Kenya Police Sacco is betting on increased financial and investments training for its members and using them as ambassadors in a recruitment drive to net at least 7, 000 new members by June next year.
David Mategwa, the national chairman of the sacco said they are picking 100 members from each of the eight regions and training them on widening their investments.
The sacco will then use the top 100 members as its ambassadors to recruit new members in their respective regions. The eight regions are the former provinces.
Kenya Police sacco currently has 63,000 members largely drawn from the security agencies and other government employees. It is targeting to hit 70,000 members ahead of its Jubilee celebrations next year.
“Those whom we pick feel appreciated and they become ambassadors to bring new members although we do not pay them for bringing new members,” Mr Mategwa.
“They will help us get more members not necessarily the government employees but also private sector.”
Mr Mategwa added the sacco has reported a trend where members who go through the financial and investments training, increase their deposits or invest more through the sacco, ultimately boosting its books.
The recruitment drive comes at a time the sacco is keen to inject more cash and reduce the deficit between its loan book and deposits.
The Kenya Police Sacco recorded a 22.5 percent fall in net profit to Sh1.93 billion, largely on the back of higher interest expenses amid flat interest income as the industry offered softer repayment terms to members affected by the Coronavirus-induce hardships.
South African rating agency Global Credit Ratings (GCR) early this month upgraded the rating of the sacco, citing good asset quality, healthy funding and liquidity.
GCR said that the sacco should continue to register a strong capital position into the long term, sustained by a conservative dividend policy and strong earnings.
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