Deployment and implementation of innovative technological solutions have become the hallmark of the Sacco’s management style.
Safaricom Sacco’s relentless march to offering unrivalled customer experience and enhanced service delivery continued uninterrupted after it emerged as the first best in four categories.
Notable is its deployment and implementation of information communication technology, where it still rules the charts. Undoubtedly, any competition, especially on technology where there is no mention of Safaricom Sacco in the technology space, is deemed as no competition.
It emerged as the first best in technology optimisation countrywide, walking on a familiar path for as many years.
Under the employer-based Tier-1, Safaricom Sacco was ranked as the first best in technology optimisation in the country, leaving no space for any player to dare take its space. Digital banking defines the Sacco.
Technology has been billed as the next frontier for Saccos, and its deployment is an added advantage for Saccos in the country’s effort to improve financial inclusion.
Safaricom Sacco also emerged as the first best in deposit management among employer-based deposit-taking Saccos countrywide, a key indicator of its resolve to ensure deposit mobilisation, one of its core pillars is prudently managed.
It was also declared as the most improved Sacco under the Tier 1 employer-based category, adding another prestigious trophy to its cabinet.
In addition, the Sacco was declared the third most efficient Tier-1 deposit-taking Sacco in the country.
The recognition points to the fact that Sacco has played a critical role in redefining the country’s financial inclusion parameters through technology.
With almost 90 per cent of its members being active on digital channels, creating an avenue where members can save regularly and repay loans promptly epitomises Sacco’s approach to better members’ living standards.
The seamless, easy-to-use approaches have seen the Society become one of the fastest growing in the country, literally taking the sector by storm.
Winning is also a clear indication of the Society’s forecast through investing in the transformational journey to enable members to access their products and services easily. For example, new members can register seamlessly through i-Connect without filling out manual forms.
During the financial year ending December 31st, 2022, the Society saw its total assets grow to KSh10 billion, a major milestone for the country’s fast-growing deposit-taking Sacco.
Member deposits grew to KSh7.8 billion while the loan book stood at KSh6.89 billion, signalling its healthy balance sheet.
With a membership of more than 15,000, the Society has emerged as a key player in the country’s financial market, notably by leveraging technological capabilities to exceed members’ expectations.
Sacco’s technological prowess has, for example, enabled it to come up with innovative products to suit individual members’ financial needs.
In a market where data analytics is emerging as the norm, Sacco has deployed and implemented the same to predict where demand for its loans is headed for proper planning.
In partnership with CIC Group, Safaricom Sacco launched an affordable health solution to promote wellness for its members.
The affordable rate aims at creating peace for members as they focus on other areas of productivity. This is a part of the larger goal of becoming a one-stop shop for all the financial needs of its members, besides diversifying its revenue streams for stable and better financial performances.
During the Champions of Governance awards, the Society emerged as the 2022 Champions of Governance (COG) Cooperative Sector award winner.
The Sacco has entrenched the best management practices where it strives for excellence in all endeavours to ensure the member is the king.
It has won awards in the CSR 100 awards, further taking its good governance practices to the highest levels in the country. Safaricom Sacco has been on a winning streak. In 2022, the Sacco scooped ten top awards, from being the best in Technology to Good Governance. These include Digital Transformation DX 100 Awards (Excellence in Enterprise Information Technology Adoption), Mobile App Awards (Most Innovative Mobile App and Top Star Brand Awards (Best Sacco Brand 2022).
