Connect with us

Hi, what are you looking for?

L-R: Chege Thumbi, CEO-Sidian Bank, Gabriel Njihia, Chairman, CEOs Forum - KETSA, Robert Njue - Chairman - KETSA, Douglas Mwangi, Director - Finance & Strategy - Sidian Bank, Simon Mwangi, during the cheque handover ceremony. Sidian Bank sponsored Sh500,000 towards the 10th annual KETSA conference./Sidian Bank


Sidian Bank sponsors 10th Annual Kenya Teachers’ SACCO Association Conference

NAIROBI, Kenya, Jul 21 – Sidian Bank a mid tier  Bank and  leader in providing trade finance solutions in the banking industry and has sponsored  a  2-day conference bringing together the leadership of teacher based SACCOs  from across the country.

The 10th annual conference held by Kenya Teachers’ Sacco’s Association (KETSA) reaching out to over 600,000 members participants commenced on Tuesday at Sportsview Kasarani and was set to close on Wednesday.

KETSA brings together 22 saccos, formerly teachers based saccos but now have opened membership for all to join including business people and retail customers mostly employees in govt and private sector.

KETSA block controls assets of Sh152 billion and deposits of Sh102 billion in this economy from its member saccos combined. They also support their Sacco members by lending to them instead of them borrowing from banks besides doing advocacy role thus their motto of “unity is strength’’

Speaking at the opening ceremony CEO Sidian Bank Mr Chege Thumbi noted that “Sidian Bank is keen on strengthening collaborative efforts with SACCOs through provision of transformational financial solutions that maximize the potential of SACCOs.

As Sidian Bank we see Saccos as equal partners in the financial industry and we aim to complement their efforts by empowering them to offer services which they are otherwise not able to directly offer their members and therefore making them competitive in the market by being a one stop shop for financial solutions”.

“This is evident by some of the innovations the Bank has developed, such as a cash management solution, Sidian Bridge, where SACCO members can send money from Sacco accounts to any other bank in the country through our fund transfer service,” he added.

Some of the challenges brought up by COVID-19 in the sacco industry involve low uptake of loans due to suppressed economy that led to very high liquidity on some saccos, avenues to invest on borrowed loans narrowed down and made loan uptakes low.

Lending to members being the first investment to ensure good returns for better dividend payments, saccos were able to look for other investment options so as to deploy the high liquidity well and this was partly inform of banks FDs.

Advertisement. Scroll to continue reading.

High Non Performing Loans which led to low income and low dividends, was high on customers doing business where cashflows declined and those in private sector whose salaries were affected and highly affected profitability of saccos as well as dividend payments. Majority of loans were re-structured and already recovering well.

SACCOs play a key role in growth of the economy by complimenting commercial banks efforts on the growth of MSME as well as promoting a culture of savings for later years in life.

1 Comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...