By Malachi Motano
AMREF Sacco has adopted virtual board, staff and member education meetings to meet the Ministry of Health’s social distancing guidelines on Covid-19.
The Sacco also introduced an editable loan and membership application forms and allowed members to submit electronic applications to ease engagement.
It increased members loan limits to Sh150,000 from Sh70,000 through Instant Pesa and the M-Cash and also allowed members who had lost earnings to restructure loans.
They have also hired a loans officer to support them in close monitoring of loans and debt recovery.
The number of employees has also increased from the two they began with, one accounts and another in operations to 15 at their headquarters along Langata Road in Nairobi.
Sacco Chairman George Bebora is glad that they now fully owns their own plot located behind the Wilson Airport, having completed the acquisition process.
When Sacco Societies (Non-Deposit Taking Business) Regulations came into effect on January 1 this year, its members ratified a resolution to comply with the new rules set by the Sacco Societies Regulatory Authority (Sasra) during a virtual Annual General Meeting (AGM) that was held in Nairobi.
The new rules require that Non- Deposit Taking Saccos with over Sh100 million in members’ deposits submit their applications for licensing by June 30, 2021.
The new law also requires capital adequacy to cushion the Sacco from business risks as well as a three-year business plan and internal policies provision.
They are also supposed to hire an internal auditor and upgrade the Core Banking System to enable the generation of reports to SASRA.
“I am glad to report that we are fully compliant as you will see in the audited financial statements,” Mr Bebora told shareholders.
Langata Sub- County Co-operative Officer Julianna Adote commended the Sacco for rapid growth to attain tier two status and also for adapting to coronavirus challenges through continuous member education forums that were held virtually last year.
AMREF Sacco Savings and credit cooperative assets hit Sh 2.2 billion, enabling the Sacco to achieve the milestone of a tier two status, during the 2020 financial year.
The Sacco’s members deposits increased from Sh1.6 billion in 2019 to Sh1.8 billion during the same period.
Revenue grew to by 15% from Sh188 million in 2019 to Sh 216 million last year despite the economic challenges caused by Covid-19 pandemic on members with member returns amounting to Sh149.9 million.
