FOPPS Sacco to upgrade to commercial bank to improve money circulation

The former Public and Private Sector Staff Sacco (FOPPS) will be upgraded to a commercial bank to improve circulation of money amongst its members through the introduction of products relevant to their needs.

Addressing members of the Central Cluster which had converged at Akites village in Chakol division of Teso South Sub County in Busia County on Monday, FOPPS Sacco National Chairman Ben Akwara said the retirees’ Sacco will next month commence the validation of the Strategic Plan which it hopes would be finalized in the next three years.

Akwara who is the former Chairman of the giant Harambee Sacco said the strategic plan aims at transiting the Sacco to a Bank, noting that other commercial Banks also started as Saccos before reaching the levels they are in.

The Chairman, who is a retired Deputy Secretary in the office of the President, appealed to members to repay their loans promptly in order to help the Sacco grow.

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Retired High Court Judge Mathew Anyara Emukule, who is a member of the Sacco, hailed the founders of the Sacco led by the National Chairman 10 years ago, terming the initiative as a great idea.

He likened the idea to Microsoft in the United States, which took 40 years to be among the Forbes top 500 best companies in the world.

He urged FOPPS Sacco to build on the 10 years it has been in existence to compete internationally. He noted that risk takers believe in God and vowed to walk the same journey like other established Saccos like Harambee, Mwalimu, among others.

The CIC Life Assurance Ltd through its Western Regional relations Officer Wilberforce Ouma said that the insurance company is partnering with FOPPS Sacco to provide medical cover to its members noting that currently, nine members are enjoying their services.

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Ouma said CIC has an agreement with FOPPS Sacco, where the cover accommodates retirees aged between 60-85 years and allows up to six dependents for inpatient, outpatient, dental, optical and last expense benefits.

FOPPS Sacco has a total of 22 clusters with a membership of over 500. They include serving and retired bishops, members of the judiciary, and other sessions but are visited by other clusters as observers. In such sessions, they exchange business ideas and how to stay healthy.

By Godfrey Wamalwa

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