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Saturday, July 22, 2017

Thika-based Jungle Nuts Holdings launches a mobile-based sacco to bolster revenue

Macadamia nuts
Macadamia nuts

Jungle Nuts Holdings, the Thika-based macadamia nuts processor, has launched a mobile-based Sacco to help farmers save and borrow cash for expansion.

The company said the app, dubbed J- Hela, will empower emerging entrepreneurs, farmers and groups who may need fresh capital injection to expand their enterprises.

The platform is accessible on mobile phone by dialing a special code, which allows farmers to also borrow using their savings.

‘’The idea was inspired by the need to fix the financial gap among individuals and member groups who may want capital to take their enterprises to the next level and grow,’’ Jungle Nuts Holding chief executive Patrick Wainaina said in a statement yesterday.

The small-sized firm said it was targeting its 40,000 members with the platform as it seeks to diversify its revenue streams through new ventures.

The battle for digital money transfer has been on the rise in Kenya with different players exploring innovation avenues to retain their customers.

The growth-hungry Jungle Nuts has been deepening its investment through subsidiaries in a bid to expand revenue sources. It recently launched a Sh100 million plant to manufacture mattresses and eco-pillows as part of a strategy to diversify the firm’s products portfolio.Other ventures that the firm has launched recently include Jungle Housing that has interest in real estate targeting low-income earners, Jungle Energy that deals with the manufacturing of both wooden and concrete poles as well as Jungle Organic and Jungle Foundation.The company recently entered into processing edible macadamia nut oil through a Sh100 million investment, targeting the European market in a sector dominated by Bidco Oil Refineries, Kapa Oil Refineries and Menengai Oil Refineries.

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