Three teachers prove Sacco loans can turn around lives


Mar 16, 2017 , ,

By Munene Maina.

Imarisha Sacco Society Limited gave Alfred Chepkwony, Peninnah Chepkemoi and Faith Kandie, three teachers based in Kericho County, a loan of Sh 1.5 million for construction of a school. This project was planned to have a three storeyed modern complex and dormitory block.
This cash ran out before the project was complete and the trio went back to Imarisha Sacco who gave them another loan of Sh 700,000, based on their shares. The trio could still not complete the project and went back to Imarisha Sacco for another loan of Sh 450,000.
After increasing their savings substantially and heeding to technical and financial advice from Imarisha Sacco, Chepkwony and his partners were able to get a loan of Sh 4 million, which they added to their savings and completed construction of all the required facilities and structures. This was in September, 2015 when all the work on the project reached completion.
In January 2016, Lorraine Girls High School Litein opened its doors to the first batch of students, to the delight of Chepkwony, Chepkemoi and Kandie.
This modern educational facility has a student population of 28 girls, with qualified teachers, spacious classrooms, well equipped laboratories and a serene environment conducive for learning.
“We thank God that we have been with Imarisha Sacco at every step of the way. We could not have reached this far without assistance from the Society-which has been our financial partner and has transformed our lives as we strive to repay our loans,” said Chepkwony.
He urges other private individuals, colleges, schools and family businesses to join Imarisha Sacco so as to save, borrow and grow. Chepkwony, Chepkemoi and Kandie have received awards from the Sacco, over the last two years, for being among the top BOSA depositors at Imarisha Sacco.
Chepkwony, who joined Imarisha Sacco in 1994, has been able to undertake Undergraduate and Masters’ degree studies. He has also been able to educate his children without much financial strain.
“Since i joined Imarisha Sacco, I have had no regrets and have never looked up,” said Chepkwony who is undertaking his PhD Studies at Jaramogi Oginga Odinga University of Science and Technology.
It has been a journey of faith and determination for Chepkwony, Chepkemoi and Kandie, three teachers based in Kericho County. These individuals were determined and strong-willed teachers, who used Imarisha Sacco to realize their dreams.
Chepkwony, Chepkemoi and Kandie met at Kenyatta University more than 9 years ago. This was during their school-based degree training program that usually occurs over the school holidays. It was during this period that the three teachers conceived the idea of establishing a college, The Great Rift Valley ECDE College. This was happening as their close friendship soon turned into a business partnership.
Upon completing their studies, the trio established the college in April, 2007, situated at St Kizito School of Deaf. The College has been a success attracting students from all over the Country. Figures indicate that over 700 diploma and 500 certificates have been awarded to students to date. All the success attributed to this project is to Imarisha Sacco, which has been the financial partner for Chepkwony, Chepkemoi and Kandie.
“Following success made by the College, we were inspired to go for more projects. Our problem was lack of capital to make the plans we had into reality,” said Chepkwony.
The trio identified a two acre plot of land at Chesingoro, Bureti Sub County and bought it at a cost of Sh 1.2 million. It is on this plot that the three teachers decided to construct a girls’ secondary school.
“We had exhausted our savings after this purchase and thus approached Imarisha Sacco, where we are members, for a construction loan. We could not afford the expensive loans from banks and thus had no option but to come to Imarisha. The Sacco advised us to open a corporate account and increase our savings,” said Chepkwony.

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