The Mountain Journal
Amica Sacco is reaping benefits of the digitalisation after 67 percent of the transactions registered last year were through the mobile money transfer system.
Sacco CEO Dr James Mbui said in the year they managed to register revenue growth of Sh1.1 billion, where Sh200 million will be disbursed as dividends to members.
Mbui said in the year under review they granted loans amounting to Sh6.5 billion to members up from Sh5.3 billion registered in 2022.
“ The expanding digital space has benefited the sacco as there are few customers walking into the banking hall for services, as the highest population prefer online platforms,” said Mbui.
During the 26th annual delegates meeting in Murang’a town, he said dairy farmers remained the highest earner followed by those in tea and coffee sectors.
He said the daily field service team initiated to support Small traders to make savings in the year mobilized deposits amounting to Sh876.45 million.
“In the first quarter of the year 2024, the team has managed to mobilise deposits amounting to Sh415 million,” he said.
In the coffee sales, the management acknowledged proceeds from the sector have been credited in the customers account as an indication the prices will get better in the year.
Sacco chairman Hezron Muchiri said the board has formulated a strategic plan to support the growth of the asset base from Sh 7.2 billion to Sh12 billion in the duration 2024/2026.
“We project the income will grow from Sh1.1 billion to Sh1.3 billion in two years,” said Muchiri.
www.themountainjournal.co.ke
