Tuesday, September 27, 2022
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Sauti Sacco marks its golden jubilee

Sauti Savings and Credit Savings Society (Sacco) has announced major plans to rebrand and re-strategize in order to respond to the emerging customer needs and demands in the market.

National chairman Mr. Elly Ndwigah said the Sacco also intended to invest more in technology to give efficient and timely service to its members all over the country.

“We are happy to report that despite the hard economic times brought about by Covid-19 pandemic, the Sacco has remained vibrant and currently has no loan backlogs and we hope to continue this way even as we invest in technology and more efficient staff,” Ndwigah said.

The remarks were contained in a speech read on his behalf by a Central Management Committee (CMC) member, now known as board of directors, Mr. Johnstone Mutungi during an education day for South Rift branch members held in Nakuru which also coincided with the 50th anniversary of the Sacco.

He said in line with the new Sacco regulations, the organization was in the process of recruiting an internal auditor, Information Technology (IT) expert and a Chief Executive officer and was in the process of revamping the IT system which would also go a long way in improving service delivery.

“We are in the process of revamping our IT system to ensure members get any information or service they want at a touch of a button,” Ndwigah said.

Ndwigah said the Sacco was in the process of complying with the new regulations gazetted by the Cabinet Secretary for Agriculture, Livestock and Cooperatives and is now ready to be fully registered as non-deposit taking Front Office Service (FOSA) provider by end of June this year.

“This is one way of diversifying our services and will help members to open salary accounts with the Sacco which will make it easy to collect member contributions from employers and avoid delays or backlog in the receipt of this contributions,” he said.

The National Chairman added that there has been a challenge getting the remittances from the members who were staff of the Kenya Broadcasting Corporation (KBC) where the backlog now stands as Sh12 million pending from October 2021.

Some of the loans disbursed by the Sacco during the last year included Development loans, Supernormal loans, Emergency loans and School-fees loans among others.

Ndwigah said the Sacco was doing its best in loans’ disbursements and revealed that members with supernormal and instant loans could now apply for a top-up loan. He encouraged members to apply for loans with a promise that they would be processed in a record time.

The Sacco has also announced a major strategy to recruit members in the next financial year in order to grow its membership which currently stands at over 1,600 members.

The members’ deposits grew from sh.156 million in 2014 to more than double in 2021 with the share -capital also showing an upward trend from Sh2.69 million in 2014 to over 10 million in the in 2021.

During the event, Ms. Virginia Wairimu, Beatrice Okworo and Petikas Lelendu were elected as South Rift delegates in an election presided over by Mr. George Ogaro from the Nakuru County Cooperative office.

Ogaro called for commitment, transparency and accountability from the officials in handling members` funds and issues.

By Mabel-Keya – Shikuku

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