Serena Sacco has devised new strategies to cushion itself from ultimate fallout witnessed by the sacco in the past few years.
The sacco, which only accommodates employees of Serena Hotels has put in place two strategies to spur growth in the sacco and develop a positive working environment for all the members.
The sacco’s chairman, Mr. Gabriel Maganga noted that the sacco has adopted a regulated approach of taking external loans. In a case of high demand for loans, the society only borrows from the Kenya Union of Savings and Credit Co-operatives (KUSCCO), which offers loans at a very reasonable interest rates and with no hidden charges and the sacco is also able to instantly access the loans unlike when sourcing the loans from banks.
Processing of loans to members is done in a transparent manner where correct procedures are followed and the committee members are further prohibited from signing off loans to fellow heads as witnessed in the last regime. This regulation has provided an equal opportunity for all members to access loans without favor or bias. A process, the chair said heavily cost the Sacco in the past years due to the mismanagement of funds by the sacco management.
Despite of the quagmire experienced in the Sacco in the past years however, it has managed to raise its membership from 100 to 117 members, with the current members deposits sitting at Ksh. 33 million.
Under the new management, the sacco has however been able to boost members’ morale and ward off fears of foreseen collapse of the sacco.
Members currently are able to save and access various loans such as the education loan and emergency loan from the sacco all at low interest rates.
Enrollment to the sacco, however is also fast. Once one is employed by the Serena hotel, you are eligible to register as a member of the sacco.
Share this story:
