Members of the Metropolitan National Sacco Ltd. have reason to smile as the Sacco implements a raft of changes making services better.
Among the improvements in service is the launch of mobile banking system where clients access Sacco services using USSD code *268#. Also the Sacco increased its business operating hours to between 8:30 am to 4:00 pm on weekdays and 8:30 am to 12 noon for Saturdays.
The Sacco whose membership has risen to over one hundred (100) thousand from the entire country started 43 years ago as teachers-only, expanded in 2008 to accept members from outside this original pool. Now the members are not only drawn from Teachers Service Commission (TSC), but also, Government Ministries, Parastatals, Kenya Defence Forces (KDF), National Police Service, Public and Private Universities, Colleges, Academies and the private sector among others.
After hitting a rough patch 3 years ago, where the Sacco had sank into bad debts, a raft of reforms initiated just a year ago has seen the giant Sacco ranked 6th by Assets base in Kenya, leap. Its loan portfolio rose by 16 per cent, its total surplus for 2019 rose by Sh22 million. The institution has also recovered Sh110 million from non-performing loans that have dogged several lenders across the country.
“The Sacco has seen a reversal in members who wished to withdraw their membership while the few who had submitted withdrawal notices are still offered full membership benefits including dividends,” said Sacco Chief Executive Benson Mwangi.
Metropolitan is regulated by the Sacco Societies Regulatory Authority (Sasra), with which it discussed with, its growth strategy anchored on diversification, customer service excellence and developed products.
The new CEO Benson Mwangi said, “Following the approval of the transformation strategy at the 2019 Annual General Meeting (AGM), we have recruited an additional 167 new members and received 2070 membership reinstatements from the previous period. In that period, we have also seen a rise in the number of members wishing to reverse their earlier requests to withdraw their membership”.
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