The rebranding of Savings and Credit Cooperative Societies (Saccos) has been a game changer in the financial industry. It has allowed Saccos to recruit more members outside the common bond and expand their reach beyond their traditional base. By changing their names to reflect a national outlook, Saccos have been able to enhance their brand visibility and achieve much higher growth. This has also allowed them to develop new savings and loan products and services to meet the financial expectations and aspirations of their new members.
Some Saccos have taken a daring approach to expansion, opening branches in Nairobi, Kenya’s capital city, in a bid to get a slice of the country’s largest financial markets. Unaitas and Stima Sacco, for example, have established branches in Kisii, Kisumu, Eldoret, and Mombasa, making them some of the most daring Saccos. With the highest number of branches in many parts of the country, Unaitas is on a journey to becoming a national financial institution, just like Equity Group did.
Ollin Sacco, Tower Sacco, Ukulima Sacco, Kenya National Police DT Sacco, Hazina Sacco, Bingwa Sacco, Ports Sacco, Imarika Sacco, Solution Sacco, Yetu Sacco, Newfortis Sacco, Qwetu Sacco and Imarisha Sacco have also been at the forefront of expansion, establishing branches in different parts of the country. The decision to expand to new markets is a clear indication of their ambitious growth projections in the near future. The rebranding of these Saccos has afforded them the much-needed national outlook space to explore new growth opportunities.
The rebranding of Saccos has been a success story. It has allowed them to increase their membership, expand their reach, and develop new products and services to meet the financial aspirations of their members. With the daring approach that some Saccos have taken, the future looks bright for the financial industry in Kenya.
