IG Sacco Reports Strong Financial Growth Driven by Digital Transformation

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KAKAMEGA, Kenya, February 28, 2025 – Invest and Grow (IG) Sacco has reported a significant improvement in its financial performance for 2024, driven by digital transformation and strategic financial management. During its 48th Annual Delegates Meeting in Kakamega, the Sacco announced key growth milestones, including an increase in its asset base and loan portfolio.

IG Sacco's total assets grew from KSh14.1 billion in 2023 to KSh14.6 billion in 2024, reflecting a 4% increase (KSh565 million). Additionally, its income rose from KSh1.91 billion to KSh1.99 billion, marking an 4% growth (KSh83 million).

Loan Portfolio Expansion

Chairman Kennedy Keya disclosed that the Sacco’s loan portfolio expanded by 17%, rising from KSh10.5 billion in 2023 to KSh12.3 billion in 2024. This growth was attributed to an increased uptake of loans, enabled by continuous credit policy reviews that made credit more accessible and affordable for members.

Loan disbursements also saw a substantial rise, increasing by 20% (KSh1.8 billion), reaching KSh10.42 billion by the end of 2024, up from KSh8.67 billion the previous year.

Strategic Growth and Member Engagement

IG Sacco, a SASRA-licensed Tier One Deposit-Taking Sacco, attributes its asset base growth to members’ continued contributions toward share capital and monthly non-withdrawable deposits. The Sacco also saw a 16% growth in investment-based loans and a 24% increase in income-based loans.

Despite this financial growth, membership declined by 5%, dropping from 1,391 new members in 2023 to 1,325 in 2024. However, the Sacco still maintains an active membership of 28,796, with 16,623 members being FOSA salary earners.

To address this decline, IG Sacco has revamped its marketing strategies, leveraging sales executives, delegates, staff, and members to enhance recruitment, particularly targeting teachers. The goal is to achieve a 10% membership growth as outlined in the Sacco’s strategic plan.

Additionally, the Sacco has introduced member loyalty programs, including the Super Savers workshop in Kisumu and the Nyota Ndogo Funfair in Kakamega. It has also launched extensive member education programs across 34 venues in Kakamega, Vihiga, and neighboring counties, aiming to train at least 75% of its membership.

Expansion and Digital Transformation

As part of its 2023-2027 Strategic Plan, IG Sacco is planning to establish branches in Bungoma and Busia, as well as satellite offices in Kisumu and Siaya, to bring services closer to members.

A major highlight of IG Sacco’s success in 2024 has been its digital transformation. The Sacco has fully implemented several key systems, including its Sacco Core Banking System, Electronic Data Management System (EDMS), Customer Relationship System (CRM), IG Sacco Mobile App, Call Centre, E-Guratorship, and digitized loan products.

The adoption of digital lending has also been a game-changer, significantly contributing to loan book growth and enhancing accessibility for members.

A Legacy of Growth

Founded in 1977 as Kakamega Teachers Sacco Ltd (KATECO), IG Sacco has grown from an initial membership of 115 to a robust financial institution with an asset base exceeding KSh14 billion. The rebranding to IG Sacco in 2015 signified a new era of expansion, innovation, and commitment to serving members.

Chairman Keya remains optimistic that these advancements will improve both employee efficiency and member satisfaction, positioning IG Sacco for sustained growth in the coming years.


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