Submitted
Last Updated July 19, 2018
Work of the Future
Lucreva SACCOS Ltd
Team Leader
Mwango Mubanga
Basic Information
Our tagline:
Enabling financial stability in rural areas.
Our pitch:
Lucreva SACCOS will establish specific requirements through organizational audits as well as internal and external assessments of available infrastructure.
Where our solution team is headquartered or located:
Zimba, Zambia
The dimensions of the Challenge our solution addresses:
- Other (Please Explain Below)
If you selected other, please explain the dimension of the Challenge your solution addresses here:
Income Growth & Job Creation
About Your Solution
What makes our solution innovative:
Our sole competitor addressing the same challenge is a dairy cooperative of more than 250 farmers that survives through grants and membership fees. We have a competitive advantage over them becuase they rely on grants as a basis of their existence. In our case, members open accounts with us and participate in its management.
How technology is integral to our solution:
Last year we took part of the business into the cloud from Google Mail for Business. In addition to the obvious file sharing capabilities, it made it easier for us as a business to be just as effective while outside the office as in the office. It saved us money in equipment costs as well.
The vast advancement in information communication technology has changed people's way of life and doing business and without exception how the SACCO business is carried out. Well-connected technology usage and application does improve penetration into new catchment areas at minimal cost.
The vast advancement in information communication technology has changed people's way of life and doing business and without exception how the SACCO business is carried out. Well-connected technology usage and application does improve penetration into new catchment areas at minimal cost.
Our solution goals over the next 12 months:
The top three strategic objectives:
- To build a strong capital base that avails adequate funds for loaning and generating maximum surplus for distribution to members.
- To strengthen the leadership structure that supports the aspirations and values of the SACCOS and its members.
- To build a strong result-oriented team that meets expectations from members.
- To build a strong capital base that avails adequate funds for loaning and generating maximum surplus for distribution to members.
- To strengthen the leadership structure that supports the aspirations and values of the SACCOS and its members.
- To build a strong result-oriented team that meets expectations from members.
Our vision over the next three to five years to grow and scale our solution to affect the lives of more people:
The SACCOS movement is changing rapidly and members have various alternative. A strategic plan ensures meeting their needs and give them hope for the future. Our strategic plan prioritizes serving members and availing resources to better their lives through personal loans and returns from interest on deposits and dividends. Our strategic pillars include Financial Performance, Corporate Governance, Operational Efficiency, and Infrastructure.
Various committees will work in cycles and reach out to willing partners to invest and provide capacity across the board. Our target partners include financial institutions, like-minded SACCOS, NGOs, and institutions of higher learning.
Various committees will work in cycles and reach out to willing partners to invest and provide capacity across the board. Our target partners include financial institutions, like-minded SACCOS, NGOs, and institutions of higher learning.
Our website
http://lucrevasaccos.blogspot.com/
The regions where we will be operating in the next 12 months:
- Sub-Saharan Africa
How we will reach and retain our customers or beneficiaries:
Our beneficiaries are employed and unemployed people with low monthly income of under $50 including housewives, youth, single mothers, and survivors of early marriages.
They have been excluded from the benefits of the digital economy because of lack of education, lack of access to ICT tools.
Our Solution contributes to greater inclusion in such way that it tackles these obstacles by giving members access to cheap source of finances. educating them and involving them in the management of their monies.
They have been excluded from the benefits of the digital economy because of lack of education, lack of access to ICT tools.
Our Solution contributes to greater inclusion in such way that it tackles these obstacles by giving members access to cheap source of finances. educating them and involving them in the management of their monies.
How many people we are currently serving with our solution:
Since June 2017 membership of the organization has grown from 10 members to 56 of which 38 are women. each member saves a minimum of $20 a month and annual membership fee of $10. Members upto date have saved a combined total of $12,320. this means each member has $220 to their name. it also shows if a member was to apply for a loan which is there entitlement s/he can get upto $660. This give members who earn not more than $50 per month to venture into profit making businesses by giving them access to cheap loans.
About Your Team
Explaining our organization:
Lucreva SACCOS Ltd was is a cooperative society which seeks to promote thrift among its members by affording them an opportunity for accumulating their savings and thereby creating a source of funds for providing affordable credit. The organisation offers credit and savings products in compliance with the Co-operative Societies Act of the Republic of Zambia.
How many people work on our solution team:
- 5
How many years we have been working on our solution:
- 1-2 years
The skills our solution team has that will enable us to attract the different resources needed to succeed and make an impact:
Lucreva SACCOS was founded by 10 individuals of Zimba District. Of the 10 individuals 6 constitute the Board of Directors. The founders are:
1.Ms. Notulu Tembo- Chairperson
2.Mr. Nathan Zulu- Vice Chairperson
3.Ms Halusunga Fiona- Board Secretary
4.Mr. Mwango Mubanga- Deputy Board Secretary
5.Mr. Paul Banda- Treasurer
6.Ms.Elizabeth L Somanje- Deputy Treasurer
1.Ms. Notulu Tembo- Chairperson
2.Mr. Nathan Zulu- Vice Chairperson
3.Ms Halusunga Fiona- Board Secretary
4.Mr. Mwango Mubanga- Deputy Board Secretary
5.Mr. Paul Banda- Treasurer
6.Ms.Elizabeth L Somanje- Deputy Treasurer
Our revenue model:
Lucreva SACCOS Ltd has been operating on self generated funds through a very effective loan portfolio, Members monthly savings with the organization, withdrawal charges, membership application fees, late payment fee among many others.
We have a five year strategic plan that will be launched in December this year. For the strategic plan to be implemented the following shall be required:
1. Organizational audit
2. Information technology infrastructure
3. Capacity Building
4. Organizing board committees and
5. Resource mobilization
We have a five year strategic plan that will be launched in December this year. For the strategic plan to be implemented the following shall be required:
1. Organizational audit
2. Information technology infrastructure
3. Capacity Building
4. Organizing board committees and
5. Resource mobilization
Partnership Potential
Why we are applying to Solve:
We will invest in a tailor made ICT solution for security purposes by constructing a computer package to speed up transactions.
Our organisation plan is to have a total of 12 employees of which so far we have 5. we may need to hire 7 more to effectively run the organisation. We need to hire an accountant, marketing manager, training manager, Human Resource Manager, HIV/ Child Marriage Trainer, Driver and office Assistant.
Marketing is cardinal to the success of any business. We shall hire a qualified person to develop a marketing strategy.
Our organisation plan is to have a total of 12 employees of which so far we have 5. we may need to hire 7 more to effectively run the organisation. We need to hire an accountant, marketing manager, training manager, Human Resource Manager, HIV/ Child Marriage Trainer, Driver and office Assistant.
Marketing is cardinal to the success of any business. We shall hire a qualified person to develop a marketing strategy.
The key barriers for our solution:
The solution is challenged by a number of barriers such as financial risks (credit and liquidity), operational risks (weak internal controls and inadequate Information Communication Technology (ICT), among among others.
The organization has developed a five year strategic plan in which six pillars have been identified to manage the risks. the pillars include:
1. Financial Performance
2.Corporate Governance
3.Human Resource Management and Administration.
4.Operational Efficiency
5.Infrastructure development.
6.Marketing and Customer Care.
The organization has developed a five year strategic plan in which six pillars have been identified to manage the risks. the pillars include:
1. Financial Performance
2.Corporate Governance
3.Human Resource Management and Administration.
4.Operational Efficiency
5.Infrastructure development.
6.Marketing and Customer Care.
The types of connections and partnerships we would be most interested in if we became Solvers:
- Other (Please Explain Below)
Solution Team:
Mwango Mubanga