By Felix Njenga
Worth Noting:
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John Mark, a matatu tout said that the bus terminus has a lot of people earning small money, which can go along way being saved.
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“There are no Sacco’s in the area and it is now our hope that Tower sacco will help us be economically enabled. I earn Ksh 800 per day if I save Ksh 300 everyday I know I will be able to have much to buy my own vehicle since we are given loans up to three times our savings which is not the case with banks,” he said.
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Due to prudent management, Tower Sacco has continued to tower ahead of its peers.
Makongeni business community and residents of Thika sub-county in Kiambu county are privileged to host tier one and one of the leading Sacco in the country; Tower Sacco to be their basket of all their financial needs.
The area which is located along Thika-Garissa highway is a hub of all businesses which includes market, bus park and various business and is a populous area.
Tower Sacco has positioned themselves to tap into the area to consume their affordable products that will boost their businesses to benefit their financial needs.
Mary Wairimu, a market trader said that in the area there are only banks which makes it hard for them to access financial aid and are glad to have Tower Sacco in their midst.
“In the market, we earn a small amount of money and we want to save and get affordable loans. Tower Sacco coming in will help us save as little as Ksh10 to make a future brighter,” she said.
John Mark, a matatu tout said that the bus terminus has a lot of people earning small money, which can go along way being saved.
“There are no Sacco’s in the area and it is now our hope that Tower sacco will help us be economically enabled. I earn Ksh 800 per day if I save Ksh 300 everyday I know I will be able to have much to buy my own vehicle since we are given loans up to three times our savings which is not the case with banks,” he said.
Due to prudent management, Tower Sacco has continued to tower ahead of its peers.
As of December last year, member share capital and Deposits stood at Ksh22 billion.
The Sacco generated a total revenue of Sh4.3 billion with a surplus before rebate payments totalling Ksh2.9 billion.
Total loans advanced to members last year amounted to Ksh15.5 billion with total loan held by members totalling Ksh22.6 billion.
During the 49th Annual General Meeting in January, the Sacco chairman Peter Ngugi noted that they introduced customized loan facilities designed to meet different needs of members.
Total assets increased from Ksh 23.2 billion in 2023 to Ksh 28 billion last year.
Patrick Kilemi a hardware stores businessman said that it will be worthwhile for Many who are financially down to build as the area is fast growing and the sacco will provide loans to those who are willing to build and we will get business as they also save with the sacco to enhance their businesses.
Tower Sacco, one of Kenya’s leading Savings and Credit Cooperative Society will officially open it’s third branch in Kiambu county tomorrow at the populous Makongeni area with hundreds of locals expected to grace the event.
This is the 31st branch by the Ol’Kalou headquartered financial institution which has presence in at least nine counties across the country.
Last month, the Sacco opened a branch in Nyeri town.
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.
Recently, 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 chairman 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.
The Sacco provides savings, loans, and investment opportunities designed to enhance the financial well-being of its members.
The Sacco Chief Executive Officer Patrick Njenga noted that the Sacco has demonstrated remarkable growth in recent years.
He said the Sacco had 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.
For example, to cater for Kenyans abroad, the Sacco has 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 dozens of 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 their 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 Kiambu, like in other areas 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.
