CHAIRMAN’S OPENING REMARKS ON THE OCCASION OF CONCORDE REGULATED NON-WDTS SOCIETY LTD. EDUCATION DAY, SAT. 22nd JULY 2023 AT CENTENARY HOUSE, RING-ROAD KILELESHWA
Co-operative officer-Dagoretti -Sub- County, Mr. Njoroge, Our guest speaker-Philip Nelson, Our partners – (Pioneer Insurance & Crystal valuers), Board of Directors, Supervisory Committee, staff of Concorde Sacco Society Ltd and distinguished members, good afternoon. I wish to extend a warm welcome to every one of you to this year’s Members Education Day. It is an honour to stand before you as the Chairperson of Concorde Sacco, and I am truly excited to address you all today.
First and foremost, I would like to express my gratitude to our valued members for your unwavering support and trust in Concorde Sacco. It is because of your continued commitment that we have been able to thrive as a financial institution and provide opportunities for financial growth and security.
Today, we gather here with a common purpose—to enhance our understanding of the financial landscape and explore ways to maximize our returns. The world around us is constantly evolving, with industries undergoing rapid transformations and new opportunities arising. As members of Concorde Sacco, it is crucial that we stay informed and adapt to these changes.
Throughout this event, we will delve into various aspects of the financial industry and share valuable insights. Our objective is to empower each member with the knowledge and tools necessary to make informed financial decisions. By staying updated and educated, we can unlock the full potential of our resources and strive for financial prosperity.
I would like to take this opportunity to introduce our esteemed guests who have joined us today. Their presence serves as a testament to the strong relationships we have built and the value that Concorde Sacco holds within the community. Your participation and expertise greatly enrich our discussions, and we are grateful for your continued support.
Additionally, I would like to acknowledge the dedication and hard work of our Board of Directors, Supervisory Committee, and the staff. These individuals tirelessly contribute their time, skills, and expertise to ensure that Concorde Sacco operates in the best interests of our members. Your guidance and leadership are vital in steering us towards sustainable growth and success.
As we focus on the financial industry’s ever-changing landscape, I want to assure each member that Concorde Sacco is committed to proactively adapting to these changes. We are continuously exploring new avenues and innovative strategies to increase the maximum returns for our Sacco. Our dedicated team is consistently working to identify opportunities that align with our members’ needs and provide a solid foundation for financial stability.
Today’s Members Education Day serves as a testament to our commitment to your financial well-being. We have carefully curated a range of topics and experts to enlighten us on the latest industry trends, investment opportunities, and strategies for wealth management. I encourage you all to actively engage, ask questions, and network with fellow members to gain the most from this event.
In conclusion, I would like to express my gratitude once again for your presence here today. Together, we can strengthen Concorde Sacco and drive our financial success to new heights. Let us embrace the knowledge shared during this Members Education Day and strive for excellence in our financial endeavours.
Thank you, and I wish you all an enriching and productive event.
Duke Mayaka
Chairperson -Concorde Sacco Society Ltd
OPENING REMARKS BY EDUCATION & BUSINESS DEVELOPMENT CHAIRPERSON ON THE OCCASION OF CONCORDE REGULATED NON-WDTS SOCIETY LTD. EDUCATION DAY, SATURDAY 22nd JULY 2023 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 2023 Education Day.
Today, I stand before you on behalf of the Education & Business Development Sub-Committee, humbled and excited to share this momentous occasion with you. As we gather here, to celebrate 44 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 decades, Concorde Sacco has not only been a platform for savings but also a catalyst for transforming the lives of our members. We have strived to provide credit solutions that are not only interest-friendly but also convenient, wide-based & flexible, all enabling you to achieve your dreams.
The Education Committee:
The Education Committee is made up of Mr. Fredrick Nambuya, Mrs. Jayne Ngugi and myself. Our primary responsibility is to educate and inform members on matters of importance to them as members of the Sacco.
Now, let me take you on a brief journey through our exceptional loan offerings.
Our long-term loans, i.e Normal loan, Development loan, and Bridging loan, now come with an extended repayment period of 72 months. We want to offer you flexibility and ease in your repayments. The Concorde 60 loan remains at 60 months. All these loans come with a competitive interest rate of just 1% per month.
In the realm of short-term loans, we offer The Emergency loan disbursed within 24 hours, with a maximum limit of Kshs. 500,000. Our School fees loan offers you a manageable repayment period of 12 months at an interest rate of 1%. Additionally, our Concorde instant loan, whose repayment period is 6 months at an interest rate of 3%, offers a quick financial solution when you need it the most.
You will note that in the last 12 months, you asked for more competitive interest-rates and we listened.
For car enthusiasts, we have increased the maximum limit on The Car Loan to a whopping 3 million shillings at a reduced interest rate of 1.125% and we extended the repayment period to 60 months. Additionally, our Property loan offers you the opportunity to own land or houses at an incredible interest rate of 1% over 60 months.
We have also heard your concerns on “guarantorship”, and in response, we have introduced the innovative "Enhanced Signature Loan" that no longer requires guarantors' available shares.
This new product aims at simplifying the borrowing process for our valued members.
Membership:
This year, we introduced several promotions to help us grow our Sacco Membership which in turn translates to increased revenue. I am pleased to inform you that we now have 1104 Active members up from 835 in the last financial year!
Technology:
We have enhanced our ICT services, providing you with convenient mobile platforms to make deposits, repay loans, boost shares, and access your statements. We strive to make your financing experience seamless and efficient, right at your fingertips. Our enhanced ICT services saw us bag 3rd position in the recently held Ushirika Day for best in Technology Optimization under the category of Non deposit taking saccos. This remarkable achievement is a true testament to our unyielding dedication to improving our services through cutting-edge innovations. We have always believed that embracing technology's potential is the key to delivering exceptional experiences to each and every one of you. Our passion for progress is unquenchable, and we are more determined than ever to keep pushing the boundaries of what's possible & that is why this year we are considering the automation of more of our loan products. Look out for our announcements, coming soon on our communication channels, which include Facebook, Twitter, Bulk SMSs, WhatsApp and Emails.
I would like to take this opportunity to thank our Marketing and IT staff for their execution and efforts towards this end, and the Board for moving the Sacco in the right direction.
Corporate Social Responsibility:
Last year we visited 3 homes, who benefitted from your contributions amounting to ksh.425,754, and for that we thank you. As leaders, we recognize the growing needs for food, clothing and basic supplies to some of the less fortunate members of our Society. For this reason, we plan to hold our CSR event in September 2023. We shall be reaching out to you, for suggestions on which institutions you would like your contributions to go to. The Sacco contributes an additional amount equal to your contributions to enable us give more.
Loan repayment & Default
Our Country and indeed the world at large is facing very difficult times, with the cost of living being very high. 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 180 million at the beginning of 2022 to 115 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 2023.
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. Asanteni Sana, and here's to many more prosperous years ahead!
Janette Rubadiri
Vice Chairperson, Concorde Sacco & Chairperson, Education & Business Development Sub- Committee
