kmfri sacco society ltd - galatec enterprise · sacco currently has over 3500 active members with...
Post on 01-Aug-2018
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Brief History
KMFRI Sacco Ltd was founded in 1983 by staff of Kenya Marine and Fisheries Research Institute (KMFRI) as a cooperative financial institution in order to uplift their economic and social interests. The Sacco is duly licensed by the Sacco Societies Regulatory Authority (SASRA) to do deposit-taking (FOSA) business. From a modest beginning pioneered by less than 100 members, the Sacco currently has over 3500 active members with over Kshs.24 million as share capital. As at 31st December, 2015, the total members’ deposits and Sacco’s assets stood at over Kshs.210 million and Kshs.264 million, respectively.
A Savings and Credit Cooperative Society (SACCO) is a member-owned financial cooperative whose primary objective is to mobilise savings and afford members access to loans (productive and provident) on competitive terms as a way of enhancing their socio-economic well being. It is formed by people having a common bond. The main principles of a Sacco are;
• Voluntary and open membership • Democratic member control • Autonomy and independence • Education, training and information • Cooperation and mutual support among the cooperatives • Concern for the community
Vision, Mission and Core Values Vision:
To be the best managed Savings and Credit Co-operative in Kenya providing market driven products and services to our clients.
Mission: Is to economically empower our clients and members
providing unique and diversified quality products and services in accordance with co-operative principles in a changing environment.
Motto : We have the answer
Corporate values: Transparency and accountability
Honesty and integrity
Loyalty
Concern for the community
Discipline and commitment
How SACCO’s are different from Banks /MFI’s
SACCOs are member-owned and not profit-oriented.
Their philosophy is “people helping people to help themselves”
WHAT ARE THE BENEFITS OF KEEPING MONEY IN A
SACCO, COMPARED TO OTHER BANKS?
1. Members have a voice in the running of the SACCO
since they own the institution;
2. Depending on profitability, members may receive
dividends at the end of the financial year;
3. Access to financial services is non-discriminatory and
affordable.
Statistics Up to date Membership 5000 Members’ deposits 213M Share Capital 24M Core Capital 39M Loans to members 242M Total Assets 291M
Other Details: Highest Depositor Kshs.1.5 million Highest Loan Kshs. 2.5 million
YEARS MEMBERSHIP SHARE CAPITAL CORE CAPITAL DEPOSITS LOANS TOTAL ASSETS
2011 2444 NOT DECLARED 13,033,063 129,978,778 146,174,452 190,890,975
2012 2441 NOT DECLARED 6,265,190 153,766,220 161,392,174 204,856,459
2013 2809 17,935,297 13,706,918 167,516,039 175,269,780 207,555,221
2014 2825 19,687,617 28,356,407 190,669,051 194,371,034 241,036,762
2015 4744 22,535,377 33,638,558 210,919,192 221,697,679 264,520,825
Governance Structure The Sacco is managed on a delegate system, who are elected from 9
branches with each delegate representing 30 members, the branches are; Mombasa, Kisumu Sang’oro, Kegati,Naivasha, Lake Baringo, Lake turkana Nairobi and ASK Mombasa. The Sacco has opened the common bond to allow cooperate membership where members outside KMFRI Institute employment can also be members and are classified as class B and C in the by-law. The delegates converge into an Annual General Meeting (AGM), where they elect nine (9) directors to the Central Management Committee and three (3) Supervisory Committee members. The board has set up various sub-committees to assist in handling the Sacco activities.
Staff Establishment
The Sacco is headed by the CEO who works with a dedicated team of 14 qualified staff serving in the two sections of the Sacco i.e. BOSA and FOSA.
Scope of operation and network
The Sacco serves members throughout the country
It serves members from (8) branches i.e. Mombasa Headquarters
Kisumu
Sangoro
Kegati
Lake Naivasha
Lake Turkana
Lake Baringo
Nairobi
ASK
BOSA Products and Services
Loans: Normal/Development
Emergency
Education
Limitless
New Product/Item
Short term
Safina
Refinancing
University/College Education
Savings:
Refundable Deposits
FOSA Products and Services
Ordinary Savings Account Fixed Deposit Accounts Salary Accounts Children’s, Medical & School fees A/Cs Short/Long term Salary advances Overdraft loans Safe Custody services for valuable items e.g. log
books, title deeds, certificates and others. Visa branded ATM(Sacco Link)card, M-banking services Bankers Cheques (and ordinary cheque Sale) Microfinance activities ( Mwananchi and Wepesi
programs) To cater for groups and small businesses L.P.O Financing.
Strategic Partnerships
KMFRI Sacco is affiliated to co-operative sector participants such as KUSCCO Ltd, CIC (K) and the Cooperative bank
ACTIVITIES OF THE BOARD
Development of policies Strategic Plan Dev. Human Resource
Policy Credit Policy Operations Manual Procurement
Policy Accounting &
Finance Manual Revision of By-
Laws Production of
service charter
Growth of Sacco funds
Savings mobilization Restructuring of
external loans Operational
efficiency Liquidity mgt. Product
development ICT development
Development of Strategic plan
Development of Strategic Plan which addressed the
following areas:
• Growth Strategies
• Cost-rationalization measures
• Investment opportunities
portfolios
• Attainment of operational
standards
• Cooperate Social Responsibility
TANGIBLE POSITIVE RESULTS The Sacco declared payment of interest & div. on
members’ deposits/shares at 1.5% & 10%, respectively
Sustained growth of deposits
Improved Liquidity position
Customer care improved
Loyalty to the Sacco by staff and members enhanced
Improved service delivery
Improved operational efficiency
Development of New products
Ultra modern FOSA Premises for efficient service delivery
GENERAL CHALLENGES (MACRO) Under/over loans recoveries
Customer care
Uptime Network Connectivity by service providers
Competition
Deposit mobilization
Cost of cash transportation
Product development and marketing
WAY FORWARD
1. Encourage members by way of
commission to aggressively recruit
members.
2. Engage institutions to patronize FOSA
salary processing services
3. Encourage members to embrace saving
culture
4. Aggressively market FOSA administrative
services
5. Members urged to promote SACCO by
word of mouth
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