“The outlook is positive, and we are on course to surpassing our annual target despite the impact of the Coronavirus. In fact, as of September 2020, we have done better compared to what we achieved in the whole of 2019,” said the Sacco’s chair, Charles Kiara, in an interview during the recent all board meeting held on 20th January 2021.
“Our dream is to give the best to members and to see the Sacco continue beyond one thousand years. As the saying goes, if you want to go fast walk alone, but if you want to go far, walk together. We request our members to cooperate and to be patient because things even in the real world have never been done overnight. People struggle but eventually reach their goals.”
Emu Sacco continues to remain competitive. Interest rates for members are more than competitive with commercial banks. Emu Sacco on average charges 3 per cent lower than the mainstream financial institutions, while its interest rate spread is much smaller compared to banks—a pointer that Emu Sacco is giving the members more value for interest compared to banks.
The Board meeting on the 20th January 2021, was held to strategize the way forward for the Sacco this year.
Emu Sacco has been supported by Cordaid and WRG 2030 and subsidized by the Forum for the last two years. Cordaid support came to an end in September last year, and the WRG 2030 support is now more limited, and only up to June of 2021.
As a result, the Board came up with the following strategies to sail the Sacco through this year.
- The Board is working towards developing a Business Plan by the end of February 2021 that will aid in seeking funds from Financial Institutions, the County Government, Commercial farms and philanthropists. The board has already engaged a consultant to help develop the Business Plan.
- The Board is on the look-out for funding opportunities. The Board has identified two consultants that will help us fundraises. We are currently working on two proposals: Start-up SME Linkage Program 2.0 and the Global Water Awards. Both proposals have deadlines of February 16th and 28th
- The Board has booked appointments to visit various local commercial farms and financial institutions to get their support.
- The Board is also keen not to miss out the loans from the County Government to cooperatives in the next trench.
- The Board will engage more people on a commission basis to recruit new members for the Sacco.
- We are communicating with members and calling them to take loans and put up on-farm and community water storage. The board is targeting to get more members to put up water pans between January 2021 and May 2021. The first 18 farmers/community groups to put up water storage will get technical assistance subsidies from the Sacco for the design and installation of on-farm water storage.
The success of these strategies will, however, depend on the commitment, teamwork and determination of all the implementing officers, members and stakeholders. We, therefore, call upon each one of our members to support the Sacco and to move Emu Sacco to greater heights.