In an interview with Co-op News, CPA Nahashon Kimutai Tanui, the new CEO of Prime Time Sacco, discusses his journey in the cooperative movement and his vision for the Sacco.
Kindly share your journey in the Cooperative sector with us.
My journey started in 2008 when I began working as an accountant at a school. A friend recommended that I join a Sacco, which I did. I diligently saved my shares, and after two years, I was able to buy a plot of land and build my own house using a loan I applied for and received from the Sacco. This experience sparked my interest in working for a Sacco to help encourage more people to save and have the opportunity to make their dreams a reality.
What can you say about Sacco’s achievements since its inception?
The Sacco has taken rapid action to provide its members with flexible loan repayment terms, which include more extended repayment periods, adjustable repayment schedules, and interest rates. This approach has drawn in members who are seeking loan products that are both affordable and flexible.
What can you say makes Prime Time Sacco stand out?
The services offered by Prime Time Sacco are currently at their best. We have digitized our operations, allowing for instant loan disbursement, quick salary processing, and a wider range of tailored products, all at very attractive and affordable interest rates. These improvements have greatly reduced turnaround time.
What are the key achievements of the Sacco under your leadership and of course, with the support of the Board of Directors?
Our greatest achievement as a Sacco is equipping our members with knowledge and skills to better manage their finances. We must acknowledge that information is power. That’s why we have focused more on intensive marketing to achieve a membership of 10,000 before the end of this year, 2024. Additionally, the Sacco has ensured that most of our members can access our services through digital platforms. The world is constantly evolving in terms of information technology, and it’s important that we embrace these changes.
What motivates you as the CEO of this great Sacco?
I am motivated by receiving feedback from our members, partners, and the community, both positive and negative. This allows me to identify areas of strength, weakness, threats, and opportunities.
How did the Sacco perform in the financial year 2023 given the challenging economic environment and other difficulties?
The Sacco performed well in 2023, with its asset base and income reaching a target of over Ksh940 million and Ksh117 million in income, respectively. This significant growth was due to the reduction of the interest rate from 1.5% to 1%. As a result, the ability of members to borrow increased, which contributed to the growth.
How have you tailored your products to meet the needs of the people in Iten and its surroundings?
Iten is the headquarters of Elgeyo Marakwet County and is a rapidly growing town with a market day on Saturdays. As a result, the town has become a business center for Small and Medium Enterprises (SMEs). Our Sacco has a new Microfinance department with the main objective of reaching out to the entire community, especially SMEs such as dairy farmers, self-help groups, boda-boda operators, Mama Mboga, and CBOs.
Moreover, Iten is known as the Home of Champions. We have a great product that enables our athletes to save and invest their money wisely.
To what extent has the Sacco embraced ICT and other alternative banking channels?
The Sacco has fully embraced technology to enhance its operations and services. It has invested in digital banking platforms such as mobile banking systems and agency banking systems. This move has not only improved the Sacco’s operations but also attracted new members who prefer to bank digitally.
Kindly talk about the significance of Sacco’s CSR activities considering that you will be establishing a foundation.
As part of our commitment to fulfilling the President’s initiative of planting 15 billion trees by 2032 and giving back to the community, I have requested the board to allow us to plant trees in at least four schools in our region this year. Through this act of Corporate Social Responsibility (CSR), we aim to build trust, commitment, and goodwill within the community, which we believe will lead to an increase in membership.
What are the key areas of focus for the Sacco going into the future?
Firstly, we need to leverage digital marketing to its full potential as nearly 95% of people spend their time on digital platforms, particularly social media. These platforms host our potential customers, a good number of whom require financial services. To reach out to them, we need to have a good website that effectively communicates our core services and provides a platform for both current and prospective members to interact with us.
Secondly, we should create an easy onboarding process for new members. This includes simplifying application forms, offering online application options, and fast-tracking the approval process.
Thirdly, we should seek strategic partnerships with other organizations to expand our reach and attract new members. This could involve partnering with local businesses, schools and community groups.
Parting shot…
As we move further into the digital world, it’s crucial to invest more in cyber security. A proactive approach towards cyber security can help minimize the risk of costly data breaches and reputational damage. This can save our SACCOs from potential legal liabilities and recovery expenses. Therefore, it’s important to invest in cyber security to ensure the safety of our digital assets.
