Amica CEO Dr James Mbui announced that the Sacco will launch a Money Market Fund (MMF) to meet the increasing demand from investors eager to grow their funds and have access to them when needed. Additionally, through targeted selling, Amica has expanded its product range to cater to high-net-worth individuals, chamas, and institutions.
Amica’s commitment to delivering an exceptional customer experience and transforming the lives of its members has driven its impressive growth in the financial year 2024. The Sacco has played a big role in empowering members to improve their socio-economic status by offering customer-centric products, such as personal development loans, project and asset financing.
Increased lending expanded the Sacco’s loan portfolio by 15.1%, reaching Ksh 7.5 billion, highlighting Amica’s ability to offer competitive products and excellent financial solutions despite various macroeconomic challenges.
“The Sacco remained resilient despite the economic slowdown to achieve remarkable financial performance. In addition to long-term products, we also focused on short-term loan options tailored to meet our members’ dynamic needs,” said Mr Jediel Kahungu, Amica Board of Directors Chairman.
In a strategic financing partnership to bolster its impact, Amica secured a credit facility worth Ksh 300 million from the Kenya Development Corporation (KDC) under the SAFER program to support Micro, Small, and Medium Enterprises (MSMEs) in the agriculture, trade, and manufacturing sectors. The facility has successfully benefited business growth and expansion, with over Ksh 200 million already disbursed to members.
In collaboration with the County Government of Murang’a and Co-op Bank under the Inua Mkulima program, Amica supported dairy and mango farmers by enabling them to access essential farming inputs.
