Giant sacco eyes front office services in expansion plan

Kimisitu Sacco members during the society's Annual General Meeting (AGM).

Buoyed by growth in membership and profits, Kimisitu Sacco is considering venturing into front office savings activity (Fosa) at a cost of Sh24 million.

Formed in March 1985 by staff at International Centre for Research in Agroforestry, the giant Sacco with 7,342 members also eyes full automation to reduce loan processing time and physical movement of clients.

Chairman Philip Oyuko is upbeat that Fosa will enable the Sacco expand its products and services to members while generating more revenue to guarantee good returns.

“In order for the Sacco to be regulated by the Savings and Credit Societies Regulatory Authority, it must be providing front office services,” Mr Oyuko told members during an annual general meeting in Nairobi.

In their menu is the introduction of an online loan application system as part of the sacco’s 2016-2020 strategy that has already signaled an increase in the loan turnover.

“The benefits of an Electronic Document Management System to the sacco is fast and efficient access to physical documents, the correspondence associated with the loan processing as well as improved turnaround time for loan processing,” said Oyuko.

The online platform has been stretched to net more clients as the sacco revealed that it was also accessible to members who are outside the country.

“We urge members to fill indemnity forms to allow you to apply and guarantee loans online. Our goal is to bring quality services to your doorsteps and provide customised solutions to your financial needs,” said interim Chief Executive Catherine Odhiambo.

She said the society’s app, M-Kimisitu, had expanded and members couldtake a mobile loan of up to Sh60,000 payable in three months from the previous maximum of Sh30,000.