Harambee sacco to embrace technology to grow society

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Harambee Sacco is banking on implementing five focus areas among them embracing technology, growing non-funded revenue and selling idle assets to grow the cooperative society.

Chairman Macloud Malonza says the Sacco is at an advanced stage of selling idle parcels of land spread across the country to help bolster the Sacco’s liquidity.

Harambee Sacco has also unveiled an investment subsidiary in efforts to diversify revenue generation.

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The Sacco has in the recent past hit headlines on allegations of mismanagement as well as embezzlement of members’ savings and the society’s assets.

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The management of the Sacco says this has been sorted, which saw the Sacco post a surplus of 82.48 million shillings in surplus in 2018 compared to a deficit of 1.39 billion shillings in 2017.

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The Sacco has property spread across the country. According to officials, some of the property such as parcels of land in among other areas Nairobi, Mombasa, Kisumu, Muranga, Nanyuki and Siaya have been idle hence their decision to dispose the property to boost the Sacco’s liquidity.

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Even though some Saccos have embraced technology, Harambee Sacco has been slow in tapping the financial technology.

Officials say the Sacco would leverage technology to roll out new products and service members.

The Sacco has proposed to spend 996 million shillings on dividend payout and interest rebates on member’s deposits.

 

 

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