Murata Sacco rebrands to Amica Savings and Credit as it eyes rapid expansion

tFrom left: Amica Savings and Credit Chairman Hiram Mwaniki, CEO James Mbui and Britam Group MD Benson Wairegia at Safari park Hotel on November 26, 2016 during the launch of the rebranded Murata Sacco which is now Amica Savings and Credit. Amica seeks to accelerate its growth and bring on board strategic partners. PHOTO | JAMES NGUNJIRI | NATION MEDIA GROUP

By  JAMES NGUNJIRI

What you need to know:

  • CEO James Mbui said the sacco will achieve its target through a multi-pronged approach.
  • It includes leveraging technology to educate members to plan their finances better.
  • In 2015 Sasra ranked Murata Sacco 39th out of 180 deposit-taking saccos in the country.
  • Amica’s Board Chairman Hiram Mwaniki said they are strategically positioned to be more relevant at the national level.

Murata Sacco, a Murang’a-based savings and credit cooperative society has rebranded as it seeks to accelerate its growth.

The sacco, which has been mainly serving coffee farmers in Murang’a County, has rebranded to Amica Savings and Credit.

“Through this rebranding, we have embarked on an exciting adventure to increase our visibility and accessibility countrywide,” said chief executive James Mbui.

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He was speaking Friday at Safari park Hotel during the official launch of Amica Savings and Credit.

Mr Mbui said the sacco is now focusing on rapid growth guided by a strategic plan, which forecasts 500,000 customers and a Sh30 billion asset base by 2020.

Currently, Amica has 130,000 members and an asset base of Sh2.8 billion.

Mr Mbui said the sacco will achieve its target through a multi-pronged approach, which includes leveraging technology to educate members to plan their finances better.

STRATEGIC PARTNERS

It also plans to bring on board strategic partnerships.

According to Mr Mbui, emphasis will be placed on offering free financial advisory services especially to low-income customers and groups in order to educate them on the value of saving and planning for their finances.

In 2015, Sacco Societies Regulatory Authority (Sasra) ranked Murata Sacco 39th out of 180 deposit-taking saccos in the country, with a total asset base of Sh1.9 billion and a loan book of Sh1.2 billion.

Amica’s Board Chairman Hiram Mwaniki said they are strategically positioned to be more relevant at the national level and capture the aspirations of their customers through a diversified and comprehensive product portfolio.

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