By Alfred Kimosop
Boresha Sacco has been lauded for its progressive policies which have made it a top performing deposit taking Sacco in the country. According to the East African Tea Trade Association (EATTA) Managing Director, Edward Mudibo, the Sacco has potential for further growth due to policies and strategies it has followed over several years.
Boresha, one of the 177 deposit taking Sacco’s in the country has over the years expanded its market footprint
into such sectors like agriculture, health, education, transport and recently property market.
Boresha Sacco recently opened branches in Nandi, Eldoret and Nakuru as part of its drive to woo members at their door steps.
Mudibo said frequent review of by-laws has also given the Sacco more strength allowing it to be unique from competitors. Innovative membership policies have also given it an upper hand in good governance. “Sound structures and electoral policy continue to enhance the strength of the Sacco with aspects of governance enabling it to thrive,” said Mudibo who is also Shippers Council of East Africa Board member.
He said Saccos are key drivers of the economy as they touch a half of the country’s population of 40 million through their multiplier effects. Mr Mudibo, however, expressed dissatisfaction with the Financial Services Authority Bill, which proposes to merge the Capital Markets Authority (CMA),the Retirements Benefits Authority (RBA), Insurance Regulatory Authority (IRA)and Sacco Societies Regulatory Agency (Sasra) into the Financial Sector Authority(FSA), saying the idea is ill-advised and will kill the spirit of Sacco’s across the country.
He, however, noted that Saccos need to improve on glaring gaps but should be given space to independently serve wananchi.
Turning to Boresha Sacco, Mudibo noted that the Sacco’s variety of products and reasonable rates of interest has made it play a crucial role in the league of the best performing Saccos in Kenya and Africa.