Afya Sacco has set an ambitious growth plan anchored on excellent service delivery and enhanced customer experience as the institution seeks to grow its customer base.
“We have developed a comprehensive Strategic Plan document for the period 2023-2027 having consulted widely, benchmarked with the best and considered the best business model for the Sacco. This is a game-changer that will take Afya Sacco to the next higher level,” said Beatrice Mogire, the Sacco National Chairperson.
The deposit-taking Sacco registered tremendous growth in the financial year that ended December 31st 2022, with total assets growing to over Ksh20.89 billion, defying a challenging economic environment. The total members’ deposits stood at Ksh15.63 billion at the end of the fiscal year.
Cabinet Secretary Cooperatives and Micro, Small and Medium Enterprises (MSMEs) Development, who was the chief guest during the Sacco’s recent ADC, lauded the Sacco for sustaining healthy growth and meeting members’ financial needs.
The CS was accompanied by Co-operatives Principal Secretary Patrick Kilemi and Commissioner for Co-operative development David Obonyo among other dignitaries.
The Sacco total loans and advances to members stood at Ksh 12.527 billion as the total revenue increased by 16.2% to Ksh 2.787 billion last, up from Ksh 2.397 billion in the previous year.Â
Mrs Mogire noted that the Sacco business improved, supported by the excellent performance of the Front Office Service Activity (FOSA) services across all Society branches boosting the net surplus to Ksh281.4 million in 2022 compared to Ksh206.7 million in 2021.
This resulted in a 23% growth in the total payout of annual earnings to members in the form of dividends on share capital at the rate of 12% and interest on deposits at 7.5%.
“The management has made a decision to transfer the entire amount earned from the Afya investments activities to reserve, which will boost the Society liquidity,” Mrs Mogire said.
The Society has embarked on enhancing marketing aiming to grow membership and enhance members’ patronage of its financial products and services.
“We project a better growth in future. Our primary goal is to grow membership through aggressive marketing and offering innovative products to expand our loan and consequently raise our revenue,” she said.
Last year, the Sacco, during the year under review, attained major milestones, including creating a one-stop-shop emergency loans section and introducing new products and services as per the market standards.Â
The Sacco has also strengthened its digital banking platforms, enhancing service delivery to meet and satisfy members’ expectations.
