By Jackson Okoth.
In its effort to spread its catchment area and get more business as well as membership, Yetu Sacco has made its entry in the country’s capital City in style.
The Sacco recently opened a branch in Nairobi, along Latema road on the ground floor of Magomano Building.
And it is not done yet. In its Strategic Plan, Yetu Sacco will eventually convert into a fully-fledged commercial bank in the next five – seven years. But for the immediate action plan, the Sacco has set its sights on opening up more branches in other areas within Nairobi County such as Tea Room, Mlolongo, Githurai as well as Limuru.
Apart from setting up the Nairobi office and launching a personal cheque book for members giving it access to the cheque clearing house operated by mainstream commercial banks, Yetu also prides itself on possessing a biometric Automated Teller Machine (ATM), the first of its kind in the Kenyan market.
Formerly known as South Imenti Tea Growers Sacco Society Limited, Yetu Society derives its origin from the experiences of the 1990s when commercial banks began chasing away tea farmers whose accounts fell below the minimum book balance.
“It was because of this bad episode that some 17 tea farmers from Imenti South came together and registered the South Imenti Tea Growers Sacco Limited in September, 1991. The idea was to raise money to enable these peasant farmers to take their children to school,” said John Rukaria, Yetu Sacco’s Chief Executive Officer.
He made the remarks during the official launch of the Sacco’s Nairobi Branch at Safari Park Hotel, an event whose Chief Guest was Meru County Senator Hon. Kiraitu Murungi.