Stegro Sacco pays out Sh120m tea bonus

BySacco Review

Jun 8, 2018 , ,
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By Benedict Ngetich and Jackline Chepkorir.

The new management of Stegro Savings and Credit Society has paid out Sh120 million accumulated tea bonus to farmers.
The CEO, Mr Geoffrey Chepkwony said the payments were part of accumulated bonus by farmers who had not been paid by the previous management.
Accompanied by the Chairman of the Board, Mr Joseph Cheruiyot Mabwai and the entire board, he thanked the Government for giving Stegro a Sh 500 million bailout adding: “The money from the Government has assisted so much in paying our farmers who have been very patient as well as our suppliers and bankers.”
The CEO said the new management was geared to complete some pending projects which included the EPZ factory based in Merigi.
Mr. Chepkwony who had served for over 11 years as the CEO until it rebranded from Sot Tea society, said the team had launched an aggresive drive to reclaim its members who had defected to other tea processors and Saccos.
He was speaking at Stegro Grounds near Silibwet in Bomet County during a Thanks-Giving ceremony held for the rejuvination of the giant society.
Treasurer Mr. Joseah Korir said since the new management took over the running of the society they had managed to pay over 2,500 members their delayed bonuses besides paying salaries to staff members and had also managed to give out loans.
The Bomet County Co operative Officer Mr. K.Kerich and his assistant Mr. Richard Belion dismissed claims by a section of the old management that the factory belonged to about 10 people insisting the sacco belonged to all the members.

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