The Sacco has restructured its operations, developing new products and bettered its digital platforms.
By Ken Ondieki
Jamii Sacco has remained resilient in the face of Covid-19 pandemic that has adversely affected the country’s social and economic status.
The Deposit-Taking Sacco, has reviewed its business plan for the financial year 2020, scaled down on areas that are not considered critical expenditure while giving prominence to key growth areas.
Top on the list is ensuring that the Sacco continues to offer affordable credit facilities to members in a reliable way.
The Society is leveraging on new technology to train and educate members, and deliver quality services as a way of limiting the spread of the bug.
In an exclusive interview with Sacco Review, Jamii Chief Executive Officer Eliud Chepkwony said the Sacco had maximized the use of electronic platforms to serve members effectively.
“We are glad our members have also greatly embraced the use of mobile banking services,” he said. He is upbeat the Sacco will be able to offer good returns at the end of the year.
The Sacco has taken a proactive approach in issuing out a loan to members that are aimed at lowering the risk of non-performing loans. “We are taking all the due diligence when advancing loans. We are also engaging our loanees who might need to reschedule their payment terms,” he said.
It is for this reason that the Society has bettered its communication channels such as SMS and social media platform to ensure that members reach the Sacco easily.
Jamii Sacco is also using WhatsApp groups to reach out to members.
“Since we cannot meet our members physically, we are sending out circulars, organising zoom meetings and using our social media pages to communicate and educate our members on various issues,” said Mr Chepkwony.
He said the Sacco is looking on modalities to use in organising annual general meeting for the year 2020 for budget approval. In doing so, the Society is being guided by directives from the State Department of Co-operatives Development and the Ministry of Health.
The Sacco has scaled up its Corporate Social Responsibility activities to support members and community during this hard economic time. It is among co-operatives that have so far contributed to the Covid-19 Cooperative Fund, besides supporting less privileged in the Society.
Mr Chepkwony noted that some of their members had lost their sources of income, and this has forced the Sacco to rethink its business channels to boost its liquidity.
“Some members have had their repayment amount reduced from Sh10,000 to Sh5,000. This is better than having them default,” the CEO said.
The Sacco has upgraded its mobile loan upward from Sh10,000 to Sh30,000.
At the same time, the Society has developed new loan products and and extended repayment period.
Mr Chepkwony noted Saccos are the best avenue for individuals to grow their money and attain personal development.
“I have taken loans from the Sacco for development purpose and invested in projects that will support me after retirement. Saccos give high rebates and dividends compared to other financial institutions.”
He said Jamii Sacco is striving to impart the culture of saving among its members, especially among the young people.
Noting that the Sacco is a one-stop-shop that meets most of the members’ financial needs be it development loan or school fees.
“Jamii Sacco is a vehicle for wealth creation. When you are a member of this Sacco, you are assured of financial freedom.”
Mr Chepkwony said they are encouraging the existing members to refer their family members, relatives, friends and colleagues to join Jamii Sacco.