By Godfrey Wamalwa.
Ng’arisha Sacco, formerly known as Bungoma Teachers Sacco, recently held a week-long Education Day to enlighten 13,000 members on its goals and achievements.
The members are drawn from teaching fraternity, micro-credit, retirees, and county government staff among others.
During the well-attended event, the management highlighted sacco’s achievements and challenges as well as a review of the past one year.
Sacco Chairman Benedict Simiyu told members that marketing and retirement are key areas thus teachers and other members should unite to know so as to reap benefits after the service.
He added that the financial institution has overcome setbacks in the last five years and is now causing shock waves.
‘’We have a great objective and our goals are clear. The trend is impressing and we are glad to record tremendous new membership,’’ said Simiyu.
He said teachers get stressed when retiring without any savings after serving the country.
The Sacco has introduced E-salary service product to FOSA members aimed at improving the efficiency of payroll processes and cut costs.
The chairman added they have good products and asked residents to save and borrow so that they can establish business ventures.
“For this county to register development, saving and borrowing is inevitable. At Ng’arisha, we have what it takes to offer such services to locals and the entire country,” he said.
On his part, the Chief Marketing Officer Macklin’s Wamukota said the sacco is non-discriminative in its membership ranges mama mbogas to managers with a friendly loan rate.
Wamukota said sacco’s proper governing policies and a professional staff has enabled it grow to 13,000 members, many of whom are teachers.
He adds teachers have now found it to be their best home to save money as they enjoy the lowest borrowing interest rates and this will help improve education standards.
He further said: “We are poised to issue several small groups loans after capacity building which will attract more registration soon.”
‘’Within 30 minutes eligible members are cleared to take loans as per their share strengths,” he said.
Sacco’s assets are over Sh1 billion and a membership of over 13,000 across Bungoma County and neighboring Busia and Trans Nzoia counties.
It has a share capital of Sh35 million with a share deposit of over Sh600 million.
According to the report by the Ministry of Co-operatives and Societies, it ranks among the best teachers sacco’s.
More than 100 self-help groups have opened accounts with the sacco.