Unaitas Savings and Credit Co-operative, formerly Muramati Sacco, plans to double its membership and assets by the end of June next year, a move that may make it the largest in the country.
Chief executive officer Tony Mwangi said last week that the co-operative is eyeing 100,000 new members by mid next year.
“We are committed to grow by 100 per cent from July…we want to grow by 100,000 members within the next one year and the driver is the corporate brand,” said Mr Mwangi on the sidelines of a chama (business clubs) conference organised by the sacco on Friday.
Unaitas rebranded this year a few months before the Capital Markets Authority approved its disclosure document for a sale of its share that had started at the beginning of October 2010 running through December the same year.
The market regulator however stopped the sale because it was targeting public rather than its members.
The regulator has now given approval for investors who applied for shares in the offer to be admitted as members of the sacco.
The industry regulator ranks the sacco as the 13th largest in terms of assets. According to the latest report from the Sacco Societies Regulatory Authority (Sasra), Unaitas had assets worth Sh3.17 billion, 86,301 members and Sh2.3 billion in deposits as at the end of last December.
“People have now accepted Unaitas and we are now getting members from all over the country…people who were hesitant because of the name are now coming,” said Mr Mwangi.
Unaitas, which has 14 branches, is one of the saccos that has stepped up recruitment to raise funds for expansion and investment.
Metropolitan Teachers Sacco and Stima Sacco, which had assets worth Sh2.9 billion and Sh7.7 billion respectively as at the end of last year according to Sasra, are some of the co-operative societies that have also stepped up recruitment of new members to raise funds for new investments.
Metropolitan’s share sale to its members, began this month and will run for the next three months. Each member is expected to buy a minimum of 250 shares for Sh25,000.
The sacco, which had 20,632 members as at the end of last year projects to have at least 100,000 members in the next three years enhancing capitalisation in line with regulator’s compliance requirements.
Total assets for the 215 Saccos licensed to carry out front-office service activities (Fosa) rose to Sh196 billion from Sh171 billion as at the end of December 2010 according to the regulators latest supervisory report
Deposits rose by 14 per cent to Sh140.6 billion up from Sh123.13 billion the previous year, while loans and advances rose by 20 per cent to Sh147.7 billion up from Sh123.4 billion as at the end of December 2010.