Safaricom Sacco has announced an upcoming rebranding initiative after significant growth since its establishment in 2001.

"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.

Sacco's assets have grown to Sh11.5 billion; member deposits, loans, and advances stood at Sh8.3 billion and Sh8.1 billion, respectively, by the end of the financial year 2023.

Initially focused on Safaricom PLC employees, its common bond has expanded to include various technology companies, groups, and individuals.

In 2011, Sacco obtained a license from the Sacco Society Regulatory Authority (SASRA) to operate Front Office Services Activity (FOSA) under the Sacco Societies Act, 2008.

Following this, the Sacco broadened its common bond to include other technology-related firms, chamas or groups, corporate entities, and individual members.

By December 2023, Safaricom PLC employees accounted for 32 percent of the membership, while the remaining 68 percent comprised members from diverse organizations forming the Sacco's common bonds, along with individual members.

The rebranding aims to enhance connections with stakeholders while maintaining the commitment to providing secure, affordable financial services.

The strategic plan for 2024-2028 focuses on expanding the brand's reach, increasing membership, enhancing member satisfaction, and growing assets to Sh20 billion.

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