Ukulima Sacco has announced plans to rebrand in order to capture small and medium enterprises a move that is aimed at diversifying its market base in the next five years.
The Sacco’s National Chairman Philip Cherono revealed the lender now seeks to open its common bond to onboard Kenyans from all walks of life.
Initially, the Sacco tapped its members from the Ministry of Agriculture and related departments of livestock and water and their parastatals who are mainly salaried employees.
“Since its inception in 1972, Ukulima Sacco has maintained its brand name. But, unfortunately, even the strongest brands have a shelf life”, Said Cherono during the Sacco 50th Anniversary celebrations held at Serena Hotel, Nairobi on Tuesday.
The Sacco plans to enhance its already existing micro-credit function that will see business people and members of the informal sector, who are mainly unsalaried access affordable loans secured by land, motor vehicle and other collaterals.
Cherono said Proposal to rebrand the Sacco shall be tabled at the annual delegates meeting for ratification by the Sacco’s over 350 delegates.
The Sacco currently has a membership of over 47,000 members drawn from government Ministries, country governments, parastatals, water companies and the private sector.
The chairman also announced plans by Sacco to introduce agency banking to supplement the eight Brick and mortar branches located in Nairobi, Mombasa, Embu, Kisumu, Eldoret, Kisii, Nakuru and Kakamega.
The agency outlets shall bed is tributed countrywide to boost the Sacco presence in areas that are far away from the physical branches.
“Due to the dynamism of the market, the shifting priorities of customers, and a myriad other global forces beyond our control, a brand is only fresh and relevant for five to ten years. This is why rebranding is so important to the success of our business going forward," Cherono said.
According to Cherono, the new changes have already been factored in the new strategic plan 2022-2026 that was launched during the golden jubilee celebrations.
This new strategy document takes into account, changes in the operating business environment as well as the need to align our services with members’ financial needs, in its quest to become a world-class preferred financial partner.
“The Board of Directors and Management have reviewed the SACCO’s operating structures and business focus in order to remain competitive in the ever dynamic and disruptive business environment,” he said.
Speaking at the function Sacco`s CEO Richard Nyaanga said they will capitalize on the spirit of the new strategic plan to increase its membership, grow its loan book, deposits, share capital and revenue as identified in the Key Results Areas.
“Over the next five years we shall witness the Sacco registering more growth which will eventually translate to a high return to our members," Nyanga said.
The CEO said the Sacco has acquired a business intelligence system that shall be key in analyzing the Saccos business performance in a bid to make informed strategic decisions geared towards the growth of Sacco.
He said The Sacco has implemented a Customer Relationship Management System (CRM)That encompasses a call centre to enhance service delivery to its members.
“The two systems add to the already existing ICT infrastructure that supports sourE-Channels that include, Mobile Banking and ATM services”, he said.
