Growth and Transformation
Ukulima Sacco commemorated its 50th Anniversary by recognizing and honouring its founding members and leaders, who played a significant role in ensuring the Society becomes the giant it is today. The pomp and colour event was graced by top dignitaries led by the Principal Secretary, State Department of Co-operatives.
Since its establishment in 1972, the Sacco has grown in leaps and bounds through a continuous transformation process aimed at enhancing efficiency and customer experience. The Sacco Societies Regulatory Authority (SASRA) ranking places Ukulima as the ninth largest Deposit-Taking Sacco.
Robust management strategies give the Sacco a world-class reputation offering high-quality and customized financial products and services. The Society is ISO 9001: 2015 Certified, a clear indication of its commitment to provide excellent service to its valued members.
The Sacco has innovatively adopted the concept of a one-stop-shop financial institution offering affordable digital and diversified services as one of its key priorities. Consequently, Ukulima Sacco has introduced new digital solutions like Mobile Mahitaji Loan, Pesa Link, Visa-branded Instant ATM services accepted globally and Bank to Bank Funds Transfer services to all members on Ukulima Kash App and USSD corded services.
“The Sacco management remains responsive to members’ needs. We will continue taking services to our members through automation and innovation to beat the competition and improve customer satisfaction,” said Dr Philip Chereno, the National Chairman. He spoke during the 44th Annual Delegates Meeting held at Serene Hotel recently.
The Society intends to introduce Agency Banking services, among other innovations, to address the growing demand from its customer base. At Sacco agents, members will be able to access various services conveniently at their doorsteps.
Dr Chereno said the Sacco will now operate within the National Payment System through the Co-operative Bank, allowing FOSA accounts to be accepted as Bank Accounts for all payments. “This will lead to the excellent member experience, satisfaction, retention, and real-time settlement of member’s funds in their FOSA account,” he said.
The Sacco has sustained efforts to improve efficiency through digital transformation, eliminating delays and downtimes while supporting the improvement of the Customer Relationship Management system. “The upgraded ICT infrastructure supports additional systems such as the newly acquired Business Intelligence systems enabling us to make strategic business decisions,” said the Chair.
He assured members that the Sacco had enhanced its cyber security to secure members’ online transactions. The Society has finalized the installation of a call centre that is now awaiting piloting to improve customer relations.
The Sacco has also enhanced decentralization of credit activities, fastening the loaning process while encouraging savings culture to grow deposits.
“The Sacco’s 50 years of existence have resulted to tremendous growth that calls for our expansion into new markets and territories. We embarked on the process of rebranding early this year to change our brand to match our growth,” said Dr Cherono.
Ukulima Sacco’s impressive performance
Ukulima Sacco continues to set the bar high with notable financial growth as total assets increased to Ksh13.78 billion in 2021, up from Ksh12.74 billion in 2021.
The Sacco has remarkably achieved its mission to enhance members’ empowerment through the provision of quality financial services by providing affordable and reliable credit facilities. The Sacco loan portfolio jumped by 8.5% from Ksh10.18billion in 2020 to Ksh11.05 billion in 2021.
“The Society will continue to review its products and services in line with the strategic plan to achieve the desired growth as envisaged,” said Mr Richard Nyaanga, the CEO.
The Sacco increased its total revenue from Ksh1.56billion in 2020 to Ksh1.79 billion in 2021, a growth of 15.3%. Membership grew by 10.1% to reach 45,806 at the closer of 2021. The Sacco membership is open to salaried employees, the business community, Chamas, corporate Bodies and Kenyans living in the Diaspora. Under its new Strategic Plan 2022-2026, Ukulima Sacco Board envisages a membership growth of 18% annually.
To create value for members, Ukulima Sacco partnered with the Kenya Mortgage Refinance Company (KMRC) to enable members to access affordable mortgage products. “The Sacco has tailored the Makao Home Plan product to serve both the low and high-income earners,” said Mr Nyaanga.
Members’ welfare is also taken care of well in the Sacco, with the Sacco intending to introduce a members’ medical scheme following a successful implementation of the benevolent fund.
“We will strive to live true to our core mandate of mobilizing savings and providing affordable loans. We are indeed a world-class preferred financial partner ready to offer convenient banking solutions,” said Mr Nyaanga.
