August 17, 2022

Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya

The Leading Newspaper for Co-operative Movement in Kenya

Biashara Sacco to open new branch in Nairobi

Kamau Njamuku, Biashara Sacco Chairman.


By Joseph Mukubwa

Biashara Sacco whose headquarters are in Nyeri town will open a branch in Nairobi by August this year.
The Sacco Chairman Kamau Njamuku said some of its customers are business people who buy goods in Nairobi.
The Sacco chairman was speaking during the Sacco’s Annual General Meeting at ACK Cathedral Hall in Nyeri town recently.
“The new branch will be of great use to Nairobi residents and those traveling to Nairobi from other counties to buy goods as they can do their withdrawals at the branch,” added the chairman.
He said the move to open the branch was necessitated by increased new members visiting Thika branch from Nairobi as well as request from members.
The opening of the Nairobi branch is in line with the Sacco’s Strategic Plan of 2018 to 2022 of opening one branch yearly.
The Sacco is looking for premises in strategic areas within Nairobi Central Business District which will house the branch.
The opening of the Nairobi branch will open the Sacco’s entry to the fifth county it is operations.
The financial institution also approved a dividend payment of 17 per cent and an interest on deposit of 11 per cent to members.
He also announced that the Sacco’s core capital grew from Sh238.5 million in 2016 to Sh299 million in 2017 representing 25.4 per cent growth, adding that the total assets rose from Sh1 billion to Sh1.227 billion in 2017 representing 22.5 per cent increase.