Established four decades ago by a group of ambitious teachers, Invest & Grow Sacco continues growing in profitability and membership as it makes inroads into new territories.
Through its friendly model that allows members to save their income on a regular basis with the goal of accessing credit, the Kakamega-based Sacco has transformed the lives of millions of Kenyans.
For instance, countless members have been able to finance the education of their family members, establish income-generating ventures, and build decent homes, among other life-changing benefits.
The financial institution declared a dividend of Sh844 million at 17 per cent in 2021 despite the impacts of Covid-19. In 2020, the sacco declared a dividend of Sh746 million at the rate of 15 per cent.
As icing on the cake, Invest & Grow distributes its annual profits to its members in the form of dividends based on their financial performance.
“Our main goal is to ensure stable and sustainable growth for society by mobilizing services and providing timely and affordable credit to our members,” said Sacco CEO Peter Vuhyah.
Since the Sacco was established and has always been supported by its members, Invest and Grow is not driven by profit maximization, but rather by developing innovative products based on their members’ needs.
It offers these products on very friendly terms. In the same vein, motivated by the need to uplift the socio-economic status of their members, Invest and Grow supports them to acquire land, among other valuable assets, at very competitive terms and conditions.
Having opened its common bond, the Sacco, which offers Front Office Services Activity (FOSA), has continued to draw membership from the business community, employees in the national and county governments, as well as professionals in various fields. Gone are the days when its members were only from the teaching sector.
Against this background, Invest & Grow Sacco has become more innovative in its product offering as it endeavors to meet the needs of its diverse membership in a field that is characterized by cutthroat competition.
Invest and Grow boasts of having a membership of over 40,000 in Western Kenya and a strong asset base of Ksh11.7 billion.
Godfrey Wamalwa is a Bungoma-based journalist who enjoys writing Politics, Crime, Sports and Education.