The Savings and Credit Cooperative Societies (Saccos) countrywide have been urged to innovate in the face of the changing business environment to meet the growing needs of their customers.
The CIC Insurance and Investment Group Chief Executive Officer (CEO), Patrick Nyaga, also rooted for digitization of service delivery, saying it will bring efficiency and more value to them and their clientele.
Nyaga noted that Saccos faced many challenges, such as the shrinking economy and competition from other service providers, hence the need to modernize and innovate to stay ahead of the competition.
He spoke during the Annual Sacco CEOs’ meeting attended by over 200 Sacco managers. The CIC Group organized the forum last month.
“The purpose of the forum is to impart Saccos with the necessary strategic and business management skills to ensure sustainable growth, especially in these difficult economic times,” he said
The National Police DT Sacco CEO Solomon Atsiaya noted that Saccos are reducing operational risks while ensuring members get tailored services.
“We are looking at how to build more capacity for our members, which will in turn help us harness more business in the face of competition,” he added.
Safaricom Sacco CEO Joseph Njoroge said they want to have a mind shift to be more customer-focused and remain relevant in the market.
“We have had to readjust the loan repayment period for the members and are now looking at creating more value for customers, and we are also training them on how to venture into other sources of income, but we are positive that things will change in the next few months,” said Egerton University Sacco CEO Jane Kaimuri, whose majority members are employees of Egerton University that have been facing financial turmoil.
