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KMFRI Sacco to rebrand

NEWS
By Philip Mwakio | Mar 12th 2019 | 2 min read
By Philip Mwakio | March 12th 2019
NEWS

Kenya Marine Fisheries Research Institute (KMFRI) Savings and Credit Cooperatives (Sacco) has joined in the long list of Saccos rebranding and is set to rebrand as it seeks a bigger pie in nationwide membership drive.

Speaking over the weekend, KMFRI Sacco chairman, Mr Lucas Nyandusi Mogire said that they have coined a new name that gives them a national identity and appealing to consumers from the length and breadth of the country.

He made the remarks when he led other Sacco executive in making a donation of mattresses worth Sh100,000 to Wema Centre, a home for destitute children in Kisauni Constituency.

''We are keen to bring on board the mama mbonga, fisher folks within the Coastal belt, those along Lakes Victoria and Turkana and the ordinary mwanainchi as we believe they have what it takes to be our favoured consumers seeking our prideful financial services,'' Mogire said.

According to the Kenya Union of Savings and Credit Co-operatives (KUSCO), Saccos that have recently rebranded have seen a drastic increase in membership.

KMFRI CEO, Mr David Opondo, they have 5,000 members currently but are looking at an increase in the number soon after they rebrand.

The KMFRI Sacco was started in 1983 and has its headquarters in Mombasa.

''We are finalising all the legal requirements in regards to rebranding process and will be convening an Annual General Meeting (AGM) slated for March 30, 2019,'' the CEO said.

He added that they are keen to double their current membership after rebranding.

An example of Saccos that have rebranded included Kilifi Teachers Sacco now known as Imarika Sacco and Metropolitan Teachers Sacco which rebranded from Kiambu Teachers Sacco.

The CEO added that it was then able to expand to Bungoma, Kisumu and Mombasa, as well as Yetu Sacco which was formerly called South Imenti Teachers Sacco.

“We have seen the incredible gains in membership and we are not taking any chances as we remain committed to be giving our members real value,'' Mogire said.

Since the Sacco Societies Regulatory Authority (SASRA) placed regulations including that all deposit-taking Saccos must have a core capital of not less than Sh10 million, licensed Saccos have launched recruitment drives and share promotions.

New and existing members will be expected to provide money that will be used to make new investments and meet regulatory requirements.

Saccos have traditionally focused on customers in rural areas but are now focusing on getting new ones even in urban areas to drive their growth.

''At KMFRI Sacco, we have range of tailor made products ranging from the traditional products like emergency, development and education loans. We have our ever popular Wepesi loan that is gaining traction,'' the CEO said.

He added that they are fully embracing ICT with focus on upgrading that will see salaried members able to get advances through their mobile phones.

KMFRI Sacco is also set to open a fully-fledged marketing office in Kisumu by June this year.

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