Magereza Sacco Leads in Conducting Countrywide Member Education Drive

By June Njoroge

success of the Sacco. enables members to conveniently

This is at PSTC final phase of education

The giant Magereza Sacco continues to shine in 2020 on multiple fronts, having recently conducted an exclusive countrywide member education drive; despite the Covid-19 global pandemic, which covered well over 108 stations across

Kenya.

The education drive was carried out in three phases and was facilitated by a dedicated team of delegates, the directorate, executive management and deposits, repaying both FOSA and rates on deposits, good dividends on

cognizance that an enlightened honorable members.

Mr.N.K. Maswai and Mr. Raymond Kimani, together with the Deputy FOSA Manager, Madam Milkha Ongoncho and Branch Manager, Mr. Edwin Lagat, pose for a photo with the officer in charge of Kibos Maximum Prison after a successful session.

It was geared towards ushering in the launch of the Sacco’s two new products: the ‘Golden loan’ and

‘Karibu loan.’ In addition, it was to inform and educate both members and non-members on reasons why they need to save, invest and grow in the acclaimed Sacco.

Board member in credit committee, Mr. Samuel Thirata, accompanied by the finance manager

This is in line with the 5th Co-operative principle on Education, Training and Information, for empowerment in making informed choices; in member is a better investor, in order for members to contribute effectively to the The Sacco has also embraced technology at full tilt, especially in the wake of the pandemic to curb the spread of the coronavirus.

The Sacco has an agile mobile banking platform dubbed ‘Cloud –Pesa,’ which access products and services offered by the Sacco, through their mobile devices.

From making withdrawals and BOSA loans, balance inquiries, ministatement requests and so much more; members can access these services by dialling the USSD code *850#.

There are a myriad reasons to join Magereza Sacco; from high interest

Madam Grace Nyambega, address the turn out.

shares, a strong burial benevolent fund for members and spouses, low interest on loans, access to insurance products and services, fast financing and building on cash reserves.

The Sacco also boasts a robust Customer Care Center, to respond to any queries or complaints from

Honorable Secretary, Mr.B. Galgalo, accompanied by Secretary Credit Committee, Mr. Nuni K. Chemno and member of staff Alex Mbithi joined by the officer in charge and Magereza members. Embu Prisons, address by the Chairman of the Supervisory Committee, Mr. Evans Madisi, accompanied by Vice Chairman, Mr. J.K. Too and Officers in Charge.

A section of directors and senior staff ready to address turn out at PSTC. Magereza Sacco member education drive at Nyeri Prison.

members. Additionally, the executive management has opened direct communication to departments by providing office lines that are open to all members; ensuring they are assisted more conveniently whilst strengthening their branch operations.

Members can also be sure that their funds are safe, because the Sacco highly values security and privacy, having already implemented proper cyber security procedures in place.

The renowned Sacco operates on key professionalism, equality and equity, social responsibility, innovation and creativity; with the chief aim of providing financial services through mobilization of savings and advancing credit that improves the livelihoods of their members.

The Sacco has remained true to their mission, of offering affordable and customized products and services that economically and socially empower members; which has led them to become one of the leading Saccos in the provision of excellent financial services.

Corporate Social responsibility is at the heart of the Sacco, which regularly participates in welfare and charity activities; striving to continually improve the living standards of people in the community in terms of health, education and the environment. In the wake of the Covid-19 Pandemic, the Sacco donated 15,000 face masks to Kenya Prisons, to curb the spread of the coronavirus.

Corporate governance is also of paramount importance to Sacco; whereby delegates elect Board of Directors and the Supervisory Committee, who run and oversee the Sacco on behalf of members. As such, the Annual Delegates Meeting (ADM) is the supreme governing core values of integrity, teamwork,

authority of the Sacco.

Mr. Patrick Aranduh, accompanied by the Chairperson of the Supervisory committee, Madam Florence Kahariri.

Established in 1971 by a section of Prisons Officers stationed at Shimo la Tewa prison, membership continues to be drawn from the Ministry of Interior and Coordination of National Government –Prison department, Magereza Sacco C.E.O, Mr. Augustine Mutisya, other government conducting an address to members, during the ministries, parastatals 2020 Education Drive. with salaries check off system, spouses and children of serving and retired members. licensed and accredited corporation by the Sacco Societies Regulatory Authority (SASRA), as one of the The Sacco has recorded exponential growth over the years, with 2020 leading deposits taking Saccos in the country. seeing a migration into a high grade system, the acquisition of an inhouse ATM card machine, less lead time for payments of loans in history, a fervent delegate system, great financial returns among many other milestones. The Sacco remains a Parting Shot:” We should continue to patronize the Sacco, for optimal growth of the organization; define what you want to achieve and within what period.” Mr. Augustine Mutisya, CEO, Magereza Sacco.

for the promotion of gender equality and empowerment of all women in the sector.

2020 World Savings Day: Key Insights for Saccos.

By June Njoroge

“When you save a bit, big things follow” was the 2020 theme for World Savings day, celebrated globally on the 31st of October. Its an awareness day to call attention to the importance of savings as a way to reduce poverty, promote financial literacy, educate people about saving and managing their finances.

On this day a variety of activities and campaigns are conducted to advocate for financial education whilst encouraging people, to share their savings stories to create awareness on the topic and inspire others. Saving in an uncertain time in the backdrop of a pandemic, the topic of saving and managing finances bears paramount importance and could not be more timely.

Kenya celebrated an entire week spearheaded by the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA), in partnership with Sparkassenstiftung Eastern Africa and the Association for Micro-Finance Institutions (AMFI –Kenya). During the week a series of webinars were held to discuss critical issues to promote a sustainable savings culture, with different financial institutions at the helm. Sacco Times Magazine identified takeaway points pertinent to Savings and Credit Co-operative Societies (SACCOS).

The week kicked off with a powerful discussion on “Savings and Financial Inclusion-An Assessment of Savings Opportunities in Financial institutions. Saccos should ensure they have tailor-made products for their diverse membership from the youth to retirees; bridging disparities based on gender or demographic.

Saccos must ensure they embrace diversity, equity and inclusion, not only in membership but also in governance. The second webinar delved into Sustainable Savings Promotion in Kenya- Reimagining Past Savings Products, the Present and the Future” with keynote guest speakers such as the Police Sacco Chairman, Mr. David Mategwa. Saccos were urged to take advantage of the age of digital disruption and depart from the past analogue mode of delivering products and services to members.

A strong emphasis for Saccos to adopt technology for efficiency and convenience to their members; as the future of the sector in line with challenge 2025, set by the World Council of Credit Unions (WOCCU) to digitalize the global co-operative movement.

Day three explored the topic of harnessing Savings Group Empowerment to increase Formal Financial Access among women in Saccos and the MicroFinance Sector based on the theme of women empowerment.

Co-operative societies should adopt gender inclusion, strengthen sound policies and enforceable legislation, Being financial institutions, Saccos should work towards designing financial products and services specifically tailored towards women. Implementing new legal frameworks and undertaking regarding female representation in co-operative societies, will greatly aid the sector to achieve gender inclusion, effective participation and equal opportunities for leadership at all levels. This is sure to fuel sustainable economies and benefit credit societies.

The penultimate of the 2020 World Savings Week highlighted the importance of savings promotion among the youth and how Saccos and the microfinance sector in Kenya can sustainably include them.

There is a critical need to get the co-operative model to be understood by the younger generation. A study conducted by the Sacco Society Regulatory Authority (SASRA) in 2019, debunked the misconception that Sacco membership has no place for the youth.

The report revealed that the youth comprised of a third of the total 4.97 million Sacco members, across the 174 Deposit –Taking (DT) Saccos.

Saccos need to design more products that appeal to the youth. These tailor-made products need to address the needs and challenges facing the youth of today; to somewhat offer them solutions which will consequently lure them into joining.

Millennials and Social media have become synonymous in this digital age we are in, making for a key catchment area for Saccos to recruit more youth. Marketing dynamics have shifted and evolved and Saccos should also move with the changing tide.

SACCO TIMES DOMINOES

So you say you are a part of the grand Co-operative movement, but how deep does your knowledge go, in matters pertinent to the sector? See if you can hack this Trivia Challenge, we prepared for you: 1. When was the first Co-operative established in Kenya? 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

12.

Name the 5th Co-operative principle. What do we call the court that hears and settles Co-operative disputes? Are Saccos authorized subscribers of credit data to CRBs? Who is the Commissioner for Co-operatives? What do we call the rules and regulations that govern a Sacco? What was the theme for the 2020 International day of co-operatives? Which body was established under SASRA to tackle corruption in Co-operatives? The global digitalization initiative by WOCCU is called? Mention 2 Co-operative partners, to the KMRC affordable housing agenda. Which Sacco scooped the “Best National Long and Short Term Financial Lender” award by the Global Credit Rating Company, for the second year in a row? Name 2 African countries feted by WOCCU, in the 2020 Membership Growth Awards.

Kenya & Ghana. 12. Kenya Police Sacco. 11. Harambee Sacco, Ukulima Sacco 10. Challenge 2025 9. Sacco Societies Fraud Investigations Unit (SSFIU) 8. Co-ops for Climate Action 7. By-laws 6. Mr. Geoffrey Njang’ombe 5. Yes. 4. Co-operative Tribunal 3. Education, Training &Information 2. 1908 1. Answers

The Answer to the Riddle in our previous October/November Issue is: SECRET