Safaricom Sacco is set to rebrand after significant growth since its establishment in 2001, to reach 70,000 members by 2028.
“Since our establishment in 2001, we have grown from a 200-membership drawn from Safaricom PLC to 18,000 members spread across the globe with an ambition of reaching 70,000 members by the end of year 2028,” Safaricom Sacco stated.
Safaricom Sacco’s assets have grown to Kes 1.5 billion; member deposits, loans, and advances stood at Kes 8.3 billion and Kes 8.1 billion by the end of the financial year 2023.
Its shared link has grown to encompass a variety of technology firms, organizations, and individuals after initially concentrating on Safaricom PLC personnel.
Under the Sacco Societies Act of 2008, Sacco received a license to run Front Office Services Activity (FOSA) in 2011 from the Sacco Society Regulatory Authority (SASRA).
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Subsequently, the Sacco expanded the scope of its common bond to encompass other technology-related companies, individual members, corporate entities, and chamas or organizations.
By December 2023, 32 percent of the membership was made up of workers of Safaricom PLC, with individual members and members of various organizations making up the remaining 68 percent.
The rebranding aims to strengthen relationships with stakeholders while staying true to the mission of offering safe, reasonably priced financial services.
The objectives of the 2024–2028 strategic plan are to attract a wider audience, boost member satisfaction, develop the brand's membership, and increase assets to Kes 20 billion.
