UTS share drive initiative nets Ksh30M so far

The ongoing Universal Traders Sacco (UTS) share drive initiative has so far raised Ksh30 million with a target to hit Ksh70 million by the end of July.

Sacco Chief Executive Officer Dominic Mutunga said the Sacco initiated the drive to boost its capital base and recruit new members.

He said the drive has drawn participants from all over the Eastern region with major prizes like cars, motorbikes, laptops and phones up for grabs.

“Members will earn the rewards through increasing their share capital, normal shares or recruiting new members. By the end of July, members will have earned at least 60 assorted prize items,” said Mutunga.

The CEO encouraged members to invest in their Sacco because Saccos are owned by members.

He revealed that at the end of the drive, members will have the opportunity to increase loan limits and enjoy improved dividends.

“The funds drive will help us boost our capital base instead of going to borrow from the commercial banks,” he said.

Founded as Masaku Traders Sacco in 1991 by a group of business people who couldn’t access bank loans due to the high charges, UTS  has grown in leaps and bounds to currently have a membership of 70,000 and 7 branches spread across  Machakos, Kitui, Makueni, and Embu counties.

The Sacco’s asset base stands at Ksh1.497 billion while total deposits grew to Ksh839 million.

The Sacco, which is regulated by Sacco Societies Regulatory Authority (SASRA), has share capital worth Ksh300 million.

Mutunga said the institution is focused on its core business of savings and offering affordable credit to members.

By Stephen Muthini

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