By CW Correspondent
Ukulima Sacco has announced plans to involve its highest depositors in an ambitious plan to raise its share capital to at least KES1 billion in the next two years.
In the same plan outlined by the Sacco’s national chairman Dr. Philip Cherono during an investors forum, it was also announced that the plan shall see the society’s deposits increase to KES11 billion from the current Kes 9.1 billion.
“Our highest depositors shall be a key integral stakeholders that shall see the Sacco realize its set strategic objectives as outlined in the strategic plan,” said Dr. Cherono during a two-day virtual event that brought together the Sacco’s 300 top investors.
During the forum, Dr. Cherono announced that the Sacco has introduced 3 distinct clubs that shall offer various value addition to its top savers as part of recognizing their support towards the Sacco’s growth.
“We shall have the highest savers join the privilege club which shall be the apex category followed by premium members and finally bronze members. Members in the lower categories shall be migrated as their deposits and share capital contributions grow gradually,” said Dr. Cherono.
Other projections outlined during the event include growing the loan book from the current Kes10 billion to Kes11 billion. This will also see an increase in the Sacco’s market share from 4.2 to 5 percent.
Ukulima Sacco CEO Richard Nyaanga said already the society is implementing an ICT infrastructural upgrade that shall include integration of business intelligence, increase in network bandwidth and installing a contact centre that will result in increase in customer satisfaction.
“Customer satisfaction will be our key driver to enable us achieve these targets,” said Nyaanga.
He said the Sacco’s partnership with the Kenya Mortgage Refinancing Company shall see Kenyans benefit from affordable housing loans to propel the government’s big four agenda that of housing.
“Our Makao bora and Makao Halisi loans shall be issued to new members joining the Sacco and shall not be under the current guarantors’ policy but shall be collateral based,” he said.
Nyaanga said the housing loans shall be issued at a rate of 7 percent and 9 percent for low and high income earners respectively.