Safaricom Savings and Credit Cooperative is set to rebrand to Qoan DT Savings and Credit Cooperative Society Limited as part of its 2024-2028 strategic plan.
In a statement on Monday, Safaricom Sacco announced that its members had approved the change of name.
Founded in 2001, Safaricom Sacco empowers its members through a variety of products and services. Its membership of 222 members is drawn from the telco giant Safaricom PLC to over 18,000 members from over 100 technology-related companies.
As of the end of 2023, Safaricom Plc employees accounted for 32% of Sacco’s membership, while the remaining 68% comprised members from different organizations. The Sacco aims to teach 70,000 members by the end of year 2028.
Its total assets since inception have surged to Ksh11.5 billion. The Sacco’s member deposits, and loans and advances stood at Sh 8.3 billion and Sh 8.1 billion, respectively, by the end of 2023.
In an announcement of the plans to rebrand in February 2024, the Chairman of Safaricom Sacco’s Board of Directors Paul Msava stated, “The Rebranding does not change who we are or what we do. We purpose to maintain our commitment as a Sacco to provide secure, affordable, innovative, and accessible financial products and services.”
“We believe the change will help us better connect with our members, partners, stakeholders, and employees and strengthen our position in the market through the implementation of our new strategic plan,” Msava further added.
Key components of Sacco’s strategic plan include growing its brand, growing membership to 70,000 members by 2028, increasing member satisfaction to 95%, and expanding its assets to Sh 20 billion.
The rebranding of Saccos has been a game changer in the financial industry. The strategy has allowed Saccos to grow members outside common bonds. By changing their names or logo to reflect a national outlook, Saccos are able to improve their brand visibility.
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