By Kage Njoroge.
To reposition itself in the competitive market and widen its business operation jurisdiction, Murata Sacco has resolved to rebrand.
During its Annual General Meeting recently, Murata delegates and shareholders adopted a proposal to rebrand to Amica Sacco Limited. The names Murata and Amica mean friendship.
Addressing the members at the well-attended meeting, Sacco Chief Executive Officer (CEO) James Mbui explained rebranding was found necessary in order to enter new market territories and opportunities countrywide.
Mbui pointed out that a name that would appeal and attract all segments of target customers is necessary to move the Sacco’s business forward.
The CEO emphasized that the rebranding strategy is planned to inject new culture, business frontier, products, processes, brand value and opportunities to the consumers.
Mbui stressed the change will usher in new ways of delivering products and services in a remarkable style from the competition.
He said Amica Sacco will provide financial business and investment solutions to its clients.
“ We intend to be solution providers to business and financial interests of the clients from being ordinary financial transaction delivering Sacco,” he noted.
Mbui said the rebranded Sacco plans to provide investment advisory, financial literacy and solutions far from the traditional banking functions Kenyan are treated to by financial houses.
To achieve this, the Sacco is investing heavily on ICT, mobile and agency banking to reach out to a wide scope of customers at their convenience.
Sacco Chairman Hiram Mwaniki observed that the institution has grown in leaps and bounds in recent years in costumer and asset base.
Currently it has an asset base amounting to Sh 2.45 billion which is projected to double in the near future.
He noted the Sacco, started by small holder farmers and business community in Murang’a decades ago, has become one of the most financially healthy Saccos in the country.
It has opened its Nairobi branch in an expansion strategy to explore new markets from its Murang’a base.
The Chairman noted the Sacco was started in the 1970s as a savings unit, under the Murang’a District Cooperative Union, before changing to Murata Sacco 18 years ago to offer financial services to members.
Membership has increased to 130,682 who took loans amounting to Sh 1.67 billion by the end of last year.