By Sammy Chivanga
Trans-Nation (TN) Sacco beat the Covid-19 odds to open new satellite offices in Marsabit and Moyale.
The Sacco management said the decision to quickly formulate strategies to navigate the Covid-19 turbulence helped cushion members and also help the Sacco to grow.
“The offices are doing very well and we intend to venture in other areas after proper analysis of economic viability through feasibility study,” said Interim board Chairman Edwin Kaburu Thuura.
Addressing members during the Annual General Meeting (AGM, Thuura said TN has witnessed a strong growth since inception 28 years.
During the review period of 2019- 2020, the Sacco received an additional 5,877 new members, increasing the total membership base to 26,992.
The Sacco also reviewed the terms of its six loan products to support members, among them the repayment period for self-guaranteed loan that was raised to 84 months.
The Murabaha product cost was halved from seven percent to 3.5 percent to also help members during the Covid-19 pandemic.
“We envisage some difficulties by some of our members after the lifting of Covid-19 tax relief and TN Sacco has therefore formulated a facility to assist such members through an enhanced stabilizer loan,” members were told.
The interim chairman announced that all savings deposits via pay bill numbers had been zero-rated starting January to support to members.
