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Digital Sacco is set to surpass 2019 financial year performance target, as it implements new loan products

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The society is fully capable of handling its affairs in totality, thanks to the hand-holding support from the founding organization (Onfon Media).

Digital Sacco Chairman Mr. Andrew Mbuya

Digital Media Savings and Credit Cooperative Society has assured members of future growth as it looks set to surpass this year’s performance target.

Speaking during the 4th Special General Meeting held on October 26 at the Red Commercial Complex Nairobi, the society’s chair Andrew Mbuya said his board members and the management are keen to achieve the growth milestone.

“My team and I are working day and night to ensure we achieve this milestone. Currently, we have had  10,457 new members joining the society, with an anticipated increase to over 68,000 membership, still registering to our database, by the end of the year,” said Mr. Mbuya.

As a way of giving back to the society, Corporate Social Responsibility, the Sacco Intends to give more loans to its members, increase interest income and secure members future financial security, serving the existing need in the country.

“Our core competence remains issuance and collection of loans from all our members and we look forward to hearing your life stories on how our society has boosted your quality of life,” the chair added.

Digital Sacco income as per September 30, stood at Sh.10,418,726.55 against a target of Sh.12,829,772.52 for the 2019 financial year, signaling a magnificent progress the society has made to achieve its growth milestone.

The society was also able to issue loans with an advanced principal of worth Sh.83,837,571.89, compared to Sh.22,276,032 disbursed for the last financial year, which ended December 31, 2018.

“To serve our members better, we have more loan products in the pipeline that will turnaround the livelihood of our members. These include Shamba loan, solar loan, Motorbike loan, among others, which are on the final stages of implementation. “

Technological projection

Mr. Mbuya said the society is also set to ensure that members receive services efficiently and effectively, which is why they sort to repair the Digital Sacco App, and come up with a robust system that can increase efficiency of service delivery and make it cost-effective to members.

He said the new App system is at the final stages of implementation and will be rolled out ahead of Christmas after test-feedback from some members.

The society also looks forward to empowering members through education, with member training scheduled to be conducted at the county level, giving them information on how to widen their guarantor scope within their network, to enable them capitalize on Sacco services and reap maximum benefits.

It also wishes to collect member feedback on the suitability of products and services offered, to acquire more insights on the best delivery and areas where it can be improved.

“Phase 1 covered 17 counties, of which we hope for a positive turnaround, with the rest of the counties to be covered in quarter one and two of the coming financial year,” added Mr. Mbuya.

2020 projections

Digital Sacco projects the next financial year to be autonomous. Its budget plan will allow the society to execute services well as it pursue more market penetration, new service provision, innovation and infusion of technology.

The society is fully capable of handling its affairs in totality, thanks to the hand-holding support from the founding organization (Onfon Media).

The society also observes good governance as required by the ministry and SASRA, with members and officials mandated to file with the society, a certificate of good conduct, observe information security and data protection rules.

Members are also required to constantly cross-check investment decisions, attend all meetings, among other initiatives that guarantee full commitment to the success of the society.

Digital Sacco is also keen at observing sector changes in regulations, with a desire to remove interest capping for commercial banks, coming up with lending Apps, to widen its market areas in serving millions of Kenyans and compete effectively while giving real value to members.

“The new platform to be deployed this November has ability to process up to one million transactions per day, with inbuilt additional cyber security tools as well as members analytics for fine tuning and recommendations to best services,” said Mbuya.

The platform has connections with credit reference bureaus (CRBs) and Integrated Population Registration (IPRS) for verification, authentication and safeguarding of members data.

The Sacco has also acquired license for SIMU HOUSING License Number, which will allow members and any interested people to come together and capture value in the sector.

Digital Sacco started in 2015, as a response to the need to empower every Kenyan Citizen wherever they are to save and acquire credit facility at affordable rates on mobile platform.

The Society had the first membership from Onfon media, but later expanded to include members from all corners of the economy.

It operates through good governance practices coupled with very Innovative Digital Revolution across the country.

The Sacco offers products ranging from One month loan, Emergency Loan, Biashara Loan, Development Loan, Investment Loan, Corporate loan among others; all these requiring guarantors network.

Members can register by dialing *847# , submit the documents required, pay registration fee of Sh.5000.