KMFRI SACCO SOCIETY LTD

1983-2016

Brief History

KMFRI Sacco Ltd was founded in 1983 by staff of Kenya Marine and Fisheries Research Institute (KMFRI) as a cooperative financial institution in order to uplift their economic and social interests. The Sacco is duly licensed by the Sacco Societies Regulatory Authority (SASRA) to do deposit-taking (FOSA) business. From a modest beginning pioneered by less than 100 members, the Sacco currently has over 3500 active members with over Kshs.24 million as share capital. As at 31st December, 2015, the total members’ deposits and Sacco’s assets stood at over Kshs.210 million and Kshs.264 million, respectively.

A Savings and Credit Cooperative Society (SACCO) is a member-owned financial cooperative whose primary objective is to mobilise savings and afford members access to loans (productive and provident) on competitive terms as a way of enhancing their socio-economic well being. It is formed by people having a common bond. The main principles of a Sacco are;

• Voluntary and open membership • Democratic member control • Autonomy and independence • Education, training and information • Cooperation and mutual support among the cooperatives • Concern for the community

Vision, Mission and Core Values Vision:

To be the best managed Savings and Credit Co-operative in Kenya providing market driven products and services to our clients.

Mission: Is to economically empower our clients and members

providing unique and diversified quality products and services in accordance with co-operative principles in a changing environment.

Motto : We have the answer

Corporate values: Transparency and accountability

Honesty and integrity

Loyalty

Concern for the community

Discipline and commitment

How SACCO’s are different from Banks /MFI’s

SACCOs are member-owned and not profit-oriented.

Their philosophy is “people helping people to help themselves”

WHAT ARE THE BENEFITS OF KEEPING MONEY IN A

SACCO, COMPARED TO OTHER BANKS?

1. Members have a voice in the running of the SACCO

since they own the institution;

2. Depending on profitability, members may receive

dividends at the end of the financial year;

3. Access to financial services is non-discriminatory and

affordable.

Statistics Up to date Membership 5000 Members’ deposits 213M Share Capital 24M Core Capital 39M Loans to members 242M Total Assets 291M

Other Details: Highest Depositor Kshs.1.5 million Highest Loan Kshs. 2.5 million

YEARS MEMBERSHIP SHARE CAPITAL CORE CAPITAL DEPOSITS LOANS TOTAL ASSETS

2011 2444 NOT DECLARED 13,033,063 129,978,778 146,174,452 190,890,975

2012 2441 NOT DECLARED 6,265,190 153,766,220 161,392,174 204,856,459

2013 2809 17,935,297 13,706,918 167,516,039 175,269,780 207,555,221

2014 2825 19,687,617 28,356,407 190,669,051 194,371,034 241,036,762

2015 4744 22,535,377 33,638,558 210,919,192 221,697,679 264,520,825

Governance Structure The Sacco is managed on a delegate system, who are elected from 9

branches with each delegate representing 30 members, the branches are; Mombasa, Kisumu Sang’oro, Kegati,Naivasha, Lake Baringo, Lake turkana Nairobi and ASK Mombasa. The Sacco has opened the common bond to allow cooperate membership where members outside KMFRI Institute employment can also be members and are classified as class B and C in the by-law. The delegates converge into an Annual General Meeting (AGM), where they elect nine (9) directors to the Central Management Committee and three (3) Supervisory Committee members. The board has set up various sub-committees to assist in handling the Sacco activities.

Board of Directors

Staff Establishment

The Sacco is headed by the CEO who works with a dedicated team of 14 qualified staff serving in the two sections of the Sacco i.e. BOSA and FOSA.

Scope of operation and network

The Sacco serves members throughout the country

It serves members from (8) branches i.e. Mombasa Headquarters

Kisumu

Sangoro

Kegati

Lake Naivasha

Lake Turkana

Lake Baringo

Nairobi

ASK

BOSA Products and Services

Loans: Normal/Development

Emergency

Education

Limitless

New Product/Item

Short term

Safina

Refinancing

University/College Education

Savings:

Refundable Deposits

FOSA Products and Services

Ordinary Savings Account Fixed Deposit Accounts Salary Accounts Children’s, Medical & School fees A/Cs Short/Long term Salary advances Overdraft loans Safe Custody services for valuable items e.g. log

books, title deeds, certificates and others. Visa branded ATM(Sacco Link)card, M-banking services Bankers Cheques (and ordinary cheque Sale) Microfinance activities ( Mwananchi and Wepesi

programs) To cater for groups and small businesses L.P.O Financing.

Enabling youth entrepreneurship

Working with groups

Women & Youth

8/10/2016 Business Development Partnerships

Use of Technology

TO ACCESS ACCOUNT DIAL *882# TO DEPOSIT USE PAYBILLNO 839150

Strategic Partnerships

KMFRI Sacco is affiliated to co-operative sector participants such as KUSCCO Ltd, CIC (K) and the Cooperative bank

ACTIVITIES OF THE BOARD

Development of policies Strategic Plan Dev. Human Resource

Policy Credit Policy Operations Manual Procurement

Policy Accounting &

Finance Manual Revision of By-

Laws Production of

service charter

Growth of Sacco funds

Savings mobilization Restructuring of

external loans Operational

efficiency Liquidity mgt. Product

development ICT development

Development of Strategic plan

Development of Strategic Plan which addressed the

following areas:

• Growth Strategies

• Cost-rationalization measures

• Investment opportunities

portfolios

• Attainment of operational

standards

• Cooperate Social Responsibility

TANGIBLE POSITIVE RESULTS The Sacco declared payment of interest & div. on

members’ deposits/shares at 1.5% & 10%, respectively

Sustained growth of deposits

Improved Liquidity position

Customer care improved

Loyalty to the Sacco by staff and members enhanced

Improved service delivery

Improved operational efficiency

Development of New products

Ultra modern FOSA Premises for efficient service delivery

GENERAL CHALLENGES (MACRO) Under/over loans recoveries

Customer care

Uptime Network Connectivity by service providers

Competition

Deposit mobilization

Cost of cash transportation

Product development and marketing

KMFRI FOSA FACILTY ON NYALI

KONGOWEA ROAD

Opening of new Fosa Branch by

SASRA Official on 7th April 2012

Board members in group

photo with Minister for Coop.

Dev. Hon. Joe Nyaga.

The Permanent Secretary

officially opening FOSA,

MARCH, 2009

Chairperson Dr. Nyonje

Welcoming the PS to officially

open FOSA

The CEO Welcomes Sasra

Official at new FOSA premises

on 7th April, 2011

Group Photo with PS at

Reef Hotel Mombasa.

The PS and Mombasa DCO

Mrs. Levina Lenjo.

Some of the board of

directors.

Group photo with Mungania

Tea Growers Sacco from Embu

Management and staff taking tea

after Prayers for the FOSA

8/10/2016 Business Development Partnerships

EDUCATIONAL FORUMS

Inaugural and promotion of FOSA

on 15th, November, 2007

Photo of some members of

the Board

The Kenya Marine and Fisheries

Research Institute Headquarters,

Mombasa.

WAY FORWARD

1. Encourage members by way of

commission to aggressively recruit

members.

2. Engage institutions to patronize FOSA

salary processing services

3. Encourage members to embrace saving

culture

4. Aggressively market FOSA administrative

services

5. Members urged to promote SACCO by

word of mouth

THE END

OFFICENO: 0414 470062

CREDITNO: 020 2318891

EMAIL :info@kmfrisacco.co.ke

WEBSITE : www.kmfrisacco.co.ke

PAYBILLNO: 839150

MBANKING: *882#