Teachers Sacco Rebrands to Univision DT Sacco Amidst Growing Competition
Premier 48-year-old Kitui Teachers Sacco, drawing impetus from a ten-year steady growth, has rebranded to Univision DT Sacco to stave off competition, according to top management.
The strategic move will thrust Sacco into the league of the top deposit-taking Saccos in the country. Consequently, the Sacco would join a growing list of numerous teachers’ saccos that have adopted name changes as they cast their nets wide in the wake of steep competition to tap into the non-teacher membership clientele.
Despite its undisputed dominant presence in the Lower Eastern region, the Sacco has been facing competition from other financial institutions expanding into its territory. With an impressive asset base of Sh10.1 billion and more than 51,000 members, the Sacco leadership recognised that its name was a barrier to attracting members from different walks of life.
It has been a herculean task for the Sacco to effectively attract business people, civil servants, and other salaried professionals as members since the name, Kitui Teachers’ Sacco, implied exclusivity for teachers. Consequently, during the society’s 47th AGM at Ithookwe showgrounds in the outskirts of Kitui town in late January, the management struck a chord with members who unanimously approved the change of name to Univision DT Sacco.
Since the society’s regulations changed to open a common bond in 2008, allowing the sacco to absorb employees from other government ministries and organizations, the sacco management has been toying with the idea of rebranding for the last 15 years. On Thursday last week, not only did the Kitui Teachers Sacco formally rebrand to Univision DT Sacco but also launched a five-year strategic plan, spanning from 2024 to 2023.
The event, held at the Kitui town sacco head office and presided over by a director of Co-op Bank, Vincent Marangu, saw the board chairman, Rev. Augustus Munuve, admit that other teachers’ saccos had started encroaching into Univision’s market share. He observed that some competitors had branded Kitui Teachers’ Sacco’s business model as uncompetitive, meant only to serve the needs of teachers in Kitui County.
Rev. Munuve pointed out that the original name had been a major setback and emphasised the need for liquidity through deposit mobilisation from both salaried members and the business community to ensure growth and profitability.
The society had seen significant growth in membership, from 11,556 members in 2014 to 51,000 members in 2024, a 500 percent increase, leading to the rapid opening of eight full-fledged branches and satellite offices in various towns and markets.
According to the 2024–2028 strategic plan, Sacco aims to double its asset base to Sh. 20.1 billion by 2028 through digital innovations and aggressive business transformation.
Addressing the Sacco leadership under Rev. Munuve, Marangu emphasized the expectation of greater success with the rebranding and the new strategic plan. He emphasised the importance of fulfilling promises made to stakeholders and delivering increased returns as the rebranded Sacco moves forward.
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Teachers Sacco Rebrands to Univision DT Sacco Amidst Growing Competition
