Aggressive marketing has seen Chai Sacco’s active membership grow by 27.9 per cent from 25,945 in 2021 to 33,184 in 2022, a consequence of a campaign that reduced dormancy from 9,131 to 707.
Revealing this during the Sacco’s 50th Annual Delegates Meeting (ADM) at Safari Park Hotel, Chairman Boniface Ayub said this was a result of new recruitment, activation of dormant accounts and review of membership policy to include transactions such as deposits, shares and savings, and loan repayments.
During the year, the society revamped and repositioned the Chaifama advance product.
“The product is in the introduction stage. Once it enters the growth stage, it is expected to be a game-changer in the society’s membership growth,” Ayub said.
He revealed that in February 2023, they launched a fund mobilization campaign that targets to raise Ksh150 million in the next 6 months in the form of deposits and share capital.
“The strategy to mobilize the funds is meant to cushion the society against the fast depleting cash due to high loan demand and the need for external borrowing,” Ayub said.
Members participating in the said programme will be rewarded, he said, adding that it will ensure sustenance of prompt disbursement of loans and maintenance of high liquidity ratios.
According to the Sacco Supervisory Committee chairman Fredrick Aluoch, the board’s commitment in directing business post-pandemic played an important part in the stability they were enjoying.
Aluoch added that the ISO 9001-2015 certification has given them an assurance of increased improvement in service delivery.
By Felix Wanderi
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