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From financial empowerment to Social Impact: How Police SACCO is Transforming lives
Sponsored by Kenya National Police DT SACCO
Solomon A. Atsiaya, the Chief Executive Officer of Kenya National Police DT SACCO.
Photo credit: Kenya National Police DT SACCO
By Evans Ongwae
Business people harbour dreams to establish successful enterprises. They know that capital is a key ingredient for successful operations, and expansion.
One such entrepreneur is Hilary Ajode, who took a leap of faith in 2014 when he decided to open a restaurant in Nairobi’s Central Business District (CBD). He lacked enough capital, finding himself short of the Ksh1.8 million required to cover the rent for the first few months in a prime building.
Mr Ajode’s hopes rose in December 2014 when he joined Kenya National Police Deposit-Taking (DT) Saving and Credit Co-operative Society (SACCO). That was soon after graduating from university. As a member, he applied for, and received a loan of Ksh1.8 million. This set him on the road to success.
Said Mr Ajode: “The rent was around Ksh450,000 per month. So, they wanted three months’ deposit and a month’s rent. That totalled to Ksh1.8 million. So, I was like, this place is so ideal. I had that momentum, that vision, but I did not have that cash.”
Using this and other loans from the Kenya National Police DT SACCO, Ajode now owns three restaurants in Nairobi CBD.
There are similar other stories of success built from loans issued by the SACCO.
Still, the SACCO’s support and impact doesn’t start and end with business loans. Under its corporate social responsibility, the Kenya National Police DT SACCO, for example, gave an old dispensary in Ruiru, Kiambu County, a new lease of life.
Renovated and expanded into a modern level-two health facility by Kenya National Police DT SACCO in 2021, the dispensary serves not just police families, but the wider community as well. It’s a public facility, run and managed by both by the National Police Service (NPS) and the County Government of Kiambu. The SACCO also constructed and furnished a new complex in 2021.
Through its support for health facilities like the Ruiru dispensary, the Kenya National Police DT SACCO is proving that financial empowerment can go hand in hand with community wellness.
In South ‘C’ Estate in Nairobi, the SACCO built the Police SACCO Stadium, a space that’s now buzzing with activity. The facility promotes community development and nurtures talents through sports. People who live in the neighbourhood use it for recreation, including jogging.
Kenya Police DT SACCO Success Story
For its excellent way of operating, Kenya National Police DT SACCO recently won the award of the Best Managed SACCO in the country. Members especially appreciate the affordable credit they access at the SACCO.
SACCOs tend to be very flexible in the kind of financial services they provide. Often, they tailor products to the needs of members. For example, 54 police officers came together as an investment group to save monthly, borrow loans and invest. They now own two matatus (public service vehicles), and are planning to buy more.
SACCOs further provide wide range of financial services. For instance, members of Kenya National Police DT SACCO can open different types of accounts: Salary account, savings account, checking account, investment account, and fixed deposit account, among others. Additionally, the SACCO has invested in diverse technologies that enable members to access their money across the globe.
Last year, Kenya National Police DT SACCO paid dividends at the rate of 17 percent, and 11 percent on deposits. This was among the best returns for member funds.
