Metropolitan National Sacco has over the past few months embarked on a raft of reforms to boost earning of its members.
These improvements saw the Sacco register an increase in its asset value to Sh15 billion from Sh13 billion the previous year (2019). Its share capital grew from Sh742 million to Sh755 million in the same period. Its cash reserve also recorded an upward trend.
A strategy to reform the Sacco has also attracted new members, retained those who wanted to leave and boosted the Saccos income ridding itself of Sh110 million Non-Perfoming loans.
The Sacco advanced sh13.5 billion loans to its members as per the financial statement for the year ended December 2019.
Expansion of membership to include people outside its original pool of teachers has seen the Sacco grow from about 15,000 to over 100,000 members.
How to apply loans
There are many savings products under Metropolitan Sacco, these include Fixed deposit accounts, Group Chama Accounts, FOSA Junior account (for children), Biashara Account and Dhahabu investment plan.
The loan products are two, Normal and Emergency loan. The two loans can be accessed by filling forms in the branch.
In line with its new strategy that encompasses IT into the transformation, the Sacco has a loan product that is dispensed from a member’s mobile phone.
Through M-Metro Cash, members of the Sacco can access up to Sh20,000 loan. However, they must have their salaries channelled through FOSA section and have been active members of the Sacco for the last three months
However, the M-Metro Cash service does not serve joint account or accounts which require more than one signatory.
The Mobile banking solution service works for 24 hours.