INVEST and Grow (IG) Sacco, one of the largest savings and credit cooperative society in Western Kenya, has announced the appointment of Mary Awino as its acting chief executive officer.
Awino, who previously served as the Sacco’s finance manager takes over the helm from CPA Peter Vuhyah in a leadership transition that has sparked optimism among members and stakeholders.
The management change coincides with a strategic overhaul of the board of directors. During this years annual delegates meeting in March, Rodgers Waswa was elected the new chair of the board of directors following the retirement of long-serving chairman, Kennedy Keya.
The changes come as the Sacco eyes further expansion. The new leadership, under the chairmanship of Waswa, is poised to steer the cooperative toward inclusive growth, enhanced member value and operational excellence, management said.
Over the past two decades, IG Sacco’s asset base has scaled from Sh800 million to an impressive Sh16 billion, while its active membership grew to over 30,000.
Awino’s elevation to the top executive position is widely viewed as a natural progression, given her extensive track record of financial prudence and strategic innovation during her tenure as finance manager.
Her appointment comes at a critical time as the Sacco seeks to balance aggressive growth targets with the increasing calls for inclusion from the retiree demographic.
“During her time as finance manager, Awino achieved several notable milestones that have positioned the Sacco for sustainable success. She spearheaded strategic financial planning and investment management initiatives that increased the society’s revenue by a steady 20 per cent annually,” the Sacco said in a statement.
Additionally, her rigorous budgeting and cost-control measures reduced operating costs by 15 per cent, significantly improving the institution’s operational efficiency.
One of her hallmark achievements was stabilising the Sacco’s liquidity position, effectively shunning the reliance on bank overdrafts and loans, thereby strengthening society’s financial independence.
She also diversified and balanced the investment portfolio, ensuring a more resilient revenue stream against market volatilities.
In an era where regulatory compliance is paramount, Awino implemented a new financial reporting system that enhanced accuracy and reduced reporting time by 30 per cent, while simultaneously achieving 100 per cent regulatory compliance, resulting in zero penalties or fines.
“Her leadership was instrumental in guiding the finance team through successful internal and external audits, which consistently recorded no significant findings,” the Sacco said.
She also played a pivotal role in strategic planning sessions, contributing significantly to the formulation of society’s long-term goals.
Her departure from the finance department has necessitated the appointment of Salome Juma, who takes over as the new acting finance manager.
The management has expressed confidence that Awino’s wealth of experience will be instrumental in driving the society’s strategic agenda and meeting the evolving needs of its members.
