Muramati Sacco Society Limited started from a humble beginning, serving the larger Murang’a District; later to be curved to Murang’a, Maragua and Thika Districts.
The Society was steered and promoted by the members of KTDA, mainly consisting of the tea factory directors, tea board members and tea officers at the zonal level. The drive to form the society was based on the need to provide tea farmers with the express aim of pooling together their resources to create a strong credit base and use it for on-lending to members at minimal costs. The promoters and stakeholders had a vision of transforming the Sacco by providing FOSA services to its members at affordable rate.
Operational developments
The first three years of operation had seen the society members commit their dividends for capitalization with the sole purpose of enabling funding of infrastructures; that would provide the necessary resources to establish FOSA and subsequent mobile pay points, to outreach members with savings and credit services. The main operational strength that grew the society in the early years lied mainly on effective savings and credit services to members through outreaching them from the branch to a network of 16 mobile pay point spread across its area of operations.
Administrative development
Due to the curving of the larger Murang’a into three districts (Murang’a, Maragua and Thika), the society made a name change from Murang’a Districts Tea Growers Sacco Society Ltd, to conform to the new districts. An acronym capturing the three districts (Mura-[Murang’a], Ma-[Maragwa], Ti-[Thika]) and a special meaning in the local vernacular, which translates to “Steward” was formed. The society automated its front and back office services in 1998 through an integrated management information system.
The first five years strategic plan was put in place in 1998 through the engagement of consultancy services from Co-operative College of Kenya. The society later opened its doors to non-tea members to benefit with the savings and credit services offered. As at 2004, the society had grown its branch network to ten branches and reviewed its organization structure to conform to the expanded branch network.
Transformation
The society has curved a niche in the region by cultivating best practices in managing its affairs and holding it values dearly. This has seen its assets grow into billions of shillings, achieve a higher than moderate growth of between 20-25% annually on its assets, turnover and profitability.
The society’s commitment to open its bond to the community is a clear indication that change is inevitable. As at close of the last financial year 2008, the growth of micro credit was at par with the tea members. The future of Muramati is dependent on micro financing; and the new venture has been supported by changing the society names on two occasions before settling to Muramati Sacco Society Ltd.
Partners in development are working with the society in various projects that are intended to result on improving efficiency in service delivery and complying with new Sacco regulations.
The future of the society is to have a national outlook, become a financial service provider of choice in Kenya through investing in Human capital and technology, to deliver efficiency that will grow its assets base, membership and branch network, to unmatched levels within the current five year strategic plan 2009 - 2013.
Thank you,
Mr. Samuel Hugo Muturu.
Chairman, Muramati Sacco Society Ltd.
