About

Forty years ago (1973), a group of employees of the Kenya Union of Savings & Credit Co-operatives Limited (KUSCCO), came together to form a common pool of savings for lending amongst themselves for mutual assistance and personal developments. Thus Kilele Savings and Credit Co-operative Society limited was formed and registered and has since been operating as Savings and Credit organization with savings and credit as its core business.

From those humble beginnings the SACCO has steadily grown, registering over 1,320 members by December 2012. This has been possible because membership has been opened to employees of other willing corporate organizations. The growth in membership has in turn allowed the society to consolidate growth in members’ savings. The portfolio is currently Kshs100, 260,991 up from less than Kshs. 30, 000,000 just five years (2008) ago. The loans portfolio has also increased steadily with yearly disbursement topping Kshs117, 613,701 in 2012. The portfolio outstanding was Kshs. 107,943,685.

A desire to provide a stronger capital base has seen members’ ownership shares increased from Kshs. 3,000/ to Kshs. 5,000 per member. The net effect has been a remarkable turnaround in income to the society. Whereas turnover was a paltry Kshs. 0.6m in 2008, it has now increased to Kshs14, 028,458 in 2012 on the back of stringent collection and default management. This has allowed the management to significantly improve returns to members, increasing interest payment on members’ deposits from 0.2% in 2008 to high of 10% in 2010.