Nafaka Sacco changes name as it eyes rapid expansion

By David Kipkorir

Nafaka Sacco has joined in the long list of Saccos rebranding and is set to rebrand as it seeks a bigger pie in nationwide membership drive.

“Through this rebranding, we have embarked on an exciting adventure to increase our visibility and accessibility countrywide,” said Nafaka Sacco chairman Mr Raymond Kipkoech Mwarey.

Speaking exclusively to Sacco Review, Mwarey said that they have coined a new name, Nafasi Sacco, that gives them a national identity and appealing to consumers from the length and breadth of the country.

Mr Mwarey said the Sacco is now focusing on rapid growth guided by a strategic plan, which forecasts on increased membership and asset base.

The Sacco’s asset base stood at Ksh657,557,652 million during 2021 financial year.

He said the Sacco will achieve its target through a multi-pronged approach, which includes leveraging technology to educate members to plan their finances better.

The Board chairman said they are strategically positioned to be more relevant at the national level and capture the aspirations of their customers through a diversified and comprehensive product portfolio.

”We are keen to bring on board the mama mboga, farmers, boda bodas and the ordinary mwananchi as we believe they have what it takes to be our favoured consumers seeking our prideful financial services,” Mwarey said.

He termed the rebranding as a milestone in the development and expansion of Nafaka that was originally meant for National Cereals and Produce Board (NCPB) employees only.

“We plan to recruit more members to make it more vibrant and we are appealing to those from other sectors to join us for better services,” he said.

Mwarey said the Sacco was the best tool for achieving the financial independence of members.

He said they have 1497 members currently but are looking at an increase soon after they rebrand.

The chairman added that they are fully embracing ICT with focus on upgrading to enable salaried members to get advances through their mobile phones.

”At Nafaka Sacco, we have a range of tailor-made products ranging from the traditional products like emergency, development and education loans. We have our ever popular microcredit products that are gaining traction,” the chairman said.

According to the Kenya Union of Savings and Credit Co-operatives (KUSCCO), Saccos that have rebranded have seen a drastic increase in membership.

The Nafaka Sacco was started in 1977 to serve employees of NCPB and has its headquarters in Nairobi.

New and existing members will be expected to provide money that will be used to make new investments and meet regulatory requirements.

Sharing is caring!

Not Allowed