Urithi Premier Sacco is seeking to rebrand after three years of recorded growth.
It is associated with Urithi Housing Cooperative Society.
The sacco wants to change its structural name, vision and mission as it prepares to wrestle with the hard economic times that have crumbled many financial institutions.
In the new changes, the sacco has dropped the name Urithi to remain as Premier Sacco. The financial institution also wants to transform into a Front Office Services Activities (Fosa) as its management seeks to give it room for more growth.
Chairman Pius Thuku said the sacco has recorded tremendous improvement in its asset base and share capital in the last three financial years.
Thuku spoke after the sacco held its 2019 annual general meeting in Thika.
He said the changes would bring more training to its staffing and product differentiation to meet the changing and dynamic needs of its customers.
The changes will, however, be gradual as the sacco has to amend its by-laws. It has made a provision of up to Sh5 million worth of dividends.
Urithi Housing Cooperative Society Ltd chairman Samuel Maina, however, says he will not be cowed by the negative publicity that has tainted the image of the institution.
Speaking at the same event, Maina said it is not criminal for anyone to face financial hurdles and consequently fail to service loans.
“If you are growing, you must have loans and court cases. Without these, you are very poor. For a bank to lend anyone a billion means they have the capacity to pay back. I'm not apologetic to anyone and the media should stop amplifying small matters. We are not going anywhere because Urithi is not for us but for generations to come,” he said.
While many financial institutions continue to wrestle unfriendly economic times in the country, Maina said the cooperative will surmount its current challenges.
He, however, insisted that only one of the cooperative's projects among 200 has been affected and urged members to firmly stand with it.
Edited by R.Wamochie
