By Azael Masese.
Tenhos Sacco Society Ltd has embarked on a series of training sessions to improve the financial literacy of its more than 8000 members.
Chief Executive Officer, Alexander Langat said this is part of their objective to ensure members make wise investments for better returns.
“To continually improve on our members’ economic well-being, we must empower them economically and this will ultimately accelerate the growth and stability of the Sacco,” he said.
With few commercial banks in the region, Mr Langat said the approach will transform the Sacco as one of the best performing financial institutions in Bomet County.
“We visit our members a number of times to educate them on the viability of any commercial venture they engage in and the response is encouraging,” he said.
This, he confirmed, has drastically reduced the number of members who default on their loans.
Members, Langat noted, do not intentionally default on their loans and would not want to see the Sacco collapse but suffer from poor investment decisions made because of low financial literacy.
“We value our customers and through honesty, we engage them in dialogue to enable us understand how they intend to utilize not only the loans they borrow but also their return from tea earnings,” he said.
In most cases, he noted, members would approach the Sacco for a loan on top of what they have from a commercial bank, making repayment very difficult.
Tenhos is also making forays into Narok North as farmers in the region embrace tea farming. “Tenhos Sacco members from the region are slowly influencing others to join in due to the economic empowerment we have given them and this will help us increase our footprint in the area,” Langat told Sacco Review in his office recently.
