Nafasi Sacco expands, eyes members from diverse sectors

Grocery retailers and boda boda operators are some of the small-scale traders earmarked for financial uplifting following the expansion of Nafasi Deposit Taking Sacco, formerly known as Nafaka Sacco Limited.

Initially the financial institution drew membership from salaried employees of the National Cereals and Produce Board, however, recent transformation is attracting employees from diverse sectors such as small and medium enterprises (SMEs) and ordinary Kenyans.

Ahead of its relaunch, a week from today, the Sacco’s leadership believes that the latest developments are aimed at growing and doubling its performance. Chairman, Raymond Kipkoech Mwarey said since the Sacco opened its common bond, it has attracted Kenyans of diverse backgrounds.

Branch network

“Nafasi Sacco plans to enhance its already existing branch network. This is an avenue for businesspeople and members of the informal sector, who are mainly unsalaried, to access affordable loans secured by land, motor vehicle and other collaterals,” he revealed. He noted that it was high time the Sacco rebranded as it seeks ways of diversifying its market base. Nafasi Sacco Society Ltd is regulated by Sacco Societies Regulatory Authority (SASRA).

“Since inception in 1977, Nafasi Sacco has never looked back, neither has it hesitated to conquer,” Mwarey said. Its transformation is linked to the service delivery which is supported by an automated system, which has largely been manual including member registration, member guarantorship, and online cash transfers. He said that it had become prudent that the Sacco operates a seamless system.  The Sacco also unveiled banking and WhatsApp banking as alternative channels to serve members adequately and effectively.

“To cushion our members from the catastrophic effects of the Covid-19 pandemic, we digitised core operations, offering a convenient environment to our 5000 members spread across the world,” said the chairman.

“Our aim is to grow our revenues in line with our upcoming strategic plan and achieve an asset base of Sh1 billion at the end of the term,” Mwarey said.