Savings and credit society rush to develop strategic plans

By Hellen Nderu

Savings and credit society are rushing to develop their five year strategic plans to beat a state imposed deadline.

The SACCO society’s regulatory authority has given all players in the market up to the end of this month to launch their documents or risk de-registration.

Jamii SACCO has become the latest to launch the critical document three weeks to the April deadline.

In the year 2014 the government through the Sacco societies regulatory authority directed all players in the cooperative movement in Kenya to develop their business plan in a move aimed at streamlining the industry.

The sector has experienced exponential growth and through the support of the government, the movement has produced some of the biggest players in provision of saving and credit services both to the rural and urban population in Kenya.

Jamii Savings and Sacco society  which currently has a membership of 15,000 members was established in 1972 as a savings and credit society currently has an asset base of 2.5 billion and has recorded  over 10 percent returns on investment.

The launch of the strategic plan aims at nurturing the growth of the society through increased membership, increased revenues, cost cutting and embracing of ICT.