Chai SACCO, a leading Deposit-Taking (DT) Savings and Credit Cooperative (SACCO), marks fifty (50) years since it started its operations of empowering its members economically, and socially, and promoting financial inclusion.

Over the past fifty (50) years, Chai SACCO has played an integral role in enriching the lives of Kenyans and in the transformation of the SACCO subsector through financial inclusion, wealth creation and employment in the country.

Some of the most recent milestones the SACCO has achieved are the investment and introduction of innovative financial products and services including credit, savings, loans and insurance solutions that have resulted in the growth of its membership base and improved financial performance of SACCO for the period ending 2022.

While gracing the celebrations, Cabinet Secretary State Department for Cooperatives Principal Secretary Patrick Kiburi Kilemi said, “I am delighted to be part of this important occasion when you are celebrating your Golden Jubilee as well as the awarding of Quality Management System (QMS)- ISO  9001-2005 certification. The Ministry will continue to strengthen commodity co-operatives to carry out value addition with their view to increase their competitiveness and returns to members.”

Speaking during the half-century celebrations and commenting on the financial performance of the SACCO, Chai SACCO Chairman Boniface Ayub said, “As we mark the 50^th anniversary, the SACCO has achieved remarkable success in its financial operations. We have recorded a growth of 8.7 per cent in 2022 compared to 7.5% in 2021, with the total assets growing from Ksh. 4.3 billion to close at Ksh. 4.7 billion. Our revenue increased by 14.2 per cent from Kshs 634million to Ksh.725million. These are good projections and a golden ticket to chat the path forward. We continue to implement our strategic plan which is anchored on technology and new innovations. I’m proud to mention that we have been able to achieve all our ratios, particularly, the institutional capital ratio which was below the threshold of 8%.”

Mr Ayub disclosed that the Chai SACCO has a strong membership base with the Society recording an active membership growth of 27.9 per cent from 25,945 members in 2021, closing at 33,184 members in 2022. He noted that the results are attributed to a new recruitment drive, activation of dormant accounts and review of membership policy to include transactions such as deposits, shares and saving; and loan repayment in determining dominant membership. He disclosed that the execution of these initiatives led to the reduction of the dormant members from 9,131 to 707.

And added: “Chai SACCO members’ share capital grew by 6.1% from Ksh.536million to Ksh.569million. Members’ deposits also increased from Ksh. 3.0 billion in 2021 to Kshs 3.3 billion in 2022. This shows the resilience of our SACCO and its members amid the global macro environmental challenges and most industries and sectors struggling to sustain their businesses due to the economic shocks and recovery from the global pandemic,’’ said Mr Ayub.

During the reporting period, Chai SACCO has focused on investing and enhancing its operational efficiency by implementing robust ICT systems, introducing member self-service products like e-loan, short-term electronic loans and online products and services. The SACCO has successfully implemented a Quality Management System (QMS) process that led to achieving the ISO 9001:2015 QMS certificate.

Commenting on Chai SACCO’s future outlook, Mr Ayub said that the SACCO played a significant role in the development of the SACCO subsector in Kenya. He noted that the SACCO’s commitment to good governance, transparency, and accountability has set the standards for other SACCOs to follow. He added that the SACCO’s financial strength and stability have inspired confidence in members and the wider public, and have contributed to the growth and development of the cooperative movement in the country.

The SACCO subsector is a significant contributor to Kenya’s economy with an approximation of 5.7 per cent of the total assets to GDP ratio. There has been upward growth within the sector which cannot be found ignored. The SACCO movement in Kenya has been instrumental in transforming the country’s financial sector by providing financial services to millions of Kenyans who would otherwise not have access to them. SACCOs are member-owned financial cooperatives that provide savings and credit facilities to their members at affordable interest rates. Over the years, SACCOs have grown in popularity and membership, with over 5,000 registered SACCOs in Kenya today, serving over 14 million members.

Speaking at the same function, Chai SACCO CEO Festus Mwatee expressed his gratitude to the members for their unwavering support over the years. “We are proud of what we have achieved over the past 50 years, and we look forward to continuing our journey of transforming the lives of our members and the communities we serve,”

As the Chai SACCO celebrates its 50th anniversary, it reaffirms its commitment to continue offering quality financial services to its members while supporting the development of the tea-growing regions and the country at large. As part of the celebrations, the SACCO also held its 50^th Annual General Meeting (AGM).

The Kenyan government has recognised the important role that SACCOs play in the country’s economy and has over time introduced policies to support their growth. The government has provided financial support and incentives to SACCOs, including tax breaks and grants, to encourage them to expand their operations and reach more members.

One of the most significant contributions of SACCOs to the Kenyan economy has been their role in promoting financial inclusion. SACCOs have enabled millions of Kenyans to access financial services, which has in turn helped to reduce poverty and increase economic growth. By providing affordable credit to small businesses and farmers, SACCOs have also helped to stimulate local economies and create employment opportunities.

Chai SACCO continues to grow its stature in the SACCO subsector and financial industry, demonstrated by its unrivalled commitment to transforming the Tea, Small and Medium-size Enterprises (SMEs), Agri-business sectors, and Youth and Women empowerment initiatives.

 The Coca-Cola system in Kenya has launched the biggest national consumer promotion of the year, set to reward Kenyans with a year’s worth of food shopping. The promotion, which runs for 12 weeks, offers consumers a chance to win over 50 million Kenya Shillings worth of prizes, including cash (mobile money), airtime, and shopping vouchers.

To participate, consumers need to buy a 1L, 1.25L or 2L bottle of Coca-Cola, Fanta, or Sprite and check under the green cap for a code. They will then need to send an SMS with the unique code found under the green cap to 40111 for a chance to win instant prizes and be entered into a draw for more prizes. The SMS to 40111 is free.

In addition to the grand prize of a year’s worth of food shopping other prizes include instant cash, airtime and shopping vouchers, enabling consumers to share meal moments with their loved ones. The promotion seeks to inspire Kenyans to continue enjoying meal moments together with a Coca-Cola.

Speaking at the launch of the promotion, Monique Katana, Coca-Cola Kenya Frontline Marketing Manager, said, “Our National campaign is dubbed “Recipe For Magic” alluding to the magic that comes when you have a tasty meal, a memorable moment, and an ice-cold Coke. Coke is the not-so-secret ingredient to make meals magical. The promotion will be rewarding our loyal consumers with opportunities to share a meal together with their loved ones through shopping and grocery vouchers as we know that meals become magical when they’re enjoyed together with family and friends.”

Grand prize winners will be contacted through a dedicated customer care number to be advised on their winnings. To take part in the competition, consumers must be eighteen years and above and registered users of either Safaricom, Airtel & Telkom.

The Coca-Cola Company has conducted unique brand experiences and consumer promotions to give Kenyans a chance to win magical prizes over the years. Last year, the brand took four lucky winners under the ‘Coca-Cola’s FIFA World Cup Buy and Win Promotion’ to the prestigious 2022 FIFA World Cup in Qatar.

Don’t miss out on this opportunity to win a year’s worth of shopping and other amazing prizes. Grab a participating bottle of Coca-Cola, Fanta, or Sprite today and start sending the codes under the cap to 40111 for a chance to win!

Kenya Breweries Limited (KBL), through its flagship beer brand Tusker, has announced the return of the biggest Easter festival in the country, Tusker Fest.

The month-long series of parties will see consumers experience the ultimate kenyan cultural extravaganza – Great musical performances, unique kenyan food, A list Kenyan DJs and upcoming artistes among them graduates of Tusker’s talent platform, Tusker Nexters.

The Tusker Fest will kick off in Kisumu on the 1st of April with subsequent stops in Meru, Eldoret, Nairobi and Mombasa on the 8^th, 15^th, 22^ndand 29^th of April respectively. The shows will be headlined by the popular hip-hop trio Wakadinali, who are Tusker’s newest talent signees. The trio will take the stage amongst a host of other upcoming Kenyan talents. 

The Easter showcase is Tusker’s first major event of the year following the brand’s recent milestone celebration, as it marked 100 years of existence throughout 2022. The Centenary celebration saw the Tusker brand launch the Tusker Nexters talent platform, which went across the country identifying the next big talents in Music and e-Sports.

Speaking during the official launch of the Tusker Fest, EABL Head of Beer, Joanne Looby expressed the brand’s excitement at hosting the nationwide parties, heralding them as a further opportunity to support Kenyans within the creative space. “Tusker has always been a brand that gives Kenyan artists a platform to shine. Tusker Fest is no different. Our flagship brand, Tusker, will continue to champion the local music industry as we hold the proverbial hand of the bright, bold spirit of Kenya through our budding musical talent and we invite all of you to come and support us,” said Looby.

On the newest partnership, she mentioned, “We are equally excited to announce our newest collaboration with the hugely talented trio – Wakadinali. These urban pop young musicians mirror the best qualities of our target audience (the Nexters). Young, vibrant, unapologetic, artistic Kenyans taking on the world by storm. We believe as we work with the group and other artists on various projects like Tusker Fest it will be another stepping stone and platform for more budding Kenyan musicians and creatives to explore their talent and shine.”

Tusker’s centenary milestone was a landmark achievement for the brand that now shifts its focus to charting its path for the next 100 years. Touchpoints like Music and Sports will remain cornerstones of the brand’s consumer engagement plan as it continues to live its promise of promoting everything that’s loudly and proudly Kenyan into the next 100 years.

For more details on the exciting Tusker Fest extravaganza, follow Tusker’s social media pages on Facebook, Twitter, and Instagram.

A Kisii-based businessman, Francis Momanyi, who only missed two of the 17-game SportPesa Mega Jackpot predictions for last weekend has put fellow punters on notice, as he eyes the Ksh289,460,586 payout for grabs this weekend. 

Momanyi who won bonuses for two of his bets – one for 14 out of 17 correct predictions and the other for 15 correct predictions was awarded Ksh243,948 and Ksh1,772,216 respectively.  

“I will continue playing because I want to win Ksh289 million which is what I am going for!” he asserted. 

“It will change my life, I am telling people out there that the 289 million shillings is going to be won by Francis, I have not stopped playing on SportPesa even though I have become a millionaire, I am going for the biggest amount.” 

Momanyi was speaking on Wednesday at SportPesa offices in Nairobi.  

Also awarded a hefty payout during the week was Amos Njogu, a mechanic from Kiambu county who got 12 correct predictions out of the 13-game pool he had opted for in the Mega Jackpot. 

Njogu won Ksh1,098,101 for the impressive attempt at the jackpot. This weekend’s winning amount for the 13-match selection within the Mega Jackpot stands at Ksh13,287,454. 

Abler Nordic is the new name of Nordic Microfinance Initiative, a public-private partnership investing in companies in Sub-Saharan Africa and Asia supporting low-income households with financial services. The new name was launched locally at an event in Nairobi on February 21 by Managing Director Arthur Sletteberg, along with the announcement of the start of fundraising for their latest Fund V in 2023.

“Kenya is one of our key markets, and we are are excited to continue our growth under our new name and our new fund. Global poverty has risen for the first time in 20 years and low-income people across Sub-Saharan Africa are among the hardest hit by climate threats, despite contributing very little to global greenhouse gas emissions. Access to a wide range of financial services such as savings, agricultural financing, and insurance in addition to microcredit help low-income people adapt and manage economic and climate shocks. Our new name reflects our company’s overall goal: to help low-income households gain access to these types of relevant financial services so that they can lay a foundation for a better life,” said Arthur Sletteberg, Managing Director of Abler Nordic.

At Abler Nordic, public investment capital from the Norwegian and Danish governmental funds for developing countries, Norfund and IFU respectively, is blended with commercial capital from private investors. Up to now, Abler Nordic has invested over USD 34 million in Sub-Saharan Africa, with USD 16.4 million invested in Kenya in 3 companies. Foreign Exchange Facilities, funded by the Norwegian Ministry of Foreign Affairs, enables Abler Nordic to provide capital in local currency and have been instrumental in securing both equity and debt investments in Kenya of USD 14 million across four currencies, where hedging conditions otherwise would limit such investments.

“The opportunities for inclusive economic growth in Sub-Saharan Africa are vast, yet more risk-willing investment capital is needed. At Abler Nordic we do not invest where it is easiest or where risk is lowest, but where we believe we can achieve the biggest social impact alongside sustainable financial returns. I am looking forward to continuing to partner with our African portfolio companies—alongside our Kenya-based team—and seeking new investment opportunities as we continue to grow in Africa,” said Godfrey Kaindoh, Investment Director, and Head of Abler Nordic’s Kenya office.

A committed and long-term investor with a tailor-made approach, Abler Nordic plays an active role in the development of the five Sub-Saharan African financial inclusion organisations it is currently directly invested in: Juhudi Kilimo (Kenya), Kenya Women Microfinance Bank, Baobab Group (Senegal, Ivory Coast, Mali, Burkina Faso, Nigeria, Tunisia, DRC, and Madagascar), Baobab Senegal, and Tugende (Uganda and Kenya).  Abler Nordic holds board seats at all their equity investments and partners with portfolio companies to create value and support sustainable growth to help them achieve their mission.

Today, Abler Nordic’s global portfolio companies reach 9.4 million customers, 93 percent of whom are women and 71 percent living in rural areas. Women often face systemic barriers in accessing formal financial products, and rural areas are often the last to be financially served, due in part to infrastructure challenges. In Sub-Saharan Africa, 90 percent of loans are given for income generating purposes, which allow both rural and urban households to start and grow small businesses and improve their quality of life through increased spending on healthcare, education, and home improvements. Since inception in 2008, over 12 million customers globally have been supported with access to responsible financial services through Abler Nordic’s investments.

A punter has narrated how his SportPesa Mid-week jackpot bonus win saved him mental anguish, coming at a time he was helpless after his daughter was nearly turned away from school for lack of basic items and levies when she reported to form one last week.

Fredrick Odhiambo Onyango, a casual labourer working in Nairobi said despite missing out on Ksh16,124,722 which was last week’s SportPesa Mid-week Jackpot amount by a whisker, the bonus payout of Ksh1,197,168 for getting 12/13 correct predictions was God-sent.

“I felt very good to get that message. I had nothing at the time, no money yet it was the last day for my daughter to report to school. I only had Ksh20,000, so when I heard that I had won, I was very happy,” Onyango recalled.

“It makes me happy to see my child go to school.” Odhiambo is a father of three with the eldest aged 15.

Odhiambo was with his daughter at the school when he received the congratulatory message from SportPesa last Friday afternoon. He plans to pay his daughter’s fee in advance for the full four-year period with part of his winnings.