- Tower SACCO marks 50 years with assets growing to Ksh34.56 billion and membership surpassing 247,800.
- Sacco paid Ksh2.88 billion to members after posting Ksh1.29 billion surplus before tax.
- Expansion drive sees 31 branches, new digital services and plans to grow assets to Ksh80 billion by 2030.
Tower SACCO Society Limited arrived at this year’s Ushirika Day celebration with perhaps one of the country’s most compelling co-operative success stories.
Fifty years ago, a group of primary school teachers in Ol Kalou, Nyandarua County, built a bridge with nothing more than a Ksh20 entrance fee and a shared belief that ordinary people, working together, could transform their lives. Today, that bridge supports over 247,800 members and a Ksh34.56 billion asset base.
The institution, founded on September 15, 1976 as Nyandarua Teachers Sacco Society, issued its first loan of Ksh15,000 in 1977 to its 25th member. At the time, the society had only 125 members and share capital of Ksh90,000.
That single loan planted the foundation of a credit culture that has since transformed livelihoods across nine counties and extended its reach beyond Kenya’s borders.
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For decades, the Sacco served teachers exclusively. However, in 2011, after receiving a deposit-taking licence from the Sacco Societies Regulatory Authority (SASRA), Tower Sacco opened its membership to the wider public, including government employees, traders, farmers, boda boda operators and Kenyans in the diaspora.
The decision significantly expanded its reach. Active membership has grown to over 247,800, representing a 29 per cent increase from 192,270 members recorded in 2024. That translates to a net increase of 55,588 members within a single financial year.
Financial results presented during the Sacco’s 50th Annual General Meeting (AGM) held at Ol Kalou Catholic Parish Grounds in Nyandarua County reflected the scale of that growth.
Total assets rose by 23 per cent to Ksh34.56 billion, placing Tower Sacco fifth among the country’s 174 Deposit-Taking (DT) Saccos regulated by SASRA. Share capital and member deposits also grew by 23 per cent to Ksh27.8 billion.
The loan book expanded by 17 per cent to Ksh25.15 billion, while Ksh21.5 billion was disbursed in new loans during the year. Total revenue increased by 22 per cent to Ksh5.28 billion, while surplus before tax grew by 23 per cent to Ksh1.29 billion.
Members received substantial returns from the performance, with the Sacco paying a dividend of Ksh20 per share on share capital and a 13 per cent rebate on non-withdrawable deposits. Total member payouts for the year reached Ksh2.88 billion.
Tower Sacco Chairman Peter M. Ngugi attributed the strong performance to member discipline and sound institutional management. Its Chief Executive Officer (CEO) Patrick Njenga has overseen significant investments in branch expansion and digital banking infrastructure aimed at improving accessibility for members across the country and abroad.
Tower Sacco currently operates 31 branches across nine counties, supported by more than 300 agents nationwide. Members access services through the Tower Sacco mobile app, USSD code *655#, internet banking, Visa branded automated teller machines (ATMs), the Lipa Na Tower merchant platform and T Express, the SACCO’s instant digital loan service.
The Sacco has also introduced an artificial intelligence powered customer assistant on its website, while diaspora members participated virtually during the 50th AGM.
Its product portfolio has expanded far beyond its origins as a teachers’ lending society. Members now access products including Premium Loans, Front Office Service Activity (FOSA) Flex Loans, Asset Finance Loans, mortgages, salaried loans, Kilimo Advanced Loans, Mapato Loans, Group Premium Loans and the Mazao Bora Loan designed for agricultural financing.
Savings products, holiday accounts and investment options are also available, while Towertech Insurance Agency, a subsidiary of the Sacco, provides insurance solutions for members and their assets.
One of the institution’s most impactful initiatives is its education sponsorship programme, which supports bright students from vulnerable backgrounds, including orphans and children from low income families, through secondary school and university education.
The first cohort recorded a 100 per cent transition rate to university, while 20 scholars are currently enrolled under the programme across the country.
The Sacco has continued to expand its physical footprint. New branches opened in Thika, Nyeri and Mwisho wa Lami in 2025 have already contributed to membership growth, deposit mobilisation and increased loan uptake.
Feasibility studies are also underway in Eldoret, Kajiado, Mombasa and Kenol as Tower Sacco pursues its strategic goal of growing its asset base to Ksh80 billion by 2030.
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Nyandarua County Government has reaffirmed its support for the institution, with Chief Officer for Trade, Cooperative and Industrialization Njeri Njoroge pledging continued collaboration to strengthen stability, sustainability and innovation within the cooperative sector.
Tower Sacco’s official golden jubilee celebrations are scheduled for September 15, 2026, exactly 50 years after the teachers in Ol Kalou first resolved to pool their resources and build a future together.
By Benedict Aoya
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