1. Dividend payment –SACCOs have been able to pay dividends to their members based on the share capital held by each making it possible for members to earn extra incomes and encourage them to continue saving. This is after a directive was given by SASRA in March 2020 after members stated withdrawing from the SACCOs.
2. Re-evaluation of Business Terms –The Societies had to re-evaluate the terms and conditions of the loan products offered to the members on an individual basis. Members had to prove that they were affected by the pandemic and their repayment plans and sources of income had been distorted. This was made possible by SASRA’s measures regarding loan restructuring

1)    Digitalization-

1. Meetings-Through technology, SACCOs were able to reach out to their members through their social media pages and planned meetings. The majority of the Sacco held their Annual General and Annual Delegates Meetings and other committee meetings virtually.
2. Mobile Banking– The majority of the SACCOs have collaborated with critical service providers to enhance mobile banking for example the use of plastic cards, online platforms, and applications in making payments and in the repayment of loans.
3. Use USSD -Introduction of the USSD codes to aid members in remote regions that have no access to the internet or social platforms.

2)    Working Remotely –

Major operations, which seemed impossible carried out remotely took a sharp turn when the possibility of working from home was introduced. This lead to the cutting of costs relating to administration and governance. SACCOs, just like any other SMEs managed to save and maximize customer satisfaction.

It is wise to always keep track of your financial position. During this pandemic, other affiliated bodies of SACCOs in Kenya through their official communication pages, intensified online training in matters of liquidity to safeguard SACCOs with liquidity challenges. Among other safeguards, SACCOs were required to fill liquidity reports on a daily basis and channel them to the said governing bodies. This aided the mobilization of the fund pool-Central Finance Fund (CFF) to allow the SACCOs with excess liquidity to deposit their excess funds.

The SACCOs used the opportunity presented by the pandemic to remind the general public of their existence by carrying out CSR activities. This involved lending to support social welfare activities at low or no interest rates. Such activities presented a marketing opportunity for some of the SACCOs by identifying with the potential clients at their hour of need and hence improving on their brands. Among other activities, some SACCOs offered scholarships, donations of sanitizers, soap, and water tanks e.t.c.

The marketing teams of some SACCOs took the opportunity of the pandemic to engage their clients with surveys and goodwill messages. In order to enhance operations, SACCOs took up the initiative of conducting online surveys using the digital public survey tools that help in assessing the level of customer satisfaction while providing instant feedback and assuring the security of the data pertaining to the members of the Sacco. This has helped streamline operations in major departments and keep members engaged on SACCOs’ issues.