The Sacco Chairman Mr Peter Ngugi Disclosed That One Of The Main Strategic Goals Was Achieving An Asset Base Of Sh80 Billion By 2030. This Plan Entails Growth In Membership, Improving Product Ranges, And Enhancing Technological Innovation To Meet Members Needs
By MKT Correspondents
Worth Noting:
- Founded in 1976, Tower Sacco which was formally known as Nyandarua Teachers Sacco, has grown into one of Kenya’s most reputable financial cooperatives, with an asset base of Ksh28 billion and a membership of nearly 200,000 individuals. Last month, it disbursed about Sh2.3 billion as rebates on non-withdrawable deposits (Sh2 billion at 13%) and dividends (Sh311 million at 20%) on share capital last year.
- The Sacco provides savings, loans, and investment opportunities designed to enhance the financial well-being of its members.
- In their address during the Saturday opening ceremony, the Sacco Chief Executive Officer Patrick Njenga and chairman Peter Ngugi noted that the Sacco
Tower Sacco, one of Kenya’s leading Savings and Credit Cooperative Society, has officially opened its Nyeri branch, marking a significant milestone as it now boast 30 branches across nine counties.
The grand opening was graced by Nyeri Deputy Governor David Kinaniri Waroe, who represented area governor Dr Mutahi Kahiga.
In his address, the Deputy Governor commended the Sacco for investing in Nyeri County and assured them of the full support of the County Government.
“I wish to thank Tower Sacco for choosing Nyeri as part of its expansion strategy. The County Government is committed to supporting cooperative societies as they play a crucial role in financial empowerment,” he said.
Founded in 1976, Tower Sacco which was formally known as Nyandarua Teachers Sacco, has grown into one of Kenya’s most reputable financial cooperatives, with an asset base of Ksh28 billion and a membership of nearly 200,000 individuals. Last month, it disbursed about Sh2.3 billion as rebates on non-withdrawable deposits (Sh2 billion at 13%) and dividends (Sh311 million at 20%) on share capital last year.
The Sacco provides savings, loans, and investment opportunities designed to enhance the financial well-being of its members.
In their address during the Saturday opening ceremony, the Sacco Chief Executive Officer Patrick Njenga and chairman Peter Ngugi noted that the Sacco
has demonstrated remarkable growth in recent years.
As of December last year, member share capital and Deposits stood at Sh22 billion. The Sacco generated a total revenue of Sh4.3 billion with a surplus before rebate payments totalling Sh2.9 billion.
Total loans advanced to members last year amounted to Sh15.5 billion with total loan held by members totalling Sh22.6 billion. The chairman noted that customised loan facilities designed to meet different needs of members.
Total assets increased from Sh23.2 billion in 2023 to Sh28 billion last year.
The Sacco has integrated modern technology to enhance service delivery where through mobile banking, internet banking, agency banking, and ATM services, members can conveniently manage their accounts, apply for loans, and conduct transactions remotely.
To cater for Kenyans abroad, the Nyandarua county’s Ol’Kalou town headquartered Sacco has also established a Diaspora department, allowing members to save, invest, and access credit facilities from anywhere in the world.
As part of its Corporate Social Responsibility (CSR), the Sacco supports bright but needy students, currently sponsoring 33 students in National and Extra County schools. Additionally, the Sacco is actively involved in environmental conservation, partnering with the government and stakeholders in tree-planting programs. The officials noted that the support for orphanages and special needs schools further reflects the organization’s commitment to social welfare.
The chairman further noted that the Sacco continues to forge strategic partnerships with organizations like the Women Enterprise Fund (WEF), Kenya Mortgage Refinance Company (KMRC), and Startimes, which is collaborating with the to provide green energy solutions through solar power financing.
Membership is open to all individuals, including professionals, business owners, and those in the diaspora. One can apply online or visit any branch to complete registration. Members benefit from affordable credit, high returns on investments, and flexible savings plans.
The CEO noted that as the Sacco continues its expansion, its presence in Nyeri marks another step in empowering individuals financially and driving economic growth.
With a solid financial foundation, cutting-edge technology, and a strong commitment to community development, the Sacco remains a pillar of financial stability and prosperity for thousands of members.
The chairman disclosed that one of the main strategic goal was achieving an asset base of Sh80 billion by 2030. The plan, he noted, entails growth in membership, improving product ranges, and enhancing technological innovation to meet members needs.
The colourful ceremony that was attended by dozens of Nyeri residents was also graced by other county government officials who included Nyeri Trade, Tourism and Cooperative Development CECM Diana Kendi, Chief Officer for Trade George Mwangi, and Acting Director Monica Wachira who underscored the importance of Sacco in local economic development.
Jerameel Kevins Owuor Odhiambo