Ukulima Sacco CEO Richard Nyaanga, PS State department of Cooperatives Mr Ali Noor, Ukulima chairman Dr. Phillip Cherono Cutting the Ukulima Sacco 50th anniversary cake during the Sacco golden jubilee celebrations
Ukulima Sacco has announced plans to rebrand in order to capture small and medium enterprises, a move that is aimed at growing and doubling its performance in the next five years.
The Sacco’s National Chairman Dr. Philip Cherono revealed the lender`s intention to change its brand identity as it seeks ways of diversifying its market base.
Initially the Sacco tapped its members from the Ministry of Agriculture and related department of livestock and water and their parastatals who are mainly salaried employees. The Sacco has since opened its common bond to onboard Kenyans from all walks of life.
Since its inception in 1972, Ukulima Sacco has maintained its brand name. But, unfortunately, even the strongest brands have a shelf life”, Said Dr. Cherono during the Sacco 50th Anniversary celebrations held at Serena Hotel, Nairobi.
The Sacco plans to enhance its already existing micro-Credit function that will see business people and members of the informal sector, who are mainly unsalaried access affordable loans secured by land, motor vehicle and other collaterals. Initially the Sacco operated on a Sacco model that relies on member guarantorship.
Dr. Cherono said Proposal to rebrand the Sacco shall be tabled at the annual delegates meeting for ratification by the Sacco’s over 350 delegates who will convene at Serena Hotel during the lenders 44th ADM on 1st March 2022.
The Sacco currently has a membership of over 47,000 members drawn from government Ministries, country government, parastatals, water companies and the private sector. The chairman also announced plans by the Sacco to introduce agency banking to supplement the eight Brick and mortar branches located in Nairobi, Mombasa, Embu, Kisumu, Eldoret, Kisii, Nakuru and Kakamega. The agency outlets shall be distributed countrywide to boost the Sacco presence in areas that are far away from the physical branches.
“Due to the dynamism of the market, the shifting priorities of customers, and a myriad other global forces beyond our control, a brand is only fresh and relevant for five to ten years. This is why rebranding is so important to the success of our business going forward”, Said Dr. Cherono.
The new changes Dr. Cherono said have already been factored in the new strategic plan 2022-2026 that was launched during the golden jubilee celebrations. This new strategy document takes into account, changes in the operating business environment as well as the need to align our services with members’ financial needs, in its quest to become a world-class preferred financial partner.
“The Board of Directors and Management have reviewed the SACCO’s operating structures and business focus in order to remain competitive in the ever dynamic and disruptive business environment,”, Said Dr. Cherono.
Speaking at the function The Sacco`s Chief Executive Officer, Mr. Richard Nyaanga said the Sacco will capitalize on the spirit of the new strategic plan to increase its membership, grow its loan book, deposits, share capital and revenue as identified in the Key Results Areas,
“over the next five years we shall witness the Sacco registering more growth which will eventually translate to high return to our members”, said Mr. Nyaanga.
The CEO said the Sacco has acquired business intelligence system that shall be key in analyzing the Saccos business performance in a bid to make informed strategic decisions geared towards growth of the Sacco.
He said The Sacco has implemented a Customer Relationship Management System (CRM) That encompasses a call center to enhance service delivery to its members.
“The two system add to the already existing ICT infrastructure that supports our E-Channels that include, Mobile Banking and ATM services”, the CEO said.
By Fred Azelwa.