Modern technology such as the use of mobile money transfer services has helped a Murang’a based Sacco to rake in more revenue in the first half of 2018.

Amica Sacco mainly a farmer-owned Sacco, last year introduced mobile phone applications with the aim to reduce the cost of operations and ease ways of doing business.

The application dubbed Amicash by end of August this year had helped the Sacco to generate a revenue of Sh. 8 million.

Currently, more than 23, 000 members of the Sacco have registered with the platform with 3, 404 of them having enjoyed emergency loans through their mobile phones.

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Speaking during this year’s special delegates meeting held in Murang’a town on Friday, the CEO of the Sacco James Mbui said the mobile application has helped the Sacco to reduce its cost of operations as the service has assisted its members to apply for loans through their mobile phones.

“With the Amicash loan application, members are able to access emergency loans at the comfort of their mobile phones. The loan facility is credited to the member’s account immediately after approval,” added Mbui

He continued “Amicash loan portfolio stands at Ksh. 12.6 million for 3, 404 processed applications over the last eight months since the product was introduced.”

The Sacco, Mbui said is awaiting approval from Sacco Societies Regulatory Authority (SASRA) so as to roll out agency banking which will enable members to deposit or withdraw cash from the Amicash agents near them.


“The management is targeting to roll out this service by end of October this year. The agents will increase our visibility and accessibility by increasing our delivery channels around the country by creating easy access and convenience to our financial services,” explained the CEO.

The newly introduced taxon money transfers, Mbui said it will negatively impact the performance of the Sacco adding that with the newly imposed 0.05 percent tax on cash transfers will still remain cheaper than physical transactions.

Meanwhile, the Chairman Hiram Mwaniki announced the Sacco asset base has registered a 6 percent growth in the last eight months of 2018 having grown from Sh. 2.8 billion in December 2017 to Sh. 3.6 billion as of August 31, 2018.

“The Sacco registered a gross income of Sh. 426.9 million as at August 2018, registering a 47 percent growth compared to Sh. 289 million during a similar period in 2017,” added Mwaniki.

Murang’a county executive officer for cooperatives Edward Muiruri underscored the contribution of Sacco’s in the growth of the economy of the country.

Muiruri said noted since realization of devolution in 2013, Murang’a County has registered immense growth of cooperative movements cutting across all sectors of the economy.

“County administration will continue to support the growth of cooperatives as they are helping our people to save and initiate various income-generating projects which have also created employment opportunities,” he added.