NUFAIKA Sacco has developed a multi-pronged strategy to cushion its members from the Covid-19 pandemic economic challenges in the financial year ending 2021.
The Sacco has developed an e-loan platform in partnership with Tangazo Letu allowing members to apply for loans from wherever they are.
To adjust to the new normal, the Sacco has adopted a new strategy to mitigate challenges faced by members who have either defaulted in making payments or closed shop.
“We had to forego non-essential expenditures owing to the fact that the Society just like most organizations is unable to generate revenue optimally,” said Board Chairman Mr. Wilson Ndungu in an exclusive interview with Sacco-Review.
The Board also eased the loan advancement criteria, allowing members to top up existing loans as long as they demonstrated ability to pay.
The Sacco shelved events like physical member training and marketing, shifting to digital platforms last year.
The Board chairman said avoiding physical contact helped avert the risk of spreading the virus through social distancing. Board and top management meetings are now also being conducted virtually.
As a precaution to safeguard public health safety and reduce the risk of infection, the Commissioner of Co-operative’s issued a directive to all Saccos to suspend meetings.
Established in 1970, then known as KICOWO (Kirinyaga County Council Workers), Nufaika Sacco Society Ltd, was registered in 1974 to offer savings and credit services to workers of the defunct County Council of Kirinyaga, Municipal Council of Kerugoya/Kutus and Town Council of Sagana/Kagio – the founders.
Currently, the Sacco draws its highest membership from the Kirinyaga County Government employees, the business community, organized-association groups as well as informal merry go round groups.
It is fully licensed by SASRA as a Deposit-Taking Sacco. The Sacco operates both back office service activities (BOSA) and front office service activities (FOSA).
