UN DT Sacco crowned the Best Managed Sacco in Kenya at 2025 Ushirika Awards

By Jackson OKOTH

The United Nations Deposit Taking SACCO (UN SACCO) has won the coveted best Managed sacco in Kenya, at the Ushirika 2025 Awards.

The Society also won trophies as most successful in Deposit Mobilization and the leader in the field of Technology Optimization- all won in the employer-based SACCOs category.

UN SACCO has clinched this coveted top spot this year, demonstrating its determination to achieve excellence in the areas of financial performance, deposit-taking and use of the most cutting-edge digital platforms available.

This year’s theme, “Driving Inclusive and Sustainable Solutions for a Better World,” resonated with the UN SACCO’s mission of enabling members to achieve their investment and financial goals through innovative financial products and services in the most convenient, fast and reliable manner.

At this year’s awards, UN SACCO was handed the honours by Kenya’s Prime Cabinet Secretary, Hon. Musalia Mudavadi, and the Cabinet Secretary for Co-operatives and MSMEs Development, Hon. Wycliffe Oparanya.

The two high ranking state officials also visited the UN SACCO booth, commending UN SACCO for its Golden Jubilee milestone and applauding the recent introduction of the Dollar Savings Account, which is designed to empower members to diversify their investment portfolios.

UN DT SACCO mentioned on its twitter handle that these achievements would not have been possible without the unwavering support of its members, who received glowing tribute for making UN SACCO a leader in the cooperative movement.

The Society gave a commitment to remain steadfast in delivering innovative financial solutions, member-centric services, and sustainable growth for a secure financial future for all members.

Standing out in its trophy cupboard, is an award for UN DT SACCO achievement in the field of digital innovations, where it clinched first position as Best SACCO in Technology Optimization.

The Society owes this award to availability of the latest technology devices and platforms, which enable members all over the globe to have access to a broad range of services designed to simplify their banking experience.

The QC Wallet Mobile banking platform enables members to access loans, transact on their FOSA accounts as well as access account balances and account statement through their mobile phone.

UN DT SACCO members can also undertake remittances and funds transfer to any SACCO or bank account both locally and anywhere in the world. All the payments are processed in the form of Electronic Funds Transfer (EFT).

Also a first in the market, UN Deposit-Taking SACCO has rolled out a Dollar Savings Account, offering smart savers immense opportunities beyond traditional options and turning to foreign currency savings for stability and long-term gains.

A Dollar Savings Account with UN SACCO offers you just that — a secure, accessible, and rewarding way to grow your wealth in a globally recognized currency.

Among notable features of the Dollar denominated savings account includes provisions for existing members who wish to fully transfer to the US$ savings account, to be able to convert their current FOSA and Deposits accounts to US$. The Share Capital Account remains in Kenya Shillings.

A member can opt to transfer the funds from Kenya Shillings to the US$ thereby converting fully. The opposite will, however, not be permitted.

Existing UN SACCO members have an opportunity of holding both US$ and Kenya Shillings FOSA Deposit Savings Account to run side by side. The 2 accounts run independently and do not mingle in funds or loans

Where a member opts to open a separate account for USD to run concurrently with the Kenya Shillings account, such a member shall have 2 deposits accounts and 2 FOSA accounts. The share capital shall remain the same in Kenya Shillings. US$ and Kenya Shillings accounts will run independently. Transfers between the two accounts will not be permitted.

The Society states on its website that it is still accumulating US$ reserves before introducing dollar-denominated loan products to members.

The Society plans to set up a FOSA office that will have a US$ counter to make payments to and receive to the US$ accounts.

The SACCO will also do bank transfers for Dollar denominated payments but there will be no currency conversions at the counter.  UN SACCO tariffs apply as stipulated in the Tariff guide that this Society has made available to members.

If a member choses to hold a US$ account and submit funds to the SACCO in Kenya Shillings, the funds will be converted at the prevailing market rates before crediting into their accounts and vice versa). Individuals earning in Kenya Shillings are strongly recommended to save in Kenya Shillings.

At its 48^th Annual General Meeting(AGM) held on 22^nd March 2025, via hybrid system- physically at Radisson Blu, Upper Hill, Nairobi and virtually, members of United Nations Deposit-Taking Savings & Credit Cooperative Society approved payment of Interest on Deposits at 10% and Dividend on Share Capital at 13%.

Members also approved proposal to conduct a forensic audit of the Society’s financials, the first such Society to pass such a resolution. The meeting also resolved to set term limits for its Board of Directors, a practice that is yet to be followed by others in the market, especially within rural SACCOs where directors still enjoy immense influence and power.

UN Deposit-Taking SACCO, which draws its membership from across the globe, is no stranger to these annual awards, having been the Best Managed SACCO at the 2022 Ushirika Day Awards Edition.

The Society, which was established in 1975, has its membership open to Staff of United Nations Agencies, Staff of Diplomatic Missions & approved International Organizations in Kenya as well as Immediate family members of the primary members – Spouses and Children.

In a crowded field of financial sector players, UN DT SACCO has carved a niche for itself by offering an opportunity for its members to accumulate savings through a variety of saving products.

The Society offers high return on investment as members are able to enjoy lucrative annual dividends; Education to members on proper management of finances and investment products; a broad selection of products customized to meet needs of members and Access to affordable credit products with ease.

 

KEY MILESTONES FOR UN DT SACCO:

• 2023- UN SACCO moved to its fully owned office in the ‘UN SACCO CENTRE’
• 2023-Launch of the 2023-2027 Strategic plan
• 2022- UN SACCO acquired a new, more robust ERP system
• 2022- Through a Special General Meeting held in September, members approved acquisition of UN SACCO CENTRE
• 2022- UN SACCO declared the best managed SACCO in Kenya during the Ushirika Day      Celebrations
• 2021- Through its CSR program, UN DT SACCO signed a three-year donation contract to support Cheleta Primary School.
• UN DT SACCO was recognized for exemplary financial reporting during the 2021 FiRe awards
• 2019- The Dividend Advance product mobile application was launched which permitted members to use the product via the MSACCO platform.
• 2018-UN SACCO launched a mobile-based loan called ‘Quick Cash Loan’. which allows members to borrow through their mobile phones via the Safaricom network.
• 2016-In 2016 the Gigiri Square Office was opened for operations.
• 2006- The UN SACCO FOSA commenced its operations

Established 50 years ago, UN DT SACCO had only 131 members and Members’ Deposits of KSh 290,000. Today, it has grown significantly to have a balance sheet size of KSh 18.27 billion, total deposits of KSh 13.69 billion, gross loans of KSh 11.39 billion and Total Income of KSh 2.33 billion at the close of 2023.

 At the end of 2024 financial year, UN SACCO’s Core Capital to Total Assets ratio was 15.36%, Core Capital to Total Deposits ratio of 20.43%, Institutional Capital to Total Assets of 8.74% and External borrowing to Total Assets at 0%.

 The portfolio of the Society’s savings’ products includes Junior Savings Account, FOSA Savings Account, Fixed Deposit Account and Member Deposits Account- a unique product that is a long-term Savings account.

This default savings account is opened for all members upon joining and one can borrow up to 7 times the amount in this account. Members also earn attractive interest annually from this account.

UN SACCO also has a large choice of credit products customized to fit its varied niche of members’ needs and obligations. These loan products are accessible at flexible repayment terms and affordable interest rates processed with a processing turnaround time of 24hrs.

Some of the Society’s loan products include Development, Plot financing, Secure Asset loan, Normal, Emergency and Seniors’ loans.