By Malachi Motano
A Murang’a based Sacco has embraced various digital platforms to avoid loses occasioned by the outbreak of Covid-19.
Amica Sacco started to introduce its members to several digital platforms since the beginning of last year.
The Sacco’s Chief Executive Officer James Mbui said digitization helped customers transact businesses without much movement.
Restriction of movement during the first quarter of last year affected operations of the society leading to losses because customers could not seek services from banking halls.
That forced the Sacco to improvise digital platforms like use of mobile cash services which made a positive impact.
Following the use of IT, they made a surplus leading to declaration of Sh170 million dividends to the members.
Speaking during Sacco’s AGM held in a Murang’a hotel Friday, the CEO flanked by the Society’s chairman Hezron Maina said use of visa cards and establishment of agent banking also helped the Sacco to stay afloat.
“The organization saved a lot as operational costs among other forms of expenses because of use of mobile and agent banking,” added Mbui.
The Sacco chairman said in 2020, the loan disbursement to customers stood at Sh3.1 billion up from Sh2.3 billion in 2019
“Interests from subsidiary investments grew by Sh2 million from Sh122 million,” said Maina.
The Sacco’s share capital grew to Sh533 million from Sh462 million reflecting 15.4 percent growth, as the asset base grew by 19 percent from Sh3.02 billion to Sh3.5 billion.
The County Cooperative Commissioner Josephine Mwangi lauded efforts made by the Sacco management on the transformation agenda saying since 2015 they have attracted many more customers.
“Rebranding of the institution from Murata Sacco to Amica Savings and Credit Sacco is a milestone that has brought more business persons on board,” she said.
