Major strides as Malava Financial Services goes digital
As part of its journey to improve its services, Malava Financial Services has plans to digitize its service to enable efficient service delivery.
During its 16th Annual General Meeting held recently, the financial institution revealed it will soon introduce mobile financing as one way of quickly and effectively serving its members.
The chief executive officer of Krep Fedha Services who was represented by its Information Technology (IT) manager Jeremiah Kiprono revealed that due to the growing numbers of members, there was need to improve their services through upgrading of their systems to be at par with other financial institutions in matters service delivery.
“As KFSA, we have partnered with Malava Financial Services Community Based Organization to make our services easily available through mobile banking that will also ease mobility and congestion, and we will be paying our loans and also allow our members to check their accounts via their mobile phones by the start of September this year. We will train those member groups on how to apply and pay for loans through the mobile application by use of a pay bill,” he said.
The KFSA regional manager Gerald Abele stated that they were a management institution servicing Malava Financial Services CBO and had also partnered with Sidian Bank where FSA has invested its finances.
The management of Sidian Bank, Kakamega branch lauded the positive strides the CBO was taking noting that its membership had grown from 13,000 to 15,000 in just one year and added that they were proud to be partners as it handles their finances.
The management assured them that their finances were safe adding that FSA was going to be a service bank to serve Malava and its environment on financial matters and should be fully supported.
The Malava branch manager Ito Mukhwana urged the members to operate within the FSA stipulations to avoid defaulting leading to penalties.
He said that there was need for each member to recruit new members to enable the bank to steady its growth.
The membership which now stands at 15,722 will be issuing its dividends to members in July with each share being sold at Ksh 24 from Ksh.17
He said its loans had increased from Ksh69,173,614 to Ksh 88,351,034, as interest on loans alo hit Ksh 19,596,642 from Ksh 15,297,054 as loans on shares increased from Ksh26,039,419 to Ksh 27,832,7000 while groups applying for loans increased from 654 to 740 respectively.
He however highlighted poor loans repayment as one of their main challenge being witnessed as well as well as failure by members to save in their accounts.
