By WMW
Mwaramo Sacco, a deposit taking financial institution that was established by Bodaboda operators and market traders in Othaya, has launched a strategic plan as it plans to celebrate its fourth year.
The Othaya town based savings and credit society is just over three years old and is set to celebrate its 4th birthday later in the year but has tremendously changed the living standards of scores of its members.
On Saturday, members gathered at The Silent Lodge for the Annual General Meeting, the launch of a three-year strategic plan and election of new officials.
Members unanimously voted Wachira Maina Kahihia as the new chairman.
The new chairman, who is a lawyer by profession, has been steering the Sacco as its patron since he gave the bodaboda operators and the market traders the idea of forming a Sacco.
Some of the other officials elected include Isaac Kaharu as the Vice-Chairman, Ian Kirimi (Secretary) and Lucy Nyambura (Treasurer).
In their strategic plan, the Sacco intends to enrol as many members as possible, with a target of at least 200 members every month.
Further, each member is expected to be saving at least KSh20 per daily, bringing to a monthly minimum saving of at least KSh600.
Kahihia said they plan to open branches in the neighbouring constituencies and counties so as to be able to serve as many low income earners as possible.
“We are living in tough economic times and we would like to embrace the saving culture, mostly amongst the youth with the little they earn. That is why our model is to target 20 bob per member in a day” Kahihia disclosed after the meeting.
Giving a chronology that have birth to the Sacco, the Nairobi based lawyer revealed that it was started by default, when a few bodaboda operators in the area sought his legal advice after they were allegedly defrauded in their Self-Help-Group.
He said that after listening to them, he advised that they should think of starting another initiative where they would be sure that their finances were safe.
After registering and saving for more than a year, they started offering loan services to the members.
During their second year of operation, the members agreed to incorporate members of the public, eking a living in other sectors to join and benefit like them.
Since then, farmers, employees in various sectors and traders in different categories have since joined the new Sacco.
Saying the Sacco is fully compliant with all the regulations guiding such institutions, Kahihia called on residents to join the Sacco and enjoy diverse benefits.
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