Amref Sacco staff when they celebrated 35th anniversary. PHOTO | POOL Before last year, Amref Sacco was a tier three scheme because its asset value was below the Sh2 billion threshold. But the Sacco has now achieved the milestone of a tier two status after its assets grew to hit Sh2.2 billion.
The Sacco’s journey has been one of vision and focus. Thanks to the founders’ hardwork and resilience, the Sacco’s membership grew from about 30 in 1983 to 3,370 in 2020. Its asset value has been equally going up as membership grows.
In the last five years, its asset base more than doubled from Sh1 billion to Sh2.2 billion.
What was behind the sharp rise in the Sacco’s fortunes?
The management says admission of members from other corporates such as Oxfam International, the African Population and Health Research Center (APHRC) inspired the growth. Other members are Save the Children International, Welthungerhilfe, Jambojet Airline, East African Cables as well as the Kenya National Chamber of Commerce and Industry (KNCCI).
When it was started in 1983 by Amref – now Amref Health Africa) employees — its purpose was to empower members both economically and socially. The scope has however widen, and is now drawing members from other organisations
“I am pleased to report to you that Amref Sacco has now joined the league of tier two Saccos having attained a total asset base of Sh2.2 billion,” Amref Sacco Chairman George Bebora told Enterprise.
“Previously, the Sacco was categorised as a tier three Sacco whose asset base was less than Sh2 billion.”
Credit facilities they provide include development loans for building or buying a home or land. Others facilities are education loans, emergency loans, domestic use merchandise financing and insurance financing.
The Sacco last year generated over Sh216 million in income from members lending as well as through plots sold under its subsidiary, Amref Housing Development Company (AHDC).
“However, due to the economic environment resulting from the Covid-19 pandemic, the board suspended capital expenditures, hence no new projects were undertaken in the year 2020,” Mr Bebora says.At their headquarters along Langata Road in Nairobi, just opposite the Wilson Airport, they have 15 employees. Initially, they began with two employees, one accounts and and the other in operations.“I am glad to report that Amref Sacco now fully owns its plot located behind the Wilson Airport, having completed the acquisition process,” the chairman says.In their five-year strategic plan of 2019-2023, they aim to […]