The Launch of Afya Sacco Microcredit Activity (AMCA) is an important milestone in the society’s history. By launching AMCA today the Afya Sacco Society has opened a new line of business that is going to spur the growth of the society and position it as a major prayer in the Co-operative Sector and financial industry.
The Afya Sacco Society was formed in 1971 by a group of 20 health workers and registered by the Ministry of Co-operatives on 8th May, 1971 as a savings and credit co-operative society. Within the last 43 years the society has grown into a large financial institution with over 40,000 members spread all over the country in 103 branches.
The primary objective of the society has been to promote thrift among its members by affording them an opportunity to accumulate their savings and deposit and provision of credit for productive and provident purposes thereby enabling them to improve their economic and social wellbeing.
I am pleased to note that in keeping with the above objective the society has enabled members to save over Kshs.9.7 billion and has given members loans totaling to more than Kshs.50 billion since inception. The society has given members loans for productive and provident purposes including capital development, education, buying land, developing houses, medical treatment, starting businesses and other needs.
Although the society has had an impressive performance, it has faced challenges through competition by other financial players and the increasing members’ demands. This has called for creativity and innovation to open new frontiers and opportunities for doing businesses.
To keep abreast with the changing economic situation in the country brought about by liberalization and devolution the society has decided to expand its business scope and products range by introducing the microcredit activity. This new activity will support the transformation of the society into a one stop financial centre. The microcredit activity will open a new line of business that will target the unbanked credit constrained people and micro entrepreneurs in the urban and rural communities. Through AMCA the society will open business Centres in the counties and districts to tap into the new opportunities. AMCA will be a critical innovation in driving the society business in the next millennium. This will create new markets, business opportunities and economic growth for the members’, society and the nation.
With the Launch of AMCA the society has taken a quantum leap forward in fulfillment of our vision of being “The Co-operative of Choice”.
As we officially launch AMCA today, I wish to welcome the members and the potential customers to open accounts in AMCA and grow with us.
V. P. Lukiri – HSC
(Written on 25/4/14)
- 3 Jul, 2014
- Posted by Admin
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