | MWALIMU NATIONAL Editorial Welcome to the inaugural issue of the Mwalimu National Newsletter under the new Brand identity. The Society has operated under that comprised of the Board of Directors highlight new ways through which the the old identity since inception and staff members - who ascribe to Society is handling her resources and and there was need for a rebrand Performance Management System tools. investments through the new arm called to realign with the ambitious It is with this in mind that the National Treasury and investments. plans already rolled out. Chairman sheds light on the present Society performance as well as milestones To wrap it up, we have compiled a list of Mwalimu National mandated Brand achieved through roll out of key projects key questions members have been asking Strategy Design (BSD) to bring out under the guidance of the Society more frequently. We even go further to meaning from both the old and new Strategic plan 2014 – 2018. enlighten them on essence of investments identities. Some of the merits to be and time management as well as realized but not limited to include, to get In our 2015 education programmes, we inspirational nuggets that are found a grasp on the competitive environment, managed to reach out to members from nowhere else but in this issue. enhance Society growth, reach out to new various parts of the country. This was markets as we appeal to existing ones and through arranged meetings with their James N. Mugandah so forth. The Society also rolled out a new representation (delegates), who were Marketing Research & Corporate Affairs Management Information System (MIS) educated on various concerns to do with alongside the rebranding exercise. leadership and healthy living. Our intention is to build an enlightened Members can as well get to read through Society Membership whose expectations this edition to understand how they are exceeded upon by our dedicated team benefit from prorata. We go further to The Official Newsletter of Mwalimu Sacco 2016 MWALIMU NATIONAL | 02 From the National Chairlady It is my great pleasure to extend heartfelt greetings to the readers of Mwalimu National Newsletter. We hope you enjoy reading the local, personalized service that is the about the recent activities and hallmark of Mwalimu National. It is this achievements of your great Sacco personalized service that set us apart and all its subsidiaries. from other Saccos. So far, this year has been very exciting We believe in a transparent, holistic and fascinating for us. Our noble mission approach ensuring that key stakeholders of growing this Sacco to exceed the are kept informed whilst issues are dealt expectations of our members as we reach with immediately by our experienced out to more members. Is still on course. Board of Directors and staff. For sure we could not have achieved this kind of growth without the dedication of Our products and services are member and all our current members. Our heartfelt industry-driven, meaning they are designed congratulations and appreciation go to to meet the unique requirements of our you for all the excellent work you have members’ opportunities and markets done and the support you have given. whilst providing them with a convenient and cost effective experience. That is the Since establishment in 1974, we have reason as to why I find this as a great always been fortunate that our aspirations honor for me to present to you numerous are fulfilled. But as with any expanding initiatives that we believe will enable us Teresa Mutegi, HSC organization, Mwalimu National requires achieve important milestones spelt in National Chairman more resources, both financial and human. the five year strategic plan document the We believe in helping our members Society currently runs under attain superior long-term profitability and growth by delivering the depth and Having said that, it is my pleasure to breadth of resources and experience only report on the current society performance a national firm can provide along with as below: Our Since establishment in 1974, we have always been fortunate that our aspirations are fulfilled. But as with any expanding organization, Mwalimu National requires more resources, both financial and human. The Official Newsletter of Mwalimu Sacco 2016 03 | MWALIMU NATIONAL 1. Financials The figures below relating to 2015 are audited based on our management accounts. STATEMENT OF COMPREHENSIVE INCOME AUDITED 2014 AUDITED 2015 Turnover/Total Income 3,878,013,976.00 4,228,000,127 Interest Rebate 2,026,228,064.00 2,323,233,024 Interest on Withdrawable deposits 56,157,336.00 77,034,351 Interest on borrowed funds 40,004,351.00 223,349,398 Operating Expenses 1,188,633,796.00 1,231,895,908 Net Surplus before Dividend and Tax 566,990,429.00 372,487,072 Proposed Dividends 133,949,793.00 141,825,128 STATEMENT OF FINANCIAL POSITION Deposits portfolio AUDITED 2014 AUDITED 2015 BOSA –Deposits 18,305,735,707.00 20,409,305,588 FOSA – Savings 1,472,361,459.00 2,140,337,289 Business Loans - savings 125,037,240.00 149,692,000 Total 19,903,134,406.00 22,699,334,877 Loans portfolio AUDITED 2014 AUDITED 2015 BOSA 19,691,023,811.00 19,681,198,468 FOSA 1,963,497,065.00 2,247,258,285 Business Loans 363,715,934.00 446,421,923 Total 22,018,236,810.00 22,374,878,676 2. Strategic Plan 2014 -2018 To ensure continuity in growth, profitability and development agenda, the Society developed 8 (Eight) Strategic Objectives anchored on 4 (four) pillars of the balanced score card that are to be pursued in a five years period 2014 to 2018. These Strategic objectives include: i. To increase the Society’s Membership from 57,277 in 2013 to 87,585 by 2018. ii. To increase Society’s Saving Portfolio from Ksh18.56billion in 2013 to Ksh32.6 billion by 2018. iii. To increase the Society’s Loan Portfolio from Ksh.20.96 billion in 2013 to Ksh31.9 billion by 2018. iv. To increase the Turnover from Ksh3.5 billion in 2013 to Ksh10 billion by 2018. v. The society membership withdrawal reduced from 3% in 2013 to 2% in 2018. vi. To Manage Risk Exposure in the SACCO. vii. To strengthen Information Management Systems in the Society over the Plan period. viii. To improve Service Delivery to our Customers. The Official Newsletter of Mwalimu Sacco 2016 MWALIMU NATIONAL | 04 Our 2015 Performance contract was derived from the above and our performance subject to conclusion of the 2015 audited was as below: OBJECTIVE % ACHIEVEMENT 1 Customer Focus – Membership 109% 2 Savings portfolio 83.9% 3 Loans portfolio- Net growth 20% 4 Turnover 100.4% 5 Membership retention 101.5% 6 Risk Management 86.8% 7 MIS 51% 8 Service Delivery 64.2% Total 616.80% Average Achievement 77.10% Key Projects: As part of the strategy, key projects included: • Construction of Mwalimu Head Office • Bank and brokerage investment • Housing Scheme at Kisaju • Management Information System. • Rebranding the Society i). Construction of Mwalimu Headquarters Let me update you on the progress so far made in your Mwalimu Towers head office construction. The works are in advanced finishing stages and right now the contractor is working on office spaces to be occupied by the Society and her subsidiaries. This year’s ADM was held at the new Headquarters and occupation subsequently follow as below: • Society- Phased move June 2016 • Subsidiaries i.e. ECB, EIB –Phased move June –July 2016 ii). Banking and Brokerage Investment ECB Insurance Brokers Ltd (EIB) has performed well for the year 2015, it has returned a profit for the 4th year since inception. I would like to urge us all to support the EIB by directing all our institutional and personal insurance needs to them. Equatorial Commercial Bank (ECB) has had a year of settling and this year we have: i. Increased provisions for bad debts to ensure going forward we have adequate provisions ii. Approved the rebranding from ECB to Spire Bank and from EIB to Spire Insurance Brokers. iii. Recruited Mr. Timothy Gitonga formerly a Director with HF group as the Banks New MD to drive our strategic agenda forward. iv. Increased capital by further 500M (375M by MNH and 125M by Sameer group). We firmly believe by 2018 as agreed this institution will be making a significant return contributing to our bottom-line. iii). Mortgage In January 2015 we started our pilot housing project in Kisaju. Significant progress has been made as far as construction works are concerned with all structural units up and roofing done on all units. Structural works are at over 80% with finishing now ongoing on the units. The Official Newsletter of Mwalimu Sacco 2016 05 | MWALIMU NATIONAL In terms of uptake of the houses from our members in last 9 months below has been the progress: HOUSE TYPE NUMBER OF UNITS UPTAKE OF UNITS I Bedroom Apartment 200 73 2 Bedroom Apartment 350 206 3 Bedroom Apartment 250 110 3 Bedroom Townhouse 46 14 3 Bedroom Townhouse +DSQ 25 13 TOTAL 871 416 (Figures as at end of May, 2016) So far in terms of deposits for the houses we have collected Kshs 36,714,400. iv). Management Information System Migration You are all aware of the challenges we have had with the current system and the resolution to migrate to a new system which can accommodate our current transactions. I am glad to inform you we successfully migrated to Navision from CMIS in the month of October 2015.
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