Smartlife Sacco members warned over loan defaults

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May 18, 2017
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By Dennis Bett.

Smartlife Sacco members have been warmed against defaulting on their loan repayments,
Chief Executive Officer, Haron Biwott said those failing to meet their obligations with the Savings and Credit Co-Operative Society will be listed by Credit Reference Bureaus (CRBs).
Speaking during the Sacco’s Annual Delegates Meeting (ADM) in Kapsowar town recently, Biwott said Smartlife Sacco was able to meet all the requirements set out by the regulator.
He added that plans had been finalized to amend the Society’s by-laws so as to improve service delivery to members and meet other objectives set out to improve its performance.
He said the Sacco will reduce interest rates charged on FOSA loans from 24 per cent per annum to 14.4 per cent in order to encourage more members to take up this loan product.
“We have introduced Makaribisho loans to new clients to enhance their retention and provide them with more affordable credit,” Biwott disclosed.
The Sacco has also set a marketing campaign to net Early Childhood Development Education (ECDE) teachers as well as County Government employees and business persons.
William Kiyeng, the Smartlife Sacco Treasurer said the interest on members share capital is 6.5 per cent.
To widen the customer base, members will receive Sh200 for recruiting a member who channels his/her salary through the FOSA section and another Sh200 for any member recruiting another member for the Back Office Service Activity (BOSA) section.
Marakwet branch KNUT Secretary, John Cheberi who was one of the guests at the ADM, encouraged members to market Smartlife so as to benefit from higher dividends when membership increases.

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