Chairman, Tower Sacco Mr Peter Ngugi addressing their AGM recently.
By Felix Njenga
Over 200,000 shareholders of Tower DT Sacco are patronizing products which have addressed their financial needs putting their sacco in the top five tier one category of Sacco’s.
The sacco, being the members basket of all their financial needs, has grown to close to KSh30 billion in total assets.
The sacco has continued to spread it’s wings to extend services closer to Kenyans with the latest branch out of 29 in eight counties being in Nyeri town, Nyeri County.
The sacco is embracing effective communication for optimal growth and enriched member experience.
According to the Sacco chairman Peter Ngugi, the institution has been urging its members to be ambassadors and educate the community on the importance of being sacco members.
Ngugi said that apart from the Nyeri branch, the other newcomers in their fold are Thika and Mwisho wa Lami branches, following their approval by the regulator.
“We managed to identify premises in the three regions and immediately embarked on putting in place the required infrastructure. Services in Nyeri branch have commenced and the doors were opened on 15th January 2025. The other two branches will be operational by end of March this year. The Nyeri branch is located in Nyeri town next to county government offices and the post office, Thika branch will be located at Makongeni just along Thika-Garissa highway whereas Mwisho was Lami is at Mwisho was Lami town along Narok-Njoro highway,”he disclosed.
Patrick Njenga, the Sacco Chief Executive Officer has said that the financial institution continues to embrace innovative products that will suit members such as Towertech Insurance and Commercial Agency that have partnered with reputable insurance companies in the country to ensure that members access insurance services within the Sacco branch network.
The insurance covers offered include motor vehicle, medical, life, education policy, business combined, last expense, personal accident, credit life, school package, domestic package, contractors all risk, livestock and professional indemnity.
Njenga said that currently, 80% of the sacco members access their accounts though the Aacco App or the USSD code *655#. Other channels of accessing account are sacco agency, ATM and internet banking.
“Adoption of these channels and services is time saving and cheap. It is easy, cheap and friendly way of accessing services as this is the direction the world has taken,”he said.
He added that the sacco members in the diaspora has continued to increase where by end of December 2024 was 683.
“We appreciate you for connecting and sensitizing your loved ones living in the diaspora with our sacco. The sacco has continuously worked to ensure that these members get quality and efficient service,”he said.
He said that there are loan products designed to suit the needs of the diaspora members and in particular asset and mortgage finance.
“We have established and resourced a full time dedicated diaspora department that serves all our members who live in the diaspora,”he said.
He noted that in addition to use guarantors, members can use their own property to secure loans.
“The sacco members can use logbooks, title deeds and fixed deposits to serve as loan security for huge and long term loan facilities,”he said.
He said that the sacco has sourced for another partner called Startimes which will enable members access green energy through installation of solar energy systems at an affordable cost.
“Startimes will provide the solar energy system equipment and the Sacco will fund the members to acquire and install the systems in their homes and commercial buildings,”he said.
He however said that members can open a holiday account so that they can easily manage to accumulate savings that they can depend during the holiday seasons. In future the sacco intends to organize for recreation and exposure visits within the country for members who have opened and saved in the holiday account
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