Safaricom Sacco, a financial institution that has seen remarkable growth since its inception in 2001, is gearing up for a major rebranding effort. What started with just 200 members from Safaricom PLC has now expanded to a global network of 18,000 members, with plans to reach 70,000 members by the end of 2028.
With assets totaling Sh11.5 billion and member deposits, loans, and advances reaching Sh8.3 billion and Sh8.1 billion respectively by the end of the financial year 2023, Safaricom Sacco has come a long way. Originally catering to Safaricom PLC employees, the Sacco has now broadened its common bond to include various technology companies, groups, and individuals.
In 2011, Safaricom Sacco obtained a license from the Sacco Society Regulatory Authority (SASRA) to operate Front Office Services Activity (FOSA) under the Sacco Societies Act, 2008. This move allowed the Sacco to expand its common bond even further, including other technology-related firms, chamas or groups, corporate entities, and individual members.
By December 2023, Safaricom PLC employees made up 32 percent of the membership, with the remaining 68 percent coming from diverse organizations and individual members. The upcoming rebranding initiative is aimed at strengthening connections with stakeholders while upholding the commitment to providing secure and affordable financial services.
Looking ahead to the strategic plan for 2024-2028, Safaricom Sacco is focused on expanding its reach, increasing membership, enhancing member satisfaction, and growing assets to Sh20 billion. This rebranding effort marks a new chapter in the Sacco’s journey towards continued growth and success.
