By Staff Reporter
Sukari Saving and Credit Co-operative Society Ltd has embarked on a programme involving a major re-branding exercise.
Chairman, Isaac Sheunda said the Society has already procured the services of a reputable firm to undertake the exercise expected to begin by next month.
Mr Sheunda made the disclosure while addressing members during this year’s special Annual General Meeting (AGM). During the AGM more than Sh0.5 billion was approved to run the society in the next financial year.
The the rebranding exercise will coincide with Sukari Sacco’s celebrations to mark its 43rd Anniversary since inception.
Upon re-branding, he told members, the Sacco will be in the position to tap into new markets. He said this will help to enhance the platform to compete favourably with other players in the market.
Mr Sheunda disclosed that the Sacco is currently experiencing dismal loan repayments with most employers failing to remit members’ money on time. He observed that currently total non-remittance stand at Sh36,704,644.02 and urged employers to pay for the smooth running of the society.
He said with the current interest regime, the Sacco has also cut down its interest rate by 20 to 5 per cent so as to remain competitive in the market.
He hinted that the Society has hired the services of debt collectors to assist in the collection of non- performing loans, saying the amount has reduced from Sh96 million to Sh74 million this year.
The Sacco, he stated, has also joined Metropol Credit Reference Bureau and expressed hope this will help reduce loan defaults as majority of debtors will fear being listed.