By Dennis Bett
Boda Boda operators in Elgeyo Marakwet have received reflectors and face masks from Prime Time Sacco as part of its corporate social responsibility. 13 Boda Boda youth groups benefited.
The Sacco has issued more than 100 motorbikes to the youth on loan and plans to ensure that more youth acquire the motorbikes to empower them economically.
The financial institution Chief Executive Officer (CEO) Christopher Cheruiyot said that they aim to empower the youth by enabling them to be self-employed. It has come up with new loan products that will allow young people to own motorcycles.
“Today, we are happy that we have achieved our goal of empowering our youth particularly at this time we are fighting Covid-19. We have enrolled many youth groups and bought them motorbikes as well as giving them loans to run businesses and farming. We encourage more youth to join us to benefit from our services,” said Mr Cheruiyot, during the recent event organized at the Sacco’s Iten offices.
The CEO revealed that the Sacco had upgraded its operations to the digital platform. It has already rolled out M-banking services and will introduce ATM cards soon to members. The use of technology has attracted more youth across all the Sacco branches.
According to Mr Cheruiyot, the Sacco has grown exponentially over time from a mere 30 members when it was established in 1996 to 3,324.
“Our goal is to reach 10,000 members within the next two years. We have laid out the necessary plans to ensure that we achieve this goal.”
When a member joins the Society, Mr Cheruiyot said, they are assured of efficient services and high annual dividend and interest on the deposit. This year it paid rebates at the rate of 7.5 per cent, and it projects this will increase to 8.5 in the year 2021.
The Sacco’s rapid and stable growth is attributed to its visionary Board of Directors, who have ensured members remain loyal and regularly patronize the Sacco services by being innovative in product designs tailored to the members’ needs.
Prime Time Sacco Chairman, Mr Thomas Rotich, said they are committed to serving the Society and empower the youth to escape the pangs of poverty. He noted that they would continue working with youth and women groups. He said they had assisted various women groups in acquiring water tanks.
He revealed that the Sacco is targeting to open more branches in the Rift Valley region, with new branches at Kamwosor and Biretwo towns in the pipeline.
Guided by the slogan ‘Ushindi Pamoja,’ Mr Rotich said the Sacco is keen to have as many members from the county, noting this will uplift living standards in the area.
“I am happy that we are heading in the right direction of empowering the youth and women. Our core business is giving affordable loans, we encourage our members to take advantage of this to better their lives. The Sacco has improved its liquidity and we disbursed loans worth Sh366 million in 2019 as compared to Sh 343 million in 2018,” he said.
Police County Commander Mr John Mwinzi was present during the event. He lauded the Society for providing reflectors and facemasks to the youth, saying that the move will help minimize accidents and reduce the effects of the Covid-19 pandemic ravaging the country.
He encouraged the youth to take the loans and use them wisely to improve their livelihoods and avoid engaging in activities that negatively impacted their lives and business.
One of the youth, Hillary Mutai, the Chairman of Elgeyo Boda Boda Sacco, said that the youth groups agreed to approach the Sacco for support in buying the motorcycles, and they responded swiftly. So far, they have greatly benefited from the Sacco products.
He called upon the Boda Boda operators and Mama Mboga to join the Sacco to boost their business activities since the Sacco is ready to assist them.
