KUSCCO bullish after acquiring IRNET

BySacco Review

Aug 1, 2018 ,

By Patrick Odenyo

Kenya Union of Savings and Credit Co-operatives (KUSCCO) has launched a series of projects that will culminate into improved service delivery and efficiency for Sacco members.
Addressing delegates in Nairobi’s Laico Regency Hotel during the 31 Annual Delegates Meeting, Kuscco Managing Director George Ototo said that last year’s transformative journey is set to change the way Saccos conduct business.
He told delegates that KUSCCO has taken control of IRNET Coop Kenya currently situated at Kenya Bankers Sacco building, 3rd Ngong Avenue.
This is a shared ICT platform and members only pay on transactions, saving Saccos the cost of installing expensive software.
IRNET also offers ICT system audit and cyber security Awareness Training,” noted Mr Ototo.
Describing the service as secure, affordable and stable, he said that he hopes that Saccos will ride on it to enhance efficiency of their service to members.
In addition, he noted that Kuscco is in the final stages of incubation and testing of the mobile agency dealership platform and expects it to be ready for launch by September. The platform is expected to address the challenge that Saccos and Co-operatives face in enabling their customers to fully leverage on mobile digital services.
Mr Ototo told delegates that the product will play a key role in transforming and empowering lives of Sacco members economically, as well as ensuring financial inclusion.
“This will further help in capturing data on open common bonds and increasing Sacco penetration and at the same time encouraging virtual branches in the Sacco sector,” he explained.
The next subsidiary on KUSCCO’s radar is the Risk Management Services.
The Managing Director announced that KUSCCO will soon spin off it into KUSCCO Mutual.
By diversifying into a fully, fledged mutual company the union expects to create jobs for the Kenyan youth in addition to better returns on member investment.
Meanwhile, during the meeting, Sacco Societies that showed exemplary patronage in 2017 were feted in an event that was graced by Commissioner for Co-operatives, Ms Mary Mungai.
Kenya Police Staff Sacco was feted as the best overall in the union followed by Invest and Grow Sacco and Harambee Sacco in that order.
Western region Saccos emerged as the ones with highest per capita shareholding followed by Nairobi and Eastern region.
Nacico Sacco, Newfortis Sacco and Solutions Sacco were awarded for having more than 3,000 members.
They were representing Nairobi, Central and Eastern regions respectively.
The award of Saccos with highest patronage over members’ funds went to Yetu Sacco as Hazina Sacco finished as first runners up. KMA Sacco came third in this category.
In the risk management category, Ukulima Sacco was awarded as one that had paid the highest premium. Invest and Grow Sacco and Nacico Sacco came second and third respectively.
Safaricom Sacco won the award of highest rebates in 2017 followed by Concorde and Muki Sacco in that order.

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