A leading savings and credit cooperative society in Nakuru County is set to expand its financial services by becoming a micro-bank. The Chief Executive Officer of Egerton University Savings and Credit Society, also called the EU SACCO, Victor Ruto said in an interview with this writer yesterday morning that the strategic plan to turn the huge sacco into a micro finance would be implemented early next year. Speaking ahead of the sacco’s special annual meeting slated for Friday October 10th this year, the CEO said that members will be informed about the plan for approval. Mr. Ruto said the sacco, whose assets recently rose to Sh2b following the completion of an 80 million commercial building along the Nakuru-Narok road, has opened more branches within and outside Nakuru County targeting to offer credit and other financial services to individual people, business operators and community based organizations. He said the plan to transform the sacco’s services would be realized fully when the society turns into a micro bank. “One of our immediate major plans is transforming the society into a micro-finance institution by the year 2015.It has been a long term plan but it is almost being implemented”, he said, adding that members will debate on the prospect among others, during the Friday meeting.

Do you have a lead on a newsworthy story? Share news tips with us here at Hivisasa!