By Richard Shichangi
Sukari Saving and Credit Co-operative Society Limited has embarked on a programme that involves an elaborate re-branding exercise.
Addressing members during this year’s special Annual General Meeting (AGM), Chairman Isaac Sheunda said that the Society has already procured the services of a reputable firm to undertake the re-branding exercise. The AGM was convened for members to approve the Sukari Sacco’s budget for the next financial year, pegged at Sh500 million.
The rebranding exercise is expected to begin this month when Sukari Sacco commences celebrations to mark its 43rd Anniversary since inception.
Sheunda said upon re-branding, Sukari Sacco will be in a position to tap into new markets and enhance its ability to compete favourably with other players in the market. He said at the moment, Sukari Sacco is experiencing financial difficulties due to non-remittance of an estimated Sh36,704,644.02 by sugar milling firms.
He disclosed that Sukari Sacco disbursed Sh296,972,900 in loans to members during the previous financial year, adding that it has been forced to cut down its interest rates by 2-5 per cent so as to remain competitive. This follows amendments to the Banking Act, which caps the rate commercial banks can lend to customers, at 14 per cent.
Sukari Sacco is also considering an insurance cover against fraud to deal with risks it is exposed to when unscrupulous employees steal from the Society.
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