Bingwa Sacco raises Sh103 million in share drive

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Mar 24, 2017
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By Munene Maina.

Bingwa Sacco Ltd has raised Sh103 million in a share drive promotion that started in October last year.
“This is a big success for our Sacco. The share drive was an arduous task but I am happy we were able to surpass our target of Sh100 million,” said the Sacco chairman, Cyrus Kabira.
The chairman who was speaking during Bahatika na Bingwa Sacco shares promotion grand draw at Kerugoya Stadium, said the money raised will strengthen the society by enabling it to give affordable credit to its members.
He said the Sacco will not rely on bank loans to be able to lend to its members, assuring them that the funds raised will be invested well to make Bingwa an all time leading financial institution.
Mr Kabira noted that the share drive was a success owing to support of County Government, members and Sacco staff members.
“We are grateful to the County Government of Kirinyaga for its support. It also appointed us to collect county revenue and manage mortgage and car loans for their staff,” he said.
Kirinyaga Governor, Joseph Ndathi who graced the event said Bingwa Sacco was among institutions that were transforming the county. He said that about 25 per cent of the County residents were members of Bingwa Sacco.
“This Sacco has come a long way thanks to focused and able leadership. It is among the leading in members’ education in the county,” the Governor said, pledging his government’s support to the co-operative sector.
The promotion grand draw that was done in public saw three winners take home a brand new fridge, motorcycle and a Toyota Passo.
Among the winners was Betty Wanjira, a member from Kimunye branch who won the top prize of brand new Toyota Passo. Others were James Njeru and Wachira Guthua both from Kagumo branch who won a motorcycle and a fridge respectively.
During the promotion that was authorized by Betting Control and Licensing Board, members were required to contribute Sh2000 shares in the period and get one entry ticket. Besides the grand draw prizes, lucky members were able to win television sets, mobile phones and cooking gas cylinders in mini-draws.
According to Jane Mugoh, Bingwa CEO, the Sacco has since its establishment in 1984 remained committed to bettering members’ livelihoods.
“We are delighted that our first share drive promotion has succeeded. The Sacco financial strength is now firm to further our service delivery to the best,” she said. She urged members to continue buying shares.
She noted that over the years the Sacco has been growing by leaps and bounds becoming iconic in turning round members’ economic welfare. This, she said has seen the Sacco earn accolades nationally.
Among the national awards the CEO outlined were: the third Best Managed Sacco, the Best Insured Sacco, the Best Sacco in Education and training to members and second Best Sacco in expenditure. Ms Mugoh also noted that the Sacco has been paying high dividends.
She pointed out that Bingwa Sacco received the highest bonuses in the country last year amounting to Sh2.3 billion.
“When this Sacco was starting it only served farmers, today we are not only improving our farmers lives but also lives of business people and employees in both the Government and private sector. People of all walks of life are welcome,” said the CEO.
She said the Sacco had made tremendous steps in ensuring its members and customers get quality services.
“All our services are now computerized and all our 18 branches well connected and interlinked. Our members are therefore able to access services in any of our branch. They are also able to use ATMs,” she said.
Mugoh called on members to utilize the Sacco’s fixed deposit account for higher returns and urged them to be aggressive in recruiting new members.
For the Sacco’s notable contribution in nation building, the CEO said the President had honoured both her and the chairman with Head of State Commendation (HSC).
She said the Sacco membership had increased to more than 140,000. The Sacco has 170 staff members. Besides branches, the Sacco has 10 mobile units.
To expand its presence in the country, Mugoh said plans are underway to open new branches in Machakos,Kitengela,Mombasa and Nakuru towns.
She said the Sacco’s asset base has grown to Sh4 billion while members savings were Sh2.9 billion.
Noting that the Sacco has greatly reduced the number of loan defaulters, the CEO said they gave Sh2.6 billion loans to members last year. Since its establishment it has loaned members Sh12.2 billion.
Kenya Rural Sacco Managing Director, Mercy Njeru said Bingwa had established itself in the league of well known Saccos in the country and outside.
“Don’t allow bad politics get in your Sacco but work hard to recruit new members especially the youth,” said Mercy.

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