Afya Sacco has embarked on a more robust digitization programme by first enriching their mobile banking space dubbed as Afya Mobile 24/7.
The aim is to enable members of the society to transact business from the comfort of their homes with just a scroll of their phone menu.
The USSD code *667*2# is the magic dial meant to enable members to enjoy the convenience of withdrawing money from their Front Office Service Activity (FOSA) accounts without necessarily having to visit the FOSA branches or ATM outlets.
The Society National Chairperson M/s Beatrice Mogire, addressing Kisii branch members at Kisii Teaching and Referral Hospital (KTRH), expressed her fervent optimism that the use of technology can enable them to penetrate every part of the country and ensure member satisfaction gets to even higher levels.
“Afya Sacco has embraced digitization of all our services. Members are able to engage the offices and have their financial matters sorted by a few taps of a button. We also have agencies throughout the country to enable members to access their money conveniently,” she said.
Pointing out that systems are now in place for digital loan applications, she stressed that members can access credit equivalent to their shares at 0.5 per cent interest rates on reducing balance.
“Members can access their money through the mobile platform where they can withdraw up to Ksh0.9 million to do business and boost their livelihoods while earning better dividends at the end of the year,” stated Mogire.
The Chairperson said that by embracing technology, she was confident the Sacco will soon witness high numbers of new members across the country.
“The situation now suggests a more rejuvenated membership, with many trooping to our various branches for easy and cheap financial support having suffered greatly in the hands of exploitative financial institutions and commercial banks,” she observed.
She noted that the board had rebranded their products to suit member needs and will ensure continuous innovation and improvement, adding that they will work tirelessly towards aligning products and services to the changing customer expectations and market trends.
Afya Sacco has over the years been one of the most dominant societies in the country.
For instance, in the financial year ending December 2022, Afya Centre and Afya Maisonettes, which are properties managed by Afya Investment Society, realized revenue worth Ksh8.5 million.
With an expansive network of 103 branches across the country, the 52-year-old Sacco has been a formidable force in the cooperative world with exponential growth in its financial breadth and depth.
According to the report presented by the Chair during the Sacco’s 52nd Annual Delegates Conference held at the Bomas of Kenya, its asset base increased by 5.1 per cent – translating to over Ksh20 billion until the year ending 2022.
M/s Mogire informed members that the Sacco deposits grew by 0.1 per cent from Ksh15.614 billion to Ksh15.626 billion by the end of 2022.
Loans and advances stood at Ksh12.527 billion. Consequently, revenues rose by 16.2 per cent to stand at Ksh2.787 billion from Ksh2.397 billion the previous year.
M/sMogire said that the ten FOSA outlets have continued to contribute to the profitability of the Sacco, whose performance in the year 2022 had net surplus rising from Ksh 206.71 million to Ksh281.39 million, a monumental increase of 36 per cent.
She said that the board recommended payments of dividends on share capital at a rate of 12 per cent amounting to Ksh137 million, and interest on deposits at the rate of 7.5 per cent totalling to Ksh1.16 billion.
“This is an increase of 2.3 per cent and 23 per cent respectively from the payments of the previous year. The board paid honoraria to delegates at Ksh6 million for the year 2022 up from Ksh4 million paid in 2021. This is an increase of 50 per cent,” Mogire said.
The National Chairperson revealed that the Sacco has embarked on bolstering its marketing campaigns with a view to building a strong membership, which will hopefully make their products more visible.
“A total of 2,228 members with a monetary effect of Ksh10.5 million were recruited in the year 2022. This is up by more than 100 per cent from 951 members recruited in the year 2021,” Mogire said.
Members are required to register for the Afya Mobile 24/7 banking service at the society FOSA branches, which are Afya Center in Nairobi’s CBD, KNH Complex at Kenyatta National Hospital, Mombasa’s Coast Referral Hospital, as well as one installed in Kisumu’s Jaramogi Oginga Referral Hospital.
Others are Nakuru Referral Hospital, Nyeri Referral Hospital, Meru Referral Hospital, Moi Teaching & Referral Hospital in Eldoret, Kakamega Referral Hospital, and Kisii General Hospital.
By Vostine Ratemo
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