OPENING REMARKS BY THE CHAIRPERSON, EDUCATION & BUSINESS DEVELOPMENT COMMITTEE ON THE OCCASION OF CONCORDE REGULATED NON-WDTS SOCIETY LTD. EDUCATION DAY, SATURDAY 3RD AUGUST 2024 AT CENTENARY HOUSE, RING ROAD KILELESHWA
Ladies & Gentlemen, distinguished guests, and esteemed members of Concorde Sacco, good afternoon. On behalf of the Board of Directors and staff of Concorde Regulated Non-WDTS SACCO Society Ltd., I welcome you all to our 2024 Education Day.
Today, I stand before you, humbled and excited to share this momentous occasion with you. As we gather here, to celebrate 45 incredible years of Concorde Sacco’s journey, let us take a moment to reflect on the profound impact it has had on our lives.
Throughout these four and a half decades, Concorde Sacco has not only been a platform for savings but also a catalyst for transforming the lives of our members. We have provided credit solutions that are interest-friendly, convenient and flexible, all enabling you to achieve your dreams.
Education & Business Development Committee
The Education Committee is made up of Mr. Fredrick Nambuya, Mrs. Jayne Ngugi and myself. Our primary responsibility is to educate and inform you members on matters of importance to you as members of the Sacco.
One of the values that we operate by is continuous improvement & being guided by that we have made positive product changes & improvements over the last one year as follows:
Enhanced signature: we have increased the maximum limit from Kshs.500,000 to Kshs.1,000,000. This is a member favorite & an easy access product since Guarantorship is not pegged on free shares.
Flash Loan: We have increased the repayment period from 3 months to 4 months allowing you the flexibility of spreading out the payments at an interest rate of 3% p.m. This being among the lowest in the market for mobile loans.
Car Loan: We have also raised the car loan limit from Kshs.3 million to Kshs.5 million, giving you the chance to drive away in the car of your dreams.
Membership:
Over the past year, we ran several promotions to boost our Sacco membership. I am delighted to inform you that we have 1,467 active members as at 30th June 2024, up from 1,025 active members as at 30th June 2023. We extend our heartfelt thanks to everyone who mentioned Concorde to friends, family, and colleagues, and provided referrals that helped new members to join. You are an essential part of our Sacco’s growth, and you should be proud of your contribution.
Technology:
At Concorde Sacco, we always strive to stay ahead with technology to provide you, our valued members, with the most effective and efficient services. That’s why we are thrilled to announce that we are currently developing our very own mobile app! Here’s a sneak peek at what you can expect:
- Balance Inquiry: You’ll be able to check your current balances in share capital, E-wallet, and deposit accounts, as well as outstanding loan balances.
- Cash Withdrawal: It will enable you easily withdraw funds from your E-Wallet account, either to yourself or to a third party.
- Member Deposits: You can deposit funds directly from your M-Pesa account to your E-Wallet, or from your E-Wallet to your member deposits, junior accounts, or any other savings scheme.
- Loan Repayment: You’ll be able to Repay loans using funds from your E-Wallet or M-Pesa account.
- Loan Calculator: You’ll be able Calculate loan amounts and repayment details for mobile loans.
- Loan Requests: You can initiate loan requests for mobile loans directly through the app.
- Mini Statement Request: You can obtain mini statements to review recent transactions and account activities.
- Change PIN: You can enhance your security by changing your PIN anytime.
The app is set to launch at the beginning of September, so stay tuned and get ready for a new level of convenience!
Corporate Social Responsibility:
At Concorde Sacco, we recognize our responsibility to give back to society and strive to make it better. This is why we diligently organize our annual CSR activities. We want to express our heartfelt thanks to our members for agreeing to increase the contribution from Ksh. 50 to Ksh. 100 for our CSR initiatives this will go a long way towards this activity. As always, our CSR event will take place in September, and we welcome your participation and suggestions on where to direct this noble cause. Your support makes all the difference, and we are grateful for your continued commitment.
Last year, we visited Meta Meta Children’s Home and donated utilities worth Kshs.79,808. This was made possible by your unwavering support. We want to extend our heartfelt thanks for your ongoing dedication to these activities. Your generosity makes a significant difference, and we deeply appreciate all that you do.
Loan repayment & Default
Our Country is facing very difficult times, with the cost of living being very high but despite these circumstances, most of you have diligently continued to repay your loans on time. I want to express my heartfelt appreciation to each one of you. Your commitment and responsibility to repay are the pillars of our success. This has seen our default figures drastically reduce, from Kshs.132 million at the beginning of 2023 to Kshs.97 million as at June this year. Although we still have a long way to go, we are confident that this default figure will further reduce by the end of 2024.
In conclusion, I want to acknowledge the true heroes in this room—You, our beloved members. Without your trust, support, and loyalty, we would not be celebrating the remarkable milestone we have seen over the past year. As we move forward, let us continue Changing Lives through our unwavering commitment to becoming a world-class financial solutions provider, empowering each one of you to achieve your financial dreams.
Thank you all.
Janette Rubadiri
Vice Chair & Chair, Education & Business Development Committee