Many Saccos countrywide are using publicity campaigns to net in more members which consequently increases their share capital and liquidity.
The Saccos adopt big marketing budgets as a move towards making them more popular among their target market.
Adopted publicity materials are creative, attractive and direct since they are tailored to reach and entice specific calibers of prospective customers both in rural and urban centres.
A spot check by Sacco Review during various Sacco AGMs and marketing reports reveal that technology upgrade consume a sizeable chunk of the Saccos’ financial allocations.
Trans Nation Sacco public relations and marketing budget for 2023 stands at Ksh34.9 million. For 2024, the Sacco has proposed a budget increment to Ksh36 million, a section of the societies profile indicates.
Board Chair Edwin Kaburu said the Sacco is currently targeting SMEs, presently the main beneficiaries of the second phase of the Hustlers’ Fund loans.
The Sacco’s publicity brochures point out that those from such groups in need of between Ksh5, 000 to Ksh30, 000 have one year to clear loans but must save at least Ksh100 weekly.
The maximum amount such groups can borrow is between Ksh10, 000 and Ksh250, 000 repayable within 18 months. Members are supposed to save at least Ksh500 weekly.
The Sacco is also marketing the existence of teens’ account to educate the youngsters on the importance of saving at an early age.
The account is under the child’s name but is controlled by the parents or guardians
Winas Sacco has set aside Ksh54million for marketing in 2023 and projects to use Ksh59million for the same purpose in 2024.
The 2024 budget allocates Ksh10 million for computers and ICT equipment and the upgrade of computer software and hardware has tentatively been allocated Ksh5 million.
Ollin Sacco marketing budget has been expanded from Ksh37.8million in 2022 to Ksh38.4million in the year 2024.
Computerization coupled with adoption of latest software has remained the foundation towards digital presence in the market. The two areas have been allocated Ksh10 million and Ksh50 million respectively.
As a result of aggressive marketing, IG Sacco managed to increase its membership to 26,000 by the end of 2022.
According to the treasurer’s report, Neno Sacco’s budget for the education of members, committee and staff next year will consume Ksh5.3 million.
By Robert Nyagah
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