GROWTH the platform, without visiting the Co-operative banking halls; reminding them that the future of cash transactions is bleak with the surge in the Covid-19 cases. In addition, she noted that the move would ensure that the Sacco would be in a healthy competition within the sector, which would enable the enrolment of more youth while phasing out the 20th century analogue models. She emphasized that technology was the way to go with the youth, who are deeply engaged in technology.
Lengo Sacco , CEO, Mr.William Yaa, Chairman Mr. Jonathan Kahindi Charo, look on, as the retiring Chairman, Mr. George Ndaa Tune, receives an award from Ms Mary Mkare, County, Chief Officer for Trade and Co-operatives during the 2020 SDM.
Lengo Sacco Embraces Technology to Spur Growth By Our Correspondent
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he renowned Lengo Savings and Credit Co-operative Society, has embraced technology as its backbone to spur growth; boosting customer experience and satisfaction through the efficiency and convenience, brought about by employing technological solutions in service delivery. Speaking during the Society’s Special Delegates Meeting (SDM) held at the Kenya Red Cross hall in Malindi constituency, Kilifi County; the Sacco Chairman Mr. Kahindi Charo said that before the end of the year the Society would roll out a mobile banking platform, while awaiting approval from the Sacco Societies Regulatory Authority(SASRA). The Kilifi County Government, Chief Officer, in charge of Trade and Co-operative Development,
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Ms. Mary Mkare, applauded the Sacco on the vital move to adopt mobile banking. “I wish to applaud the Sacco’s plans to commence mobile banking, while awaiting the regulatory approval,” she pointed out. She added that the move will also enable Sacco members to transact through
“Let the Sacco use an alternative avenue to be able to recruit members through technology, rather than outdated methods,” she pointed out, citing that social media is vibrant and popular with the youthful generation. The Sacco approved their 2021 budget estimated at Kshs 77.9 million. The budget is the grand total income with a total liquidity investment income of an estimated Kshs 280,000, compared to this year’s Kshs 230.000. “The Society’s total interest in loans in the estimated budget, is at the tune of Kshs 40.8 million compared to this year’s budget of Kshs 32.7 million,” Mr Jembe pointed out. He further disclosed that the Society’s Front Office Service Activity (FOSA) and other total income of the 2021 budget, is at Kshs 11.8 million compared to the current one which was Kshs 9.8 million. Despite the challenges the Sacco has been facing, it has managed to loan members Kshs 124,135,500 compared to Kshs 87,110,192 in the same period last year, indicating a positive growth of 42 per cent.
Kilifi County Chief Officer for Trade and Cooperatives,Ms Mary Mkare, addressing, Lengo Sacco delegates, during the SDM held at the Malindi Red Cross Hall.
SACCO TIMES | DECEMBER 2020 - JANUARY 2021
The Sacco plans to convert the site office in Mtwapa into a fullyfledged branch in 2021.The Chairman, Mr Charo, said the move was a result of more people joining the Sacco; adding that it would boost marketing as it is strategically placed in the area. “At the moment, the Society is
