By Azael Masese
Nakuru town is slowly emerging as a key strategic destination for Savings and Credit Co-operatives Societies (Saccos) out to improve their balance sheet.
In the last five years, Saccos such as Unaitas, Stima, Wananchi, Metropolitan, and Boresha have established a footprint in the town and the number is set to grow in the near future.
Egerton University Sacco is the newest to open its doors in the town and Tower Sacco is set to join them this year.
During the recent Annual General Meeting, Tower Sacco Society Ltd announced it has acquired new premises and will open a branch in the town during the 2017 financial year.
Nakuru County Commissioner for Co-operatives, Patrick Mak’Anyengo attributes the increasing desire by the players to expand their footprint in the town to its strategic position and ability to fetch better returns.
He noted that the town is easily accessible from Nyanza, Western, Nairobi, and Eastern region as well as Central Kenya. The former headquarters of the expansive Rift Valley Province is a gateway to Western and Nyanza regions and some of the neighbouring countries.
“This has seen the establishment of a booming business ecosystem in the town and the Sacco industry is out to tap into it,” he said.
“Besides, the town has registered improved security unlike in the past and this is one aspect that has seen a surge not only in the number of Saccos in the town but also all manner of business activities,” Mak’Anyengo said.
With increased competition, Saccos are gearing up to improve their business operations to retain membership as they seek to add more.
“We are exploring ways on what we can do to retain our members even as we look to get new ones,” noted Cosmopolitan Sacco Society Ltd CEO, Loise Methu.