By Kamundia Muriithi
Nawiri Sacco Society Limited has unveiled an array of innovative products and services meant to promote the financial wellbeing of members.
The Sacco has several products targeting the youth to enable them save and access affordable loans. It also has several technologically driven services.
The Sacco which is headquartered in Embu town now has an asset financing loan product, targeting Boda Boda riders who use hired motorcycles.
“Boda Boda riders who do not own the motorcycles that they use can benefit from a special loan product when they join the Sacco. We will buy them a motorcycle which they will repay in two years time. We give Boda Boda loans to a maximum of Sh150, 000 repayable in two years. The security required is reasonable,” said Marketing and PR Manager John Muriithi.
Muriithi said the special products tailored to suit the needs of modern youth are offered at an interest rate of 8 per cent per annum repayable in one and a half year’s time.
Apart from the youth, Muriithi says the Sacco has products take into account the demographics in the society.
He said the financial needs of tea, coffee, dairy farmers, business people, employees, groups and children (through the junior account) are well taken care of.
During the recent Embu Agricultural Society of Kenya show at Njukiri, Nawiri Sacco’s stand attracted many enthusiastic show goers interested in the products the Sacco offers.
Addressing farmers who visited their stand, Muriithi revealed they have cow loans for groups, which have enabled many self-help groups acquire pedigree and high-yielding cows.
The society, which is one of the fastest growing in the country, has 90,000 accounts, with 60,000 active account holders.
Muriithi said owing to its rapid growth, the Sacco issued dividends of 14 per cent in 2016 and 15 per cent last year, with plans to increase the rate as the society grows.
On uptake of technology, the society has a vibrant mobile banking platform where members access their accounts and perform various transactions using their phones.