Is your SACCO ready for takeoff but no one is saying “go”?
We understand that as a general manager or managing director of a financial institution like a SACCO, you have a lot on your desk. How do you meet all the governance requirements, and remain to provide quality services to customers?
At Summit Consulting Ltd, we have developed the summitFI Toolkit to help transform your SACCO into a solid financial institution with strong foundation for unprecedented success. After working with several top financial institutions especially banks and development finance institutions, we know the challenges of a community SACCO like yours.
The summitFI Toolkit helps close the best practice gap. Whether you aspire to transform into a Tier II financial institution (if you meet the minimum capital requirements of 50,000 currency points (Ugx1,000,000,000) as per section 26(3) of the Financial Institutions Act 2004) or want to excel as the best SACCO, the summitFI Toolkit will give you all the building blocks you need to grow.
The benefits of the summitFI Toolkit are:
- Easily comply with all regulatory requirements including Uganda Microfinance Regulatory Authority (UMRA) and Bank of Uganda, among others
- Make your transition journey from a SACCO to a Tier III or Tier II easily and at lower costs without affecting your portfolio
- Create a strong foundation for your financial institution’s unprecedented success. Implement the critical building blocks that will provide sustainable growth. One step at a time, and you have a solution institution offering convenient financial solutions to your clientele.
Building Bloc 1: Governance – Board of Director
A strong board = good governance.
Empower your board of directors to add value to you. We provide practical top board induction and on-going training to make the board more effective and add value to the business.
We help with board training in risk management, strategy and execution, compliance and managing of board affairs like board dynamics, minutes taking and board resolutions implementation. To know about our board services, click here https://summitcl.com/boardtools/
Why partner with Summit Consulting
Working with your company secretary, create a clear board succession policy and strategy, and start recruiting board members with the required skills and networks to add value to you for sustainable growth. The board of the future should proactively champion change, support the MD/ CEO with strategic thinking and innovative ideas to grow the organisation through leveraging on technology. This requires deliberate action and it starts now.
Building Bloc 2: Develop a clear organic strategy.
Do you have an organic strategy or a research paper?
What is the strategy in your strategic plan?
Craft an organic strategy that will transform your team and Financial Institution. Don’t just have a document. Have clear business choices for long term sustainable growth. It is true, what got you here, may not get you there. You need new tools, thinking and strategies to serve customers of the new era better.
Is your current strategic plan a research paper? We will work with your leadership to create clear strategic plan, work plan, capex budget as well as a digital strategy for long-term value creation and scalability to thrive.
To test drive our approaches, attend one of our strategic masterclass event here, https://exec.summitcl.com/course/summitstrategic-focus-masterclass-2019/
We have helped many financial institutions craft strategic plans including Tropical Bank, Mercantile, Top Finance as well as worked with Brac Microfinance as they prepared to become a bank.
We understand the kind of strategy a large SACCO like yours needs to transition swiftly. Remove guesswork in the process. Work with professionals who are going to make your journey light.
Building block 3:
Risk Management and Compliance toolkit
We help implement a robust enterprise risk management framework that is aligned to the Financial Institutions Act, 2014; and FIA Amendment Act 2016 as well as ISO 31000:2018. This will set your financial institution at high levels of good governance
Why at Summit?
Risk management is critical for the going concern of your SACCO. You need a clear risk management framework; have it approved by the board, train all staff in the framework and implement it with an automated tool!
This will improve your governance score in the eyes of the regulator and other strategic partners like aBi, MSC, etc you may wish to partner with for low-cost financing
Building Block 4
Cyber Security Assurance
Secure your core banking or microfinance application and other digital solutions and have peace of mind. At Summit Consulting, we have a forensic lab and a cybersecurity training center to provide you all the security solutions you need to conduct the following:
- Black box and white box security assessment
- Vulnerability assessment and IT security reviews
- IT governance reviews and agreed upon services as per regulatory requirements
- Business intelligence and data analytics to provide top management with real-time monitoring to reduce fraud risks
- Post-implementation reviews
- Mobile banking and Internet banking security reviews and assurance
- Aligning IT strategy to the overall FI strategy for sustainable growth
We will help you meet the security requirements of the regulator. These solutions taken together will improve your organization’s governance.
Sleep well at night with confidence that no cybercriminal is feasting on your client’s money. We will give you 360-degree cyber security management.
To know more, visit https://summitcl.com/security/
Building Block 5:
IFRS 9 & IFRS 16 Compliance
We help lower your IFRS 9 and IFRS 16 compliance costs. This is a critical requirement if you are to grow beyond your current levels. To know more, visit https://summitcl.com/ifrs9
We will help you attain all the compliance requirements of the new standards from start to finish including board briefing, staff training, modeling and data analytics
We have developed an easy tool, summitIFRS9 that helps ease compliance for SACCOS.
If you work with other firms, it may cost you a fortune to have a model for IFRS 9 compliance. We helped Brac, aBi, MSC and therefore have expertise with SACCOs. Let us help you and ease your journey
Have other specific needs? Contact us for a discussion.
At Summit Consulting Ltd, we have a team of experts. We would appreciate an opportunity to meet with you to understand your unique needs so that we provide a more custom solution that will transform your business.
#summitIFRS9 Tool achieved for us output in one week, what we had spent two months doing with other providers. Our Board found Summit Consulting Ltd’s briefing spot on. Medad Mwesigwa, Chief Financial Officer, Housing Finance Bank