Invest and Grow Sacco posts 12% growth on increased loan uptake

KNUT national second vice chairman Aggrey Namisi, Invest and Grow chairman Rodgers Waswa and his predecessor Kennedy Keyah during the handing over ceremony at Golf Hotel in Kakamega on Friday, February 27 /HILTON OTENYO

Invest and Grow (IG) Sacco recorded am impressive performance in the last one year, even as it transitioned to a new leadership.

Officials attributed the growth to increased loan uptake, consistent monthly member contributions, continuous member education programmes, enhanced recruitment strategies and the rollout of digital lending solutions.

Newly appointed chairman Rodgers Waswa told members that the sacco's asset base grew by 12 per cent to Sh16.4 billion in 2025, up from Sh14.64 billion the previous year.

Waswa spoke during the sacco's 49th Annual General Meeting held at the Golf Hotel in Kakamega on Friday.

He said income surged by 14.4 per cent to Sh2.288 billion from Sh1.999 billion in 2024, while the loan portfolio grew by 14.8 per cent to Sh14.103 billion from Sh12.287 billion.

The sacco continues to digitise its operations by implementing an Electronic Document Management System (EDMS), E-Guarantorship for loans, and a call centre.

That means members can now access E-FOSA Loan, E-Loan, E-Salary/Pension Advance, and E-Dividend Advance.

“Plans are underway to digitise one short-term loan in both BOSA and FOSA within 2026 after streamlining the E-guarantorship and credit scoring modules,” Waswa said.

“We are investing in digitising most products to attract youth. We promise to build on the strong foundation we have to steer IG Sacco to greater heights of success.” 

Waswa noted that significant untapped potential remains within the Sacco's core market.

The Sacco declared dividends of 17 per cent to members on non-withdrawable deposits, 15 per cent on IG Sacco shares, and 12.5 per cent on individual shares, amounting to over Sh1 billion.

By December last year, the Sacco had 29,430 active members, with a turnover of Sh16 billion. It primarily serves teachers from Kakamega, Vihiga, and neighbouring counties.

The Sacco’s new leadership, including Waswa, Edwin Kachi (secretary) and Wycliffe Ngaira (treasurer) — took office following elections held on 20 February 2026.

They replaced Kennedy Keya (chairman), David Okwemba (secretary), and David Moiya (treasurer).

Sacco CEO Peter Vuhyah praised the outgoing leadership for their selfless service and stewardship.

He announced that monthly contributions to the Sinking Fund will increase from Sh250 to Sh400 per member starting April 2026, noting that current contributions were insufficient to meet benefits paid out of the fund.

“Plans are underway to establish an independent IG Sacco Foundation to carry out corporate social responsibility activities focusing on education, environment, health, and disaster relief,” Vuhyah said.

The initiative aims to enhance brand visibility and penetrate new markets. Vuhyah urged the new leadership to build on the cooperative foundation outlined in Sacco’s strategic plan 2023–2027.

Co-operatives officer Ben Mwangale said he will guide saccos to comply with new regulations being developed by the Ministry for Co-operatives and MSMEs once they are finalised.