How SACCOs can Increase Deposits
An increase in deposits is a good thing for any financial institution. A reliable Sacco
Management System will help you achieve that.
The Covid-19 impacts have affected most Saccos as members increased their withdrawal rates
and reduced deposit even as loan defaulters grew.
How can Sacco increase deposit rates?
Have a good online presence
Online presence for your Sacco simply means having active social media pages and a
good website.
Besides using these platforms as marketing tools, prospective members can get more information
about the Sacco. Your website should have an extension of the members’ portal.
Understand Your Members’ Needs
You can’t help anyone solve a problem that you have no clue about. To be relevant to members
and help them reach their goals, you need to understand their needs and objectives.
You can do this by simply using a Sacco system that supports business analytics. This will help
you understand your members and profile them according to their needs and goals.
Combine this with surveys from your current members. You can conduct surveys either online,
offline in the banking halls, or both.
Make Use of Mobile Banking
Saccos that use mobile banking systems improve their services, memberships, and revenues.
When you offer your members a convenient way of making deposits, they save more.
Empower Your Team with the Right Tools
Your team in the Sacco directly affects the kind of service your members get hence revenues.
Using a good Sacco Management System, your team can serve members quicker and in an
efficient manner.
Invest in Members’ Education
One of the best forms of customer service you can offer your Sacco members is financial literacy
and investment education.
If you invest the time and resources to teach your members about the importance of saving and
the best ways of saving, they will increase their deposits to the Sacco. Once members find value
in your services, they will want to save more.
Growth in deposits will definitely grow the Sacco.
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