Teachers’ Sacco to sell branches to offset loan


By Jane Wangeci

Lamu Teachers Sacco is in the process of selling two of its branches so as to raise money to pay a Sh30 million loan the sacco has been servicing since 2013.
According to the Sacco’s Chief Executive Officer Michael Kirui, the Sacco will dispose Witu and Faza branches.
The proceeds will be used to pay for the loan that was acquired in 2013.
Members in Faza will be served in the Lamu branch while those in Witu will be served from the Mpeketoni branch.
Kirui said the Sacco will cut operation costs by 30 per cent, also reducing wage bill from Sh7.7million to Sh5.665million.
The Sacco has fixed assets of Sh20 million, 200 million shares and 1,500 members.
The Sacco’s Chairman Joseph Agutu said the plan is to first clear the existing loan so as to acquire another one.
He also warned defaulters saying that their details have been forwarded to Credit Reference Bureau (CRB).

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