Amica Sacco embarks on strategic measures to Cut Costs
Amica Savings and Credit Society has embarked on strategic measures to reduce the cost of doing business in the highly competitive financial sub-sector.
Amica Chief Executive Officer (CEO), James Mbui said that the steps being taken include closing down branches facing challenges, engaging in agency banking contracts, application of ICT driven service delivery and reducing the workforce through voluntary early retirement (VER) programme.
Mbui said the Sacco is currently upgrading its ICT systems to enable installation of ATMs and provision of agency banking services to their clients.
Mbui added that Amica Sacco has begun plans to introduce more innovative financial products that will enable its members plan their incomes well as lead quality and better lives. The Society has lined up a bagful of unique products and extra ordinary services, hitherto not available in the market.
“We intend to train our members on how to invest in profitable ventures and using financial products that cater for their immediate and future needs including when they grow old,” said Mbui. He notes that members needs ranging from immediate, short and long term will be made available.
Amica Sacco is already rebranding its branches and training staff to embrace the new corporate culture, values and style of doing business. Any staff at these branches is to be a competent financial advisor when dealing with members.
The Sacco has embraced ICT and plans to roll out online banking and agency banking in order to cut down on physical branches.