Safaricom Sacco Chairman Paul Msava (left), PS State Department of ICT & Innovation Jerome Ochieng (centre) & Safaricom Chief Corporate Affairs Officer Stephen Chege (right) leading Safaricom Sacco members to celebrate 20 years of the Sacco’s existence. NAIROBI, Kenya Aug 1 – Safaricom Sacco Ltd has launched a mortgage product that is aimed at supporting the government’s plan to facilitate affordable housing, a key pillar under the Big 4 Agenda.
The product dubbed Faraji Home which was launched during Sacco’s 20th anniversary will allow SACCO members to join the product via USSD code *345#, SafCIRI App, and iConnect module.
Safaricom Sacco Chief Executive Officer Joseph Njoroge who spoke during the event on Friday encouraged the youth and public at large to join the SACCO in order to benefit from its array of products and services.
“The future of Saccos looks much brighter because it’s meant to safeguard members’ deposits and meet stakeholders’ expectations which can only be through a disciplined governance structure which is embedded in Safaricom Sacco policies,” he emphasized.
ICT Principal Secretary Jerome Ochieng who represented Cabinet Secretary Joe Mucheru at the event applauded the steps taken by Safaricom Sacco Ltd over the years to digitize its operations.
“We would to take this opportunity to congratulate the Sacco for the 20 years milestones achieved so far and especially on the implementation of online member registration and loan application process and being the first Sacco to do so,” PS Ochieng said.
The event was also attended by Chairmen and CEOs of other Saccos and Apex bodies.
Commissioner for Co-operative Development Geoffrey Nja’ngombe, on his part, said the government recognized the Sacco for resource mobilization.
“For the first time Saccos can borrow from each other by ensuring ethical practices and good governance is practiced within the organizations,” he said.
Safaricom PLC, a vibrant member of the Sacco, through the Chief Corporate Affairs Officer, Stephen Chege commended the institution for withstanding the test of cybercrime which is a primary focus of the organization.
He also acknowledged the support given to partners by providing agent financing for dealers and LPO financing during a tough economic season.
Safaricom SACCO reported a profit after tax of Sh237.5 million in December 2020 as compared to Sh208.2 in December 2019.This earned members a dividend payment at the rate of 12 percent on their savings, similar to 2019.During the year under review, total deposits hit Sh6 billion while loans and advances to members increased from Sh5.3 […]