News Sacco News

AAK SACCO records 17% growth in assets as it launches free membership recruitment drive

Architectural Association of Kenya Sacco ltd, the premier saving and credit institution for the members of built environment professionals in Kenya, has waived membership registration to allow new members to join the society for free. 

The decision to waive membership registration fees is a strategic move by AAK Sacco to attract new members and grow its membership base. By removing the previous financial barrier to entry, the Sacco hopes to attract more members to join and take advantage of its savings and credit facilities.

Speaking during the Sacco 12th Annual General Meeting (AGM) held on March 24, 2023, at Blue Violet Plaza, the board of directors’ chair David Songoro revealed that the promotional offer was launched in November 2022, during the Mbuzi event. 

“We launched the membership drive, waiving all joining fees for new members. We also conducted a savings drive where the highest savers of the day received Sacco branded items as a reward,” said Songoro.

Songoro noted the promotional offer will be valid until April 2023 and aims at meeting various members’ financial demands, which are all the rage in the sector.

Sacco performance

Since its inception in 2009, AAK Sacco endeavours to empower its members through value creation, a fit that has seen it thrive in the co-operative movement.

Despite the tough economic challenges experienced in the financial year ending December 31, 2022, including the global inflationary pressures, adverse effects of drought, the uncertainties ahead of the August General Election and the post COVID-9 pandemic challenges, the Sacco reported significant financial performance.

AAK Sacco asset base grew by 17% from KSh 5.5 million reported in 2021 to KSh 18.7 million in 2022. Loan disbursements to members witnessed an increase of 20%, from KSh 5.5 million in 2021 to KSh 6.6 million in 2022.

The Sacco gross turnover increased by 44% from KSh 1.3 million in 2021 to KSh 1.9 million in 2022. The savings deposit from members grew by 15% from Ksh 14.2 million in 2021 to Ksh 16.3 million during the same year under review.

The growth in the society’s key performance indicators, including returns on loans and investment, the Sacco paid out dividends on share capital and interest on members’ deposits at the rates of 10% and 3.8%, respectively.

The Sacco’s recruitment drive saw its membership grow by 38% up from 133 members in 2021 to 183 members in 2022.

Sacco membership

AAK Sacco draws its members from the Architects (Arch), Quantity Surveyors (QS), Engineers (Eng), Town Planners (Plan), Environmental Design Consultants (EDC), Landscape Architects (LArch), Construction Project Managers (CPM), and Interior Designers (ID). Real Estate practitioners and contractors amongst other built environment professionals also comprise our clientele.

The Sacco membership is also open to immediate family members of the afforementioned professionals and staff of firm members of AAK and affiliated associations.

The Sacco undertakes Back Office Savings Activity (BOSA) activities for its members.

2022 milestones

  1. The Sacco website

The Sacco recently updated its website and making it convenient for new member onboarding. The Sacco’s vice chairman Fredrick Ndichu, explained how the new link has brought significant advantages to the organization, easing the process of member recruitment. He urged the members to invite more potential members to visit the website and join the Sacco using the link.

“The Sacco is committed to grow its membership and providing its members with excellent services and benefits. Therefore, it is essential to take advantage of the link’s convenience and encourage more people to join,” said Ndichu,

  • Social media

The Sacco maintains strong presence on various social media platform such as Facebook, YouTube, LinkedIn, Twitter and Instagram. This allows members to stay informed about the latest news, events and promotions, ensuring that they do not miss out on any essential update. This also provides members with a convenient channel to communicate with the management and the Sacco staffs.

 Future out look

The Sacco is seeking to collaborate with chosen Housing Sacco to offer members access to both the lands and houses. This partnership will give the members an opportunity to invest in affordable housing and secure land ownership.  It will undoubtedly benefit memebrs by providing them with means to realize their dreams of owning a home, creating a stable living environment and building equity for themselves and their families.

Sacco Trend
Author: Sacco Trend

Sacco Trend

About Author

Leave a Reply

You may also like

Patrick Kilemi, the Principal Secretary of Co-operatives and Micro, Small & Medium Enterprises (MSMEs) Development at the State Department for Cooperatives
News

Government pushes for cooperative principles to be taught in primary schools

The government is making strides to integrate the principles of cooperatives into the primary school curriculum.  cooperatives play a vital
Unaitas sacco expands reach with new branch in Othaya town
News

Unaitas sacco expands reach with new branch in Othaya town

Unaitas SACCO has expanded its presence with the opening of a new branch in Othaya town, Nyeri County. Established in
error: Content is protected !!
×