The giant Kitui Teachers Sacco has rebranded to Univision DT Sacco Society after a steady ten year growth, in a strategic move that elevates it to a national outfit.
The Sacco joins a growing list of teacher owned Cooperative societies countrywide that have adopted new names as competition for growth beyond the non-teacher membership hits new levels.
Despite having a dominant presence in the Lower Eastern region with an impressive asset base of Sh10.1 billion and more than 51,000 members, the Sacco was facing competition from other financial institutions, where its original name was a hindrance to attracting membership from business people, civil servants and other salaried professionals.
The name change to Univision Sacco was unanimously approved during the society's 47th Annual General Meeting held at Ithookwe Primary School in Kitui last weekend.
The rebranding has been on the cards for the last 15 years, ever since the Society changed its by-laws and opened a common bond in 2008 to absorb employees from other government ministries and organisations.
However, it became more urgent after two of the society's main competitors in the larger Eastern region – Meru Teachers Sacco which rebranded to Solutions Sacco and Machakos Teachers Sacco which rebranded to Kwetu Sacco, opened branches in Kitui.
The Sacco chairman Rev Augustus Munuve acknowledged this saying the former identity expounded their business vulnerability and exposed the Sacco to stiff competition.
"Over the years our Sacco has remained resilient until recently when our market niche was encroached by many financial institutions including banks, micro finance and other rebranded deposit taking Saccos" Rev Munuve told during the AGM.
He noted that some competitors had branded their business model as uncompetitive and only meant for teachers in Kitui County.
"The name has been our major setback and to make our business growth trajectory sustainable and compete on a fairground, we have to change it" he explained.
The chairman told members that the Sacco needs enough liquidity through deposit mobilisation from both salaried members and business community in order to grow its profitability.
Members applauded the move saying the rebranding was long overdue and will help the Sacco to strongly defend its territory.
Simon Nding'o, a member said the Sacco will now increase its visibility and accessibility across the country and have the latitude to unveil new products.
Mr Nding'o urged members to be the ambassadors of the Society and endeavour to recruit more members from their families and social networks.
"With adequate liquidity, the Sacco will be able to give out cheaper loans, bail out members from the yoke of expensive loans from other financial institutions, leading to increased loan uptake which will generate more income for the Sacco" he said.
In the last ten years, the society has attracted huge numbers of non-teacher members, especially civil servants and other professionals, from a paltry 11,556 members in 2014 to 51,000 members in 2024, which translates to 500 percent growth.
This has seen the Sacco rapidly expand to eight full pledged branches in Kitui, Machakos, Wote, Mutomo, Mwingi, Makindu, Mutito and Kyuso towns. It has satellite offices in Kabati, Masii, Matuu and and Tseikuru markets.
A section of teachers were in the past opposed to name change for fear that their fraternity which has built the society over the years will lose identity, but were encouraged to think outside the box for the society to remain competitive and stable.
The Sacco which declared a dividend of 14.5 percent on share capital and 12 percent on deposits, registered an impressive overall growth of 14.6 percent, with the asset base hitting the Sh10.1 billion mark and member deposits rising to Sh5.5 billion.
However, there was a slower uptake of loans by members where the loan book grew by 7.7 percent to close the year at Sh8.3 billion.
This was attributed to shrinking pay slip abilities brought about by new statutory deductions .
