Mr. Ely Otieno has not regretted ever since joining the giant Kisumu teacher’s credit society over 20 years ago.
He joining the Kisumu Teachers Savings and Credit Co-operative Society (KITE) and has instead been counting blessings as a member of the organization.
Otieno who is the Kenya National Union of Teachers (KNUT) Kisumu East branch Chairman says he joined the Sacco in 1996 after starting off the teaching profession as a young visionary man.
He then secured a loan of some Sh40,000 which he used to build a semi-permanent house and also bought a bicycle and two cows while teaching at Dago Kokore Primary School.
Otieno, who is currently the head teacher of Central Primary School in Kisumu Municipality says that he again secured another loan of Sh400,000 which he used to buy a parcel of land .
“After servicing it I again took a loan of Sh1 million which I used to erect a permanent house and also bought a car” he says.
The KITE member says he has already secured an additional loan of Sh2 million in which he intends to put up a much bigger house.
He used part of the cash to further his education and is now a proud holder of a Bachelor’s degree in Education.
He encourages other teachers to go for KITE loans since the interest are favorable and their money secure.
At KITE Sacco there are packages via forms A to B which ensures that members can take both long term and soft loans.
“KITE loans are good since they attract a reasonable interest rate compared to other lending institutions,”’ he says.
The Chief Executive Officer (C.E.O)Allan Kawa says their membership increased from 7,278 in 2019 to 7,455 in 2020 as a good number of retirees chose to continue with their Sacco membership.
“May I encourage all of you that at retirement there is no need to terminate your membership. When you continue with your membership you are able to continue enjoying full membership benefits,” he says.
The Sacco has made tremendous growth in terms of its members and assets over the last over 40 years since it was established.
The C.E.O urges its members to help in safeguarding the interest of the Sacco for its steady growth.
“I want to urge Members of various Sacco to safeguard their own home grown Saccos so as to be able to develop,” he says.
Kisumu Central Sub-county Co-operative Officer Mr. Mr Philip Akama promises Members of various Saccos within the area that the government is always ready to help them develop, adding that they should never talk ill of their own Saccos.
“Members of the Saccos should help in marketing their Saccos for them to develop but should not talk ill of them as this may kill the morale to develop,” Akama says.
The Chief Officer for Trade and Co-operatives at the Kisumu County government Susan Kanga says it is prudent for Sacco members to start engaging and ensuring that they make savings to their Saccos other than from the salaries.
Kanga calls on those saving in Saccos to start making a lot of sacrifice in order to make savings from other sources.
“I want to urge Sacco Members from various Saccos across the country to start embracing the culture of saving from other sources of income other than their salaries they earn after every month and by doing so, it will help in boosting the savings from Sacco members,” she says.
The Chief Officer concludes that after overseeing the process of registering KITE after complying with the Saccos Regulatory Authority’s requirements, she is happy the Sacco has made tremendous growth.